TORONTO STOCK EXCHANGE
It was a thrill ride in U.S. stock markets during the period Oct. 18-24, with the Dow Jones Industrial Average posting its biggest loss in four months on Oct. 20, and its biggest gain in six months on Oct. 24. Those two moves nearly washed, though, and the net gains on the markets were paltry: the Dow was up 36.90 points at 10,385, while the Standard & Poors 500 rose only 9.29 to 1,199.38.
With gold sliding more than US$11 from its high on Oct. 17, there wasn’t much fun among the gold equities during the period. Newmont Mining was down US83 at US$44.99, while AngloGold Ashanti gave up US86 to close at US$41.87. Gold Fields fell US62 to US$13.60 and Harmony Gold US50 to US$10.45.
Among the mid-tiers, sentiment wasn’t any better. Minas Buenaventura slipped US60 to US$30.31, Hecla Mining backed off US22 to US$3.73, and Randgold Resources was off US45 at US$14.77. Lihir Gold gave back the past month’s gains as it fell US$2.44 to US$24.37. Silver producer Coeur d’Alene Mines was down US27 at US$3.80, and silver developer Apex Silver slumped US88 to US$15.60.
The best result from a gold company was little explorer and developer Commerce Group, recently returned to the bulletin board, which doubled to US10.
The base metal producers came out better, but still with mixed results. Phelps Dodge was US$1.04 higher at US$126.45, while Freeport McMoRan Copper and Gold rose US19 to US$48.13. BHP Billiton was up US12 at US$30.60, but it was the only one of the Big Three to make a gain; Rio Tinto was down US$3.75 at US$152.25 and Anglo American dropped a quarter to US$28.28.
Be the first to comment on "U.S. golds weaken"