U. S. MARKETS (April 28, 2008)

Are U. S. stocks starting to recover? The chief investment strategist and chairman of the investment policy committee at Standard & Poor’s seems to think so. In an investment outlook teleconference reported by Reuters news agency on April 22, Sam Stovall declared that “the worst is over,” and “we could see the market work its way higher.” The strategist said he expected to see “good earnings recovery in 2008” and forecast the benchmark S&P 500 Index to finish the year at 1,560 points.

He may be right: The Dow Jones Industrial Average rose 462.55 points during the April 15-21 trading session to 12,825.02, while the S&P 500 Index climbed 53.74 points to 1,388.17.

Gold closed at US$917.10 per oz. on April 21, down from its April 15 close of US$928.70 per oz. The Amex Gold Bugs Index slid 3.65 points to 448.18, while the Philadelphia Gold and Silver Index inched up 2.01 points to close at 186.36.

The big winner in the gold sector during the current trading session was Apollo Gold with the completion of a bankable feasibility study on its Black Fox project, near Timmins, Ont. Highlights of the study indicated that using a US$750-peroz. gold price, the net present value of the project would work out to be US$302 million and Black Fox would yield an internal rate of return of over 62% with a capital payback of two years. Apollo jumped 25% to 5 per share.

There were a number of other big winners too, including Rio Tinto, which leapt US$45.38 to US$505.58, and iron ore miner and processor Cleveland-Cliffs, which climbed US$12.99 to US$160.90.

It was all blue sky in the agricultural field. Potash Corp. of Saskatchewan — the second most actively traded stock with 65 million shares changing hands — soared US$26.89 to US$208.79. Agrium performed strongly, rising US$15.56 to

US$92.15 and Mosaic Co. increased US$12.93 to US$139.33.

Energy stocks fared well too; shares of Arch Coal advanced US$9.21 to US$62.18 and Consol Energy bolted US$8.83 higher to US$88.10.

U. S. most active issues
	VOLUME	WEEK
	(000s) HIGH	LOW	CLOSE	CHANGE
Vale* RIO	101008 39.72	35.66	39.25	+ 3.84
PotashCSask* POT	65025209.95	181.60	208.79	+26.89
Freeport McMo*FCX	52324 115.47	104.06	115.14	+ 9.75
CoeurdAlene*CDE	46857 3.84	3.51	3.57	-0.07
Barrick Gold* ABX	38236 46.26	42.80	43.14	+ 0.17
Alcoa* AA	38075 36.49	34.10	36.25	+ 2.32
Mosaic* MOS	35369 139.69	124.70	139.33	+ 12.93
Goldcorp* GG	35324 43.43	40.12	41.07	+ 1.05
Newmont Mng* NEM	30934 48.06	44.60	45.08	-0.04
Peabody Enrgy* BTU	28250 69.71	62.32	68.83	+ 6.78

U. S. greatest percentage change
		VOLUME		WEEK
		(000s)	HIGH	LOW	CLOSE	CHANGE
HE-5 Res*	HRRN	1765	0.02	0.01	0.02	+150.0
Cardero Res*	CDY	710	2.00	1.17	1.85	+ 56.7
FinMetal Mng*	FNMM	619	0.08	0.05	0.07	+ 37.2
Intl Coal Gp*	ICO	21403	8.62	6.72	8.47	+ 27.3
Apolo Gold*	APLL	592	0.05	0.03	0.05	+ 25.0
World Vent*	WVNTF	22	0.185	0.15	0.18	+ 24.1
Agrium*	AGU	8650	92.34	77.60	92.15	+ 20.3
Sao Luis Mng*	SAOL	250	0.15	0.10	0.13	+ 18.1
Anooraq Res*	ANO	927	3.94	3.39	3.88	+ 17.5
Arch Coal*	ACI	27954	62.99	52.35	62.18	+ 17.3
Sparrowtech R*	SPMC	273	0.023	0.01	0.01	-60.0
Brookmount Ex*	BMXI	112	0.20	0.10	0.10	-44.4
Corriente Rs*	ETQ	1283	5.49	2.48	3.40	-32.6
Raven Gold*	RVNG	1305	0.35	0.20	0.23	-32.3
US Mine Maker*	USMM	135	0.11	0.09	0.09	-30.7
Tombstone Exp*	TMBXF	60	0.26	0.21	0.21	-19.2
Commerce Grp*	CGCO	92	0.28	0.19	0.22	-19.1
Bullion Rvr G*	BLRV	341	0.22	0.17	0.17	-19.0
Quaterra Res*	QMM	127	3.65	2.62	2.95	-18.0
Geocom Res*	GOCM	114	0.18	0.14	0.16	-15.3

U. S. greatest value change
WEEK
	VOLUME	CLOSE	CHANGE
Rio Tinto* RTP	1806709	505.58	+ 45.38
Potash C Sask* POT	65025168	208.79	+ 26.89
Agrium* AGU	8650000	92.15	+ 15.56
Cleveland-Cli* CLF	9291254	160.90	+ 12.99
Mosaic* MOS	35369340	139.33	+ 12.93
Freeport McMo* FCX	52323599	115.14	+ 9.75
Arch Coal* ACI	27953518	62.18	+ 9.21
CONSOL Energy* CNX	16164163	88.10	+ 8.83
Southern Copp* PCU	8461791	121.98	+ 7.56
Massey Energy* MEE	16195411	54.63	+ 7.44
Corriente Rs* ETQ	1283108	3.40	-1.65
Silver Std Re* SSRI	3406778	28.29	-1.23
Quaterra Res* QMM	126900	2.95	-0.65
Pan Am Silver* PAAS	5951475	37.81	-0.54
NovaGo ld Res* NG	4492435	7.22	-0.51
Gold Reserve* GRZ	844539	3.74	-0.44
Seabridge Gld* SA	1328579	21.70	-0.37
Sterling Mini* SRLM	962575	2.25	-0.30
Intl Royalty* ROY	513012	5.00	-0.29
Banro Res* BAA	92555	8.12	-0.285