Markets rose during the Aug. 2-6 trading period, with some of the major mining companies making some significant gains and gold rising back over the US$1,200-per-oz. level.
But first, looking at the indexes, the Dow Jones industrial average was up 1.8%, or 187.62 points, to close at 10,653.56.
The S&P 500 index climbed 1.8%, or 20.04 points, to close at 1,121.64 while the Nasdaq increased 1.5%, or 33.77 points, to 2,254.70.
Gold prices rose 3.3% or US$38.75 to US$1,207.75 per oz., which helped push the Philadelphia Gold and Silver index up 3.4%, or 5.77 points, to 175.49 while the Amex Gold Bugs index jumped 3.9%, or 17.3 points, to finish at 459.94.
Major gold miners on the rise included Agnico-Eagle Mines, up US$3.94 to US$59.69 per share, Barrick Gold, up US$2.29 to US$43.39 apiece and Newmont Mining, up US$1.14 to US$57.04.
However, Randgold Resources was the top loser by value, falling US$3.66 to US$86.62 per share, after the West Africa-focused miner announced that costs had risen 39% to US$665 per oz. gold while power cuts reduced output over the last quarter. The company still said that it would be within 5% of its 2010 production goal of 477,000 oz. gold.
Peruvian miner Minas Buenaventura’s shares fell US$2.17 to US$36.44 apiece. The Peruvian government gave Buenaventura and Newmont the final nod for starting operations at their La Zanja gold mine, which will produce 100,000 oz. gold per year. Buenaventura owns 53% of the mine while Newmont holds the remainder.
Kinross Gold was down slightly after announcing plans to buy Red Back Mining in a friendly US$7.1-billion deal. Kinross shares fell US63¢ to US$15.76.
Potash Corp. of Saskatchewan shares saw a dramatic rise over the period, gaining US$8.67 to US$113.54 after profit more than doubled in the second quarter due to higher potash prices. Potash Corp. reported net earnings of US$472 million, up from US$186.2 million in the second quarter of 2010.
Mountain Province Diamonds was one of the most significant gainers on a percentage basis with shares rising 23% to US$3.63 apiece after valuation results were released from its Gahcho Kue diamond project in Canada’s Northwest Territories. WWW International Diamond Consultants valued 8,243.56 carats at US$134.06 per carat for a total of US$1.1 million.
The company plans to complete a feasibility study by the end of August.
U.S. most active issues | ||||
VOLUME | WEEK | |||
(000s) HIGH | LOW | CLOSE | CHANGE | |
Alcoa* AA | 109121 11.78 | 11.33 | 11.59 | + 0.45 |
Freeport McMo* FCX | 53540 76.25 | 73.05 | 74.61 | + 3.07 |
Kinross Gold* KGC | 52725 16.72 | 15.27 | 15.76 | -0.63 |
Potash C Sask* POT | 38621 116.49 | 105.75 | 113.54 | + 8.67 |
Mosaic* MOS | 34856 52.78 | 46.28 | 51.19 | + 3.59 |
Barrick Gold* ABX | 34325 43.97 | 40.66 | 43.39 | + 2.29 |
Newmont Mng* NEM | 30498 58.00 | 54.98 | 57.04 | + 1.14 |
Hecla Mining* HL | 30056 5.22 | 4.91 | 5.12 | + 0.18 |
Peabody Enrgy* BTU | 27143 48.98 | 45.46 | 48.64 | + 3.56 |
Cliffs Nat Rs* CLF | 26700 62.48 | 58.25 | 60.03 | + 3.46 |
U.S. greatest percentage change | ||||||
VOLUME | WEEK | |||||
(000s) | HIGH | LOW | CLOSE | CHANGE | ||
Affinity Gold* | AFYG | 152 | 0.08 | 0.05 | 0.07 | + 40.0 |
Tombstone Exp* | TMBXF | 593 | 0.07 | 0.05 | 0.07 | + 40.0 |
Linux Gold* | LNXGF | 262 | 0.04 | 0.03 | 0.04 | + 33.3 |
Cream Mnrls* | CRMXF | 63 | 0.08 | 0.06 | 0.08 | + 33.3 |
Fischer-W Gld* | FWGO | 62 | 0.05 | 0.04 | 0.05 | + 25.0 |
Habanero Res* | HBNRF | 50 | 0.10 | 0.10 | 0.10 | + 25.0 |
Mountain Prov* | MDM | 297 | 3.69 | 2.99 | 3.63 | + 23.0 |
Elray Res* | ELRA | 7179 | 0.13 | 0.09 | 0.12 | + 20.0 |
Caledonia Mng* | CALVF | 157 | 0.06 | 0.05 | 0.06 | + 20.0 |
Starfield Res* | SRFDF | 22 | 0.06 | 0.06 | 0.06 | + 20.0 |
DouglasLkMl* | DLKM | 166 | 0.15 | 0.10 | 0.10 | -37.5 |
Tara Gold* | TRGD | 56 | 0.41 | 0.35 | 0.35 | -12.5 |
Canarc Res* | CRCUF | 25 | 0.08 | 0.08 | 0.08 | -11.1 |
Madison Minls* | MMRSF | 14 | 0.09 | 0.07 | 0.08 | -11.1 |
Patriot Gold* | PGOL | 23 | 0.20 | 0.16 | 0.17 | -10.5 |
Alberta Star * | ASXSF | 56 | 0.41 | 0.38 | 0.38 | -9.5 |
America West* | AWSR | 44 | 0.11 | 0.10 | 0.10 | -9.0 |
New Jersey Mg* | NJMC | 41 | 0.23 | 0.20 | 0.22 | -8.3 |
Anooraq Res* | ANO | 848 | 1.24 | 1.05 | 1.05 | -7.8 |
Dejour Enterp* | DEJ | 203 | 0.42 | 0.34 | 0.37 | -7.5 |
U.S. greatest value change | ||||
WEEK | ||||
VOLUME | CLOSE | CHANGE | ||
Potash C Sask* | POT | 38621068 | 113.54 | + 8.67 |
Alpha Nat Res* | ANR | 16848630 | 43.82 | + 5.49 |
Compass Mnls* | CMP | 385800 | 75.12 | + 4.43 |
Agnico-Eagle* | AEM | 9379931 | 59.69 | + 3.94 |
Mosaic* | MOS | 34855714 | 51.19 | + 3.59 |
Massey Energy* | MEE | 22782928 | 34.15 | + 3.57 |
Peabody Enrgy* | BTU | 27143294 | 48.64 | + 3.56 |
Cliffs Nat Rs* | CLF | 26700274 | 60.03 | + 3.46 |
Agrium* | AGU | 5210500 | 66.29 | + 3.29 |
BHP Billi-BBL* | BBL | 7537251 | 64.82 | + 3.28 |
Randgold Res* | GOLD | 4745289 | 86.22 | -3.66 |
Buenaventura* | BVN | 5315695 | 36.44 | -2.17 |
Kinross Gold* | KGC | 52724826 | 15.76 | -0.63 |
Teck B* | TCK | 19713674 | 34.63 | -0.62 |
AlumCpChina* | ACH | 854600 | 21.60 | -0.56 |
North Am En P* | NOA | 155800 | 9.29 | -0.37 |
Mesabi Trust* | MSB | 555735 | 23.97 | -0.35 |
Harry Winston* | HWD | 157400 | 12.07 | -0.25 |
Uranium Ener* | UEC | 302600 | 2.61 | -0.16 |
Intl Tower Hi* | THM | 130800 | 6.05 | -0.15 |
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