U.S. MARKETS -August 23-27

The U.S. Commerce Department revised its second-quarter gross domestic product growth figure from 2.4% to 1.6% just hours before U.S. Federal Reserve Chairman Ben Bernanke said that the economic recovery had softened more than expected. In a speech on Aug. 27, Bernanke said the Fed would take additional steps if necessary to help theeconomy. The prospect of further quantitative easing seemed to reassure U.S. equity investors. For the week of Aug. 23-27, the Dow Jones industrial average slipped 62.97 points or 0.62% to finish at 10,150.65, while the S&P 500 index lost 7.1 points or 0.67% to close at 1,064.59.

Persistent economic uncertainty is continuing to support gold’s safe-haven appeal. The New York spot price for gold rose 0.82% to US$1,238.10 per oz. on Aug. 27, keeping gold in positive territory for the fourth week in a row. The Philadelphia Gold and Silver index advanced 6.01 points or 3.37% to 184.14.

Buenaventura, Peru’s largest publicly traded precious metals company, topped the list of value gains with an advance of US$2.54 to US$40.47 per share, despite a fall in second-quarter net income to US$110.9 million, down 17% from US$134.4 million in the same quarter of 2009. Goldcorp claimed the No. 2 spot, gaining US$2.45 to US$44.34, while Seabridge Gold rose US$1.99 to US$30.35. Seabridge announced in mid-August that new metallurgical test-work has confirmed that a higher-grade copper concentrate can be produced at its 100%-owned KSM project, near Stewart, B.C. Altogether the improvements are estimated to cut the prefeasibility base case average annual operating costs by US$12.8 million (about US$20 per oz. gold produced) or about US$465 million over the nearly 37-year projected mine life. Newmont Mining, meanwhile, climbed US$1.93 to US$59.95, Agnico-Eagle Mines added US$1.92 to US$65.10, and Barrick Gold edged up US$1.84 to US$46.50.

Energy stocks, by contrast, generally headed south. Alpha Natural Resources lost US$4.50 per share to close the week at US$36.19, while Massey Energy fell US$3.11 to US$28.95. Peabody Energy slid US$1.74 to US$43.18 and Arch Coal lost US$1.48 to close at US$22.63.

U.S. most active issues
VOLUME WEEK
(000s) HIGH LOW CLOSE CHANGE
Alcoa* AA 104375 10.69 9.92 10.32 -0.25
Freeport McMo* FCX 58793 72.15 65.71 71.20 -0.17
Potash C Sask* POT 52438 153.29 144.50 147.73 -1.94
Mosaic* MOS 37204 59.88 54.41 58.27 + 1.63
Barrick Gold* ABX 36570 46.54 42.80 46.50 + 1.84
Hecla Mining* HL 33888 5.49 4.75 5.49 + 0.54
Kinross Gold* KGC 32822 16.47 14.84 16.47 + 1.04
Newmont Mng* NEM 30020 60.00 55.81 59.95 + 1.93
Silverado* SLGLF 27201 0.00 1.0E8 0.00 0.00
Goldcorp* GG 27019 44.46 40.08 44.34 + 2.45
U.S. greatest percentage change
VOLUME WEEK
(000s) HIGH LOW CLOSE CHANGE
Apolo Gold* APLL 57 0.02 0.01 0.02 + 100.0
America West* AWSR 55 0.10 0.07 0.10 + 42.8
Radius Gold* RDUFF 429 0.56 0.39 0.54 + 38.4
Oromin Expl* OLEPF 612 1.17 0.83 1.17 + 37.6
Grandview Gld* GVGDF 10 0.07 0.05 0.05 + 25.0
Samex Mng* SMXMF 335 0.29 0.22 0.29 + 20.8
Alexco Res* AXU 2046 4.26 3.34 4.13 + 20.4
Augusta Res* AZC 248 2.45 1.99 2.41 + 18.7
SinoCoking Cl* SCOK 2305 16.00 13.00 14.62 + 18.5
Crosshair E&M* CXZ 365 0.15 0.12 0.14 + 16.6
Commerce Grp* CGCO 39 0.05 0.02 0.02 -33.3
National Coal* NCOC 109 0.85 0.60 0.64 -25.5
El Capitan Pr* ECPN 929 0.56 0.37 0.45 -19.6
Cream Mnrls* CRMXF 165 0.06 0.05 0.05 -16.6
Linux Gold* LNXGF 138 0.05 0.04 0.05 -16.6
Dejour Enterp* DEJ 110 0.38 0.30 0.31 -13.8
Tri-Valley* TIV 346 0.74 0.58 0.64 -11.1
Alpha Nat Res* ANR 13267 41.21 34.53 36.19 -11.0
Bullion Monar* BULM 248 0.65 0.57 0.58 -10.7
Strata O&G* SOIGF 406 0.22 0.15 0.17 -10.5
U.S. greatest value change
WEEK
VOLUME CLOSE CHANGE
Buenaventura* BVN 5379292 40.47 + 2.54
Goldcorp* GG 27018505 44.34 + 2.45
SinoCoking Cl* SCOK 2304680 14.62 + 2.29
Seabridge Gld* SA 1488469 30.35 + 1.99
Newmont Mng* NEM 30019759 59.95 + 1.93
Agnico-Eagle* AEM 11103980 65.10 + 1.92
Barrick Gold* ABX 36569906 46.50 + 1.84
Randgold Res* GOLD 2650374 92.45 + 1.82
Silver Wheatn* SLW 26685046 22.80 + 1.77
AllianceRsP* ARLP 574954 55.22 + 1.72
Alpha Nat Res* ANR 13266717 36.19 -4.50
Massey Energy* MEE 19629048 28.95 -3.11
Potash C Sask* POT 52437905 147.73 -1.94
Peabody En
rgy*
BTU 23199797 43.18 -1.74
Arch Coal* ACI 21953037 22.63 -1.48
Consol Energy* CNX 19440350 32.78 -1.33
AngloGold Ash* AU 9718610 42.68 -1.17
AlumCpChina* ACH 653100 19.99 -1.12
Cliffs Nat Rs* CLF 21262074 60.22 -1.06
Vale* VALE 24167400 27.16 -1.00
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