U.S. markets — Dow dips as gold languishes

The Dow Jones Industrial average lost 107.12 points (or 1.2%) during the report period of May 13-19. The average spent the last half of the week in decline before posting a minor gain to close at 9,054.65.

Stillwater Mining was the big winner for the week, jumping $2.40 to close at US$27.80 as palladium prices spent part of the week above those of platinum. Most gold producers lost ground even though the yellow metal remained relatively steady. The only producer to post a gain was Ashanti Goldfields, which closed the week up 95cents at US$10.40. An analyst report from RBC Securities was likely responsible for the issue’s higher trading volumes on the New York Stock Exchange, a company spokesman said.

Also on New York, Newmont Gold and Newmont Mining each lost $1.40 to close at US$28.90 and US$28.05, respectively. Battle Mountain Gold dropped 50cents to close at US$6.05, while Homestake Mining lost 75cents to finish the week at US$11.80.

On the American Stock Exchange, Getchell Gold slipped $1.95 to finish the week at US$21, while on the Nasdaq, Lihir Gold lost $1.75 to close at US$29.75.

Copper prices declined steadily in the latter half of the week, and copper producers’ stocks fell as a result. Phelps Dodge edged close to a 12-month low, losing $3.65 to close at US$61.30. Australia’s Broken Hill Proprietary was down $1.05 to US$17.25, while Indonesian worries helped Freeport- McMoRan Copper & Gold trim 65cents from its Class B shares to close at US$16.20. Asarco lost 70cents to close at US$23.80, while 54%-owned subsidiary Southern Peru Copper was off 95cents at US$14.15.