The Feb. 2-8 trading period was a losing one due partly to worries over Greece’s troubled debt situation, which is being backed by Eurozone countries. Investors are still worrying about Europe’s financial situation and many are wondering whether the U.S. could face similar debt burdens after spending so much money to stimulate its economy.
The Dow Jones industrial average fell 2.7%, or 277.14, points to close at 9,908.39 — below the 10,000-point threshold — while the S&P 500 index dropped 2.9%, or 32.45 points to 1056.74.
Metals prices and the stocks of major mining companies all tumbled over the period.
The price of gold fell US$22.50 per oz. to close at US$1,064 per oz., while silver dipped US$1.09 to US$15.14. Platinum and palladium fell too. Platinum dropped US$43 per oz. to US$1,477 and palladium lost US$19, settling at US$405 per oz.
Base metals are slipping, too. Copper has declined US20¢ to close at US$2.90 per lb. — the metal hadn’t been below US$3 per lb. since last November. Aluminum continued its downward slide, losing US3¢ to finish at US89¢ per lb., and nickel was down US37¢ to close at US$7.82 per lb.
The big gold producers south of the border fell over the period — Newmont Mining shares fell US$1.13 apiece to close at US$44.41. The gold miner reported that operations at its Batu Hijau copper and gold mine on Sumbawa island in eastern Indonesia had returned to normal. A rock-slide in January buried a dozer operator working at the site.
AngloGold Ashanti shares dropped US$1.24 to US$35.80 and Hecla Mining saw shares slip US56¢ to US$4.57.
Base metals miners experienced the same wrath –Rio Tinto was the top loser by value over the period, with shares plunging US$19.04 to close at US$187.58. Freeport-Mc-MoRan Copper & Gold shares fell US$2.39 to close at US$69.20, Alcoa shares slid US27¢ to US$13.06 and BHP Billiton shares were down US$4.20 apiece to close at US$67.90.
Patriot Coal shares fell 15.8% to US$14.28 apiece after the company released its yearend results. Revenues were up 24% in 2009 at US$2 billion, and resulted in earnings of US$147.2 million for the Appalachian and Illinois basin thermal and metallurgical coal producer. The company is anticipating a sales volume of 33-35 million tons in 2010, similar to the 32.8 million tons shipped in 2009.
| U.S. most active issues | |||||
| VOLUME | WEEK | ||||
| (000s) | HIGH | LOW | CLOSE | CHANGE | |
| Alcoa* AA | 213551 | 13.90 | 12.61 | 13.06 | -0.27 |
| Freeport McMo*FCX | 136673 | 73.65 | 66.03 | 69.20 | -2.39 |
| Hecla Mining* HL | 87215 | 5.31 | 4.27 | 4.57 | -0.56 |
| Goldspring* GSPG | 75337 | 0.01 | 0.01 | 0.01 | 0.00 |
| Barrick Gold* ABX | 66191 | 37.03 | 33.65 | 34.57 | -1.93 |
| Goldcorp* GG | 62327 | 36.34 | 32.84 | 34.41 | -1.13 |
| Newmont Mng* NEM | 59587 | 46.29 | 43.11 | 44.41 | -1.13 |
| Gold Fields* GFI | 47965 | 12.42 | 10.88 | 11.20 | -0.90 |
| Kinross Gold* KGC | 44879 | 17.64 | 16.13 | 16.65 | -0.33 |
| Silver Wheatn* SLW | 41617 | 15.35 | 13.04 | 13.58 | -1.31 |
| U.S. greatest percentage change | ||||||
| VOLUME | WEEK | |||||
| (000s) | HIGH | LOW | CLOSE | CHANGE | ||
| Amazon Goldsd* | AZNG | 104 | 0.50 | 0.22 | 0.30 | + 42.8 |
| North Am En P* | NOA | 679 | 9.44 | 7.45 | 8.76 | + 23.9 |
| Nevsun Res* | NSU | 3603 | 2.42 | 1.85 | 2.38 | + 18.4 |
| Global Gold* | GBGD | 11 | 0.14 | 0.14 | 0.14 | + 16.6 |
| Strata O&G* | SOIGF | 892 | 0.50 | 0.33 | 0.47 | + 14.6 |
| Uranerz Energ* | URZ | 2650 | 1.59 | 1.24 | 1.43 | + 13.4 |
| Constittn Mng* | CMIN | 2551 | 1.08 | 0.71 | 0.96 | + 10.3 |
| Metalline Mng* | MMG | 81 | 0.70 | 0.62 | 0.69 | + 6.1 |
| Affinity Gold* | AFYG | 159 | 1.90 | 1.69 | 1.90 | + 3.8 |
| Uranium Star* | URST | 1712 | 0.37 | 0.28 | 0.32 | + 3.2 |
| Radius Gold* | RDUFF | 61 | 0.38 | 0.31 | 0.31 | -18.4 |
| Petaquilla Mn* | PTQMF | 1184 | 0.70 | 0.55 | 0.57 | -17.3 |
| Patriot Coal* | PCX | 9093 | 17.32 | 13.88 | 14.28 | -15.8 |
| Ivanhoe Mines* | IVN | 14096 | 15.60 | 12.60 | 13.06 | -14.8 |
| Elray Res* | ELRA | 109 | 0.16 | 0.13 | 0.13 | -13.3 |
| Canarc Res* | CRCUF | 71 | 0.14 | 0.12 | 0.14 | -12.5 |
| General Moly* | GMO | 3293 | 2.60 | 2.11 | 2.12 | -12.4 |
| Stillwater Mg* | SWC | 8496 | 11.68 | 9.39 | 9.89 | -12.2 |
| Mag Silver* | MVG | 109 | 5.97 | 5.05 | 5.18 | -12.2 |
| Denison Mines* | DNN | 564 | 1.48 | 1.22 | 1.23 | -12.1 |
| U.S. greatest value change | |||
| WEEK | |||
| VOLUME | CLOSE | CHANGE | |
| North Am En P* NOA | 678700 | 8.76 | + 1.69 |
| Nevsun Res* NSU | 3602709 | 2.38 | + 0.37 |
| Uranerz Energ* URZ | 2649779 | 1.43 | + 0.17 |
| Amazon Goldsd* AZNG | 104000 | 0.30 | + 0.09 |
| Constittn Mng* CMIN | 2551169 | 0.96 | + 0.09 |
| Affinity Gold* AFYG | 159091 | 1.90 | + 0.07 |
| Strata O&G* SOIGF | 892130 | 0.47 | + 0.06 |
| Metalline Mng* MMG | 81100 | 0.69 | + 0.04 |
| Global Gold* GBGD | 11104 | 0.14 | + 0.02 |
| Goldfield* GV | 99832 | 0.43 | + 0.01 |
| Rio Tinto* RTP | 6442595 | 187.58 | -19.04 |
| CONSOL Energy* CNX | 18180765 | 44.58 | -5.29 |
| Randgold Res* GOLD | 5887100 | 67.85 | -4.90 |
| ASA (Bermuda)* ASA | 295858 | 66.86 | -4.60 |
| BHP Billi-BHP* BHP | 30151912 | 67.90 | -4.20 |
| BHP Billi-BBL* BBL | 8232661 | 57.26 | -3.92 |
| Peabody Enrgy* BTU | 38286087 | 40.45 | -3.67 |
| Massey Energy* MEE | 34585885 | 38.26 | -3.32 |
| AlumCpChina* ACH | 1217700 | 22.82 | -2.99 |
| OM Group* OMG | 1166660 | 30.07 | -2.92 |
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