U.S. Markets -Jan. 26-Feb. 1

The Jan. 26-Feb. 1 reporting period drew to a close on a bleak note, with U.S. President Barrack Obama forecasting a record US$1.56 trillion budget deficit for fiscal 2010 — or 10.6% of the economy based on GDP. The budget deficit in 2009 stood at US$1.41 trillion equaling about 9.9% of GDP. Obama also laid out US$3.8 trillion in spending plans for the fiscal year to Sept. 30, 2011. In equity markets, the Dow Jones industrial average slid 8.76 points to 10,185.53, while the S&P 500 index fell 2.98 points to finish at 1,089.19.

For mining stocks, the period was marked by higher dollar losses than gains. Potash Corp. of Saskatchewan dropped US$6.47 per share to close at US$103.43 after informing the market that its sales volumes of potash last year were the lowest since it became a publicly traded company in 1989. For the full year, Potash Corp.’s earnings fell to US$987.8 million or US$3.25 per share, a steep drop from 2008’s US$3.5 billion or US$11.01 per share. For the fourth quarter, earnings stood at US$243.6 million or US80¢ per share, down from US$788 million or US$2.56 per share in the yearearlier quarter.

On the positive side of the ledger, Cabot Corp. enjoyed the largest value gain, rising US$1.71 to US$27.90 per share after declaring that it was performing at pre-downturn earnings levels despite lower sales volumes. It credited its strong financial results to maintaining unit margins through the downturn, the early delivery of restructuring savings, and continued improvement in its key markets. In the first quarter of fiscal 2010 ended Dec. 31, Cabot reported net income of US$29 million or 44¢ per share, up from US$4 million or 6¢ per share in the yearearlier quarter.

On the gold front, Allied Nevada Gold advanced 91¢ to US$13.70 per share following news of positive results from metallurgical testing of sulphide mineralization at its Hycroft mine near Winnemucca, Nev. Metallurgical testing of seven samples of sulphide material with average grades of 1.02 grams gold per tonne and 43.87 grams silver confirmed that the sulphide mineralization is amenable to conventional flotation. Recovery rates averaged 88% for gold and 85% for silver. Newmont Mining gained US$1.41 to US$45.54 on no news, while Agnico-Eagle Mines climbed 70¢ to US$53.74.

The price of gold moved from its New York close of US$1096.80 per oz. on Jan. 26 to US$1,105.60 per oz. on Feb. 1. The Amex Gold Bugs index contracted 1.86 points to 394.89.

U.S. most active issues
VOLUME WEEK
(000s) HIGH LOW CLOSE CHANGE
Alcoa* AA 235517 13.95 12.26 13.36 -0.03
Freeport McMo*FCX 127083 73.99 66.20 71.59 -3.01
Hecla Mining* HL 75065 5.29 4.54 5.13 -0.03
Barrick Gold* ABX 64306 36.78 34.63 36.50 + 0.46
Goldcorp* GG 50729 36.99 33.89 35.54 -0.67
Newmont Mng* NEM 47834 45.54 42.80 45.54 + 1.41
Silver Wheatn* SLW 41931 14.95 13.63 14.89 + 0.16
Potash C Sask* POT 40738 112.38 98.27 103.43 -6.47
Kinross Gold* KGC 40500 17.65 16.15 16.98 -0.41
Arch Coal* ACI 38414 25.92 20.53 21.60 -3.59
U.S. greatest percentage change
VOLUME WEEK
(000s) HIGH LOW CLOSE CHANGE
Madison Minls* MMRSF 12 0.15 0.13 0.15 + 36.3
Fischer-W Gld* FWGO 155 0.06 0.05 0.06 + 20.0
Affinity Gold* AFYG 261 1.83 1.50 1.83 + 18.0
Starfield Res* SRFDF 196 0.10 0.09 0.10 + 11.1
Crystallex In* KRY 3711 0.33 0.25 0.32 + 10.3
Uranium Res* URRE 3085 0.83 0.61 0.77 + 10.0
New Jersey Mg* NJMC 18 0.25 0.21 0.24 + 9.0
Allied Nevada* ANV 469 13.70 12.47 13.70 + 7.1
America West* AWSR 73 0.16 0.15 0.15 + 7.1
Legend Intl H* LGDI 1223 1.27 1.11 1.21 + 7.0
Habanero Res* HBNRF 30 0.09 0.07 0.07 -22.2
Quaterra Res* QMM 354 1.70 1.31 1.38 -21.1
Constittn Mng* CMIN 1511 1.08 0.85 0.86 -19.6
Alberta Star * ASXSF 628 0.17 0.14 0.14 -17.6
Tanz Roy Exp* TRE 6908 4.79 3.42 3.91 -16.9
Tombstone Exp* TMBXF 251 0.06 0.02 0.05 -16.6
Uranium Star* URST 2240 0.38 0.28 0.31 -16.2
Lake Vict Mng* LVCA 61 0.54 0.44 0.45 -15.0
Arch Coal* ACI 38414 25.92 20.53 21.60 -14.2
DouglasLkMl* DLKM 510 0.28 0.20 0.21 -12.5
U.S. greatest value change
WEEK
VOLUME CLOSE CHANGE
Cabot Corp* CBT 5710537 27.90 + 1.71
Newmont Mng* NEM 47833552 45.54 + 1.41
Allied Nevada* ANV 469400 13.70 + 0.91
Agnico-Eagle* AEM 14421152 53.74 + 0.70
Barrick Gold* ABX 64305907 36.50 + 0.46
Exeter Res* XRA 357000 7.43 + 0.44
Buenaventura* BVN 6271308 32.95 + 0.44
Keegan Res* KGN 93400 6.12 + 0.32
Affinity Gold* AFYG 260584 1.83 + 0.28
Pan Am Silver* PAAS 6625027 22.54 + 0.19
Potash C Sask* POT 40738492 103.43 -6.47
Arch Coal* ACI 38414149 21.60 -3.59
Rio Tinto* RTP 4728565 206.62 -3.28
OM Group* OMG 2159149 32.99 -3.12
Freeport McMo* FCX 127082716 71.59 -3.01
Alpha Nat Res* ANR 19934228 42.51 -2.90
Soc Quim&M Ch*SQM 5134207 37.31 -2.56
Teck B* TCK 34474457 34.53 -2.53
Mosaic* MOS 25328940 56.27 -2.49
MDU Res* MDU 5537430 20.85 -2.28
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