U.S. MARKETS -JUNE 7-11

Comments from the World Bank that a double-dip recession cannot be ruled out, and nagging worries about the debt crisis sweeping Europe, caused U.S. markets to seesaw in the first three days of the June 7-11 trading week.

U.S. equities ended the week up for a second straight day on Friday, however, despite disappointing economic news that sales at U.S. retailers had fallen in May for the first time in eight months. The Dow Jones industrial average closed at 10,211.07 points, up 4.02%, while the S&P 500 index rose 3.92% to finish at 1,091.60. The Nasdaq climbed 3.21% to 2,243.60. Gold closed the week at US$1,227.50 per oz., while the Philadelphia Gold and Silver index gained 3.06 points to 175.31.

A Reuters story on June 11 quoting Australia’s Herald-Sun saying that the Australian government “plans to announce major changes” to its proposed Resource Super Profits Tax “in coming days,” sent shares of BHP Billiton up US$5.57 to US$65.28 and Rio Tinto US$3.41 higher to US$47.29. Prime Minister Kevin Rudd has refuted suggestions that the government would make changes to the proposed tax.

Cliffs Natural Resources ranked first in the list of value gains with an increase of US$6.75 per share to US$55.97. The iron ore giant revealed on June 7, that while it remained firmly committed to its previous offer for Spider Resources, which expires on July 6, it is reviewing its options about whether to make a formal offer for KWG Resources.

That’s because a day after Cliffs announced it was informally bidding for KWG, the junior said it was entering into a binding letter of agreement to merge with Spider. Cliffs is trying to win control of the Big Daddy chromite deposit in northern Ontario.

Finally, junior explorer Elray Resources topped the charts with an advance of 200% or US2¢ to US14¢ per share on no news. In April, Elray confirmed that the “infrastructure was in place” to develop its Picacho property in southeastern Ecuador. Elray also owns Porphyry Creek, a gold-copper property about 290 km north of Phnom Penh.

U.S. most active issues
VOLUME WEEK
(000s) HIGH LOW CLOSE CHANGE
Alcoa* AA 123052 11.39 10.49 11.36 + 0.52
Freeport McMo* FCX 85654 65.54 58.24 64.93 + 2.12
Barrick Gold* ABX 50572 44.60 41.13 43.11 + 1.69
Silverado* SLGLF 50102 0.00 1.0E8 0.00 0.00
Hecla Mining* HL 43529 5.40 4.96 5.31 + 0.29
Newmont Mng* NEM 41583 57.61 53.30 56.25 + 2.64
Goldcorp* GG 40381 45.33 41.94 43.71 + 1.48
Cliffs Nat Rs* CLF 38126 56.18 47.70 55.97 + 6.75
Crystallex In* KRY 37591 0.77 0.41 0.45 -0.10
Vale* VALE 34166 27.09 24.67 27.03 + 1.49
U.S. greatest percentage change
VOLUME WEEK
(000s) HIGH LOW CLOSE CHANGE
Elray Res* ELRA 350 0.14 0.02 0.12 + 200.0
Apolo Gold* APLL 207 0.04 0.02 0.03 + 50.0
Affinity Gold* AFYG 906 0.05 0.03 0.04 + 33.3
Nevsun Res* NSU 5128 3.69 2.86 3.52 + 19.7
Fronteer Gold* FRG 5593 6.95 5.81 6.75 + 15.7
Mesabi Trust* MSB 382 19.30 16.14 19.20 + 15.0
Gold Reserve* GRZ 2135 0.98 0.77 0.84 + 15.0
Cliffs Nat Rs* CLF 38126 56.18 47.70 55.97 + 13.7
Harry Winston* HWD 467 13.94 11.92 13.81 + 13.3
Petaquilla Mn* PTQMF 1208 0.37 0.32 0.37 + 12.1
Amazon Goldsd* AZNG 27 0.40 0.12 0.12 -61.2
Tornado Gold* TOGI 81 0.02 0.01 0.01 -50.0
Yellowcake Mg* YCKM 42 0.03 0.02 0.02 -33.3
Global Gold* GBGD 126 0.12 0.09 0.09 -25.0
Commerce Grp* CGCO 20 0.06 0.04 0.04 -20.0
Crystallex In* KRY 37591 0.77 0.41 0.45 -18.1
Radius Gold* RDUFF 228 0.33 0.28 0.28 -17.6
Strata O&G* SOIGF 210 0.33 0.26 0.28 -15.1
Grandview Gld* GVGDF 133 0.08 0.05 0.06 -14.2
Crosshair E&M* CXZ 215 0.14 0.12 0.12 -14.2
U.S. greatest value change
WEEK
VOLUME CLOSE CHANGE
Cliffs Nat Rs* CLF 38125911 55.97 + 6.75
Potash C Sask* POT 24707463 100.62 + 5.78
BHP Billi-BHP* BHP 26581129 65.28 + 5.57
BHP Billi-BBL* BBL 14776950 54.94 + 4.58
Compass Mnls* CMP 575100 77.81 + 4.38
Consol Energy* CNX 23178201 38.88 + 3.74
Rio Tinto* RTP 18455828 47.29 + 3.41
Peabody Enrgy* BTU 33605010 39.78 + 3.10
Teck B* TCK 33167316 33.81 + 2.90
Lihir Gold* LIHR 866549 35.70 + 2.87
OM Group* OMG 1303201 27.43 -0.79
Intrepid Pots* IPI 2321200 22.44 -0.56
SinoCoking Cl* SCOK 159065 13.58 -0.40
Westmoreland* WLB 231818 8.83 -0.28
Amazon Goldsd* AZNG 27000 0.12 -0.19
Intl Tower Hi* THM 173496 6.48 -0.14
Uranerz Energ* URZ 1866596 1.18 -0.14
Vista Gold* VGZ 1677761 1.77 -0.11
Crystallex In* KRY 37590842 0.45 -0.10
Entree Gold* EGI 1061906 1.91 -0.07
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