U.S. MARKETS -May 18-24

Investors bailed out of the markets as worries escalated about Europe’s evolving debt crisis and tensions rose between North and South Korea. The Bank of Spain’s move over the weekend to seize regional savings bank Caja-Sur only heightened anxiety that sovereign-debt woes could spread.

During the May 18-24 reporting period, the Dow Jones industrial average, a price-weighted average of 30 blue-chip stocks, fell from 10,510.95 points to 10,066.57, its lowest close since Feb. 10, and a plunge of 444.38 points or 4.23%. The broader S&P 500 index lost 41.09 points or 3.67% to finish at 1,079.71, while the technology-dominated Nasdaq composite index dropped 89.57 points or 3.87% to finish at 2,227.69.

Even gold, often a safe haven, took a beating, falling from its New York close on May 18 of US$1,223 per oz. to US$1,192.30 per oz. on May 24, a loss of US$30.70 per oz. or 2.5%.

Randgold Resources was down US$6.47 to US$81.80 per share, while Agnico-Eagle Mines dropped US$6.27 to US$56.63. All 10 of the most actively traded stocks were in negative territory, with Newmont Mining tumbling US$4.70 to US$52.34, Barrick Gold down US$3.31 to US$41.12, and Goldcorp losing US$3.71 to US$41.04.

The carnage spread across base metals too, with Vale sliding US$1.82 to US$25.17, Teck Resources off US$1.11 to US$30.99 per share, and Alcoa sliding US$1.01 to US$11.09. Cliffs Natural Resources dropped US$2.66 to US$50.26 per share, on news that it intends to make takeover bids for Canadian juniors KWG Resources and Spider Resources. Neither of the proposed bids, which will be funded with existing cash, is conditional on the completion of the other. Cliffs currently owns a 47% stake in the Big Daddy chromite project in the McFaulds Lake area of northern Ontario. KWG and Spider, which are now proposing to merge, each own 26.5% of Big Daddy and have the option to earn-in up to 30% each. Cliffs wants majority ownership.

Potash Corp. of Saskatchewan, meanwhile, fell US$4.78 to US$96.68. On May 24, UBS Investment Research reported that it is lowering its 2011 potash estimates to US$405 per tonne from US$430 per tonne as “price increases have been slow to materialize.”

U.S. most active issues
VOLUME WEEK
(000s) HIGH LOW CLOSE CHANGE
Alcoa* AA 210087 12.41 10.80 11.09 -1.01
Freeport McMo* FCX 110785 70.96 62.69 65.56 -2.41
Hecla Mining* HL 69320 6.02 4.86 5.16 -0.79
Barrick Gold* ABX 62273 44.99 39.95 41.12 -3.31
Newmont Mng* NEM 60171 57.14 50.86 52.34 -4.70
Silver Wheatn* SLW 57941 20.60 17.00 18.12 -2.40
Vale* VALE 55001 27.72 23.58 25.17 -1.82
Cliffs Nat Rs* CLF 53007 55.00 46.40 50.26 -2.66
Goldcorp* GG 52498 45.22 39.90 41.04 -3.71
Teck B* TCK 45750 34.41 29.10 30.99 -1.11
U.S. greatest percentage change
VOLUME WEEK
(000s) HIGH LOW CLOSE CHANGE
Tombstone Exp* TMBXF 307 0.12 0.09 0.11 + 22.2
Commerce Grp* CGCO 24 0.08 0.05 0.08 + 14.2
Crystallex In* KRY 4350 0.55 0.45 0.52 + 13.0
Amazon Goldsd* AZNG 72 0.35 0.31 0.35 + 12.9
Canarc Res* CRCUF 69 0.15 0.10 0.11 + 10.0
US Antimony* UAMY 46 0.45 0.40 0.45 + 9.7
Petaquilla Mn* PTQMF 742 0.52 0.35 0.48 + 9.0
Richmont Mine* RIC 597 4.82 4.04 4.72 + 8.7
New Jersey Mg* NJMC 147 0.28 0.22 0.26 + 8.3
Li3 Energy* LIEG 1041 0.46 0.32 0.42 + 5.0
Aurelio Res* AULO 183 0.02 0.01 0.01 -50.0
Global Gold* GBGD 26 0.12 0.06 0.09 -35.7
Patriot Gold* PGOL 236 0.28 0.21 0.22 -24.1
Habanero Res* HBNRF 50 0.12 0.09 0.10 -23.0
Elray Res* ELRA 99 0.09 0.07 0.07 -22.2
PlatinumGpM* PLG 483 2.49 1.85 1.88 -21.9
Silver Dragon* SDRG 1144 0.29 0.16 0.22 -21.4
Gold Reserve* GRZ 439 0.99 0.75 0.75 -21.0
Tara Gold* TRGD 192 0.45 0.05 0.40 -20.0
Solitario Res* XPL 103 2.64 1.96 2.15 -16.9
U.S. greatest value change
WEEK
VOLUME CLOSE CHANGE
Richmont Mine* RIC 596705 4.72 + 0.38
Mesabi Trust* MSB 686702 17.77 + 0.29
Crystallex In* KRY 4350105 0.52 + 0.06
Contintl Mnls* KMKCF 1027656 2.10 + 0.05
Amazon Goldsd* AZNG 72234 0.35 + 0.04
Petaquilla Mn* PTQMF 742296 0.48 + 0.04
US Antimony* UAMY 46388 0.45 + 0.04
Oromin Expl* OLEPF 58122 0.76 + 0.02
Li3 Energy* LIEG 1041148 0.42 + 0.02
New Jersey Mg* NJMC 146695 0.26 + 0.02
Randgold Res* GOLD 6523068 81.80 -6.47
Agnico-Eagle* AEM 19134482 56.63 -6.27
Potash C Sask* POT 27790369 96.68 -4.78
Consol Energy* CNX 40161762 33.97 -4.78
Newmont Mng* NEM 60170892 52.34 -4.70
Compass Mnls* CMP 779300 74.38 -4.38
BHP Billi-BHP* BHP 37995910 61.50 -4.07
OM Group* OMG 1659397 28.98 -3.91
Goldcorp* GG 52498276 41.04 -3.71
Rio Tinto* RTP 32080989 42.08 -3.55
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