U.S. MARKETS -NOVEMBER 8-12

Markets finished the week with a sharp pullback as European debt fears and China inflation worries spooked investors. The Dow Jones industrial average tumbled 251.5 points, to close the Nov. 8-12 trading week at 11,192.58, while the Nasdaq composite index lost 60.77 points, to end at 2,518.21.

The S&P 500 index had its biggest weekly drop in three months, shedding 2.2%, or 26.64 points, to close at 1,199.21. Gold touched a new high of US$1,424 per oz. at the start of the week before taking its biggest hit in four months, dropping 2.3%, or US$32 per oz., to finish at US$1,365.50. The Philadelphia Gold and Silver index managed to hold on to some of its gains during the week, closing at 216.10, up 0.6%.

Haywood Securities attributes the drop in gold price to speculation that China will raise domestic interest rates to combat inflation. “Nonetheless, given lingering concerns over sovereign debt issues in Europe and declining growth prospects in EU member states, gold and gold equities retain their safe-haven buying appeal,” Haywood Securities states.

In other commodities, the spot price for copper slipped US3¢ to US$3.91 per lb., silver was off US67¢, or 2.5%, to US$26.06 per oz. and crude oil lost US$1.97, or 2.3%, to end at US$84.88 per barrel.

BHP Billiton shed US$5.17 to close at US$86.97 after officially conceding defeat and retreating from its hostile takeover bid for Potash Corp. of Saskatchewan. The move comes less than two weeks after the Canadian government rejected its US$39-billion unsolicited bid as not having a net benefit for Canada. BHP says the condition of its offer cannot be satisfied under the Investment Canada Act, and accordingly, has withdrawn its offer.

Uranium Resources shares jumped US92¢ to US$2.67. The junior, which is exploring for uranium in Texas and New Mexico, recently raised US$9 million in net proceeds through a public offering of 8.2 million shares at US$1.16 apiece. The company also announced it struck a letter-of-intent option agreement with a subsidiary of Cameco, with regards to a land package in south Texas.

U.S. most active issues
VOLUME WEEK
(000s) HIGH LOW CLOSE CHANGE
Hecla Mining* HL 142055 9.75 7.94 8.41 + 0.48
Alcoa* AA 126551 14.17 13.32 13.49 -0.51
Silver Wheatn* SLW 102029 37.20 31.76 33.79 + 0.84
Freeport McMo* FCX 71012 108.51 100.62 103.92 -0.92
Barrick Gold* ABX 66735 53.44 48.94 50.73 + 1.52
NovaGold Res* NG 57775 15.42 13.51 14.66 + 1.30
Silverado* SLGLF 56670 0.00 1.0E8 0.00 0.00
Uranium Res* URRE 47531 2.90 1.80 2.67 + 0.92
Golden Star* GSS 47471 6.01 4.47 4.49 -1.29
Goldcorp* GG 39460 48.94 45.79 46.44 + 0.24
U.S. greatest percentage change
VOLUME WEEK
(000s) HIGH LOW CLOSE CHANGE
Amazon Goldsd* AZNG 16 0.40 0.20 0.40 + 150.0
Uranium Res* URRE 47531 2.90 1.80 2.67 + 52.5
Fischer-W Gld* FWGO 1287 0.06 0.04 0.06 + 50.0
Madison Minls* MMRSF 174 0.21 0.15 0.18 + 38.4
Commerce Grp* CGCO 40 0.04 0.02 0.04 + 33.3
Grandview Gld* GVGDF 18 0.09 0.09 0.09 + 28.5
Metalline Mng* MMG 663 0.86 0.63 0.81 + 26.5
Tombstone Exp* TMBXF 794 0.10 0.07 0.10 + 25.0
DouglasLkMl* DLKM 742 0.40 0.29 0.35 + 25.0
New Jersey Mg* NJMC 391 0.35 0.21 0.26 + 23.8
Affinity Gold* AFYG 71 0.08 0.06 0.06 -25.0
Golden Star* GSS 47471 6.01 4.47 4.49 -22.3
Canarc Res* CRCUF 2576 0.23 0.14 0.14 -22.2
Lake Vict Mng* LVCA 1085 0.45 0.32 0.33 -17.5
Starfield Res* SRFDF 266 0.07 0.05 0.05 -16.6
Almaden Mnls* AAU 2331 3.28 2.59 2.70 -11.7
Uranerz Energ* URZ 16237 4.13 2.76 2.85 -11.2
Constittn Mng* CMIN 5167 0.33 0.20 0.24 -11.1
Crystallex In* KRY 2603 0.37 0.32 0.33 -10.8
US Energy* USEG 1389 5.85 5.03 5.08 -10.8
U.S. greatest value change
WEEK
VOLUME CLOSE CHANGE
Alpha Nat Res* ANR 21856873 48.62 + 4.17
Consol Energy* CNX 27103584 42.50 + 3.30
Cameco Corp* CCJ 24878933 35.95 + 2.69
Pan Am Silver* PAAS 15952495 36.78 + 2.20
NaturalRsPt* NRP 350373 30.68 + 1.86
Barrick Gold* ABX 66735273 50.73 + 1.52
Randgold Res* GOLD 4820996 98.51 + 1.50
NovaGold Res* NG 57775117 14.66 + 1.30
Puda Coal* PUDA 499845 13.07 + 1.08
Uranium Res* URRE 47531116 2.67 + 0.92
BHP Billi-BHP* BHP 15731240 86.97 -5.17
Agrium* AGU 1812525 80.81 -4.34
BHP Billi-BBL* BBL 7510994 75.76 -4.18
Cliffs Nat Rs* CLF 17220377 67.52 -3.58
Compass Mnls* CMP 434308 79.57 -2.58
Soc Quim&M Ch* SQM 1702695 50.67 -2.04
ASA (Bermuda)* ASA 424001 33.24 -1.77
OM Group* OMG 1065018 36.68 -1.72
Seabridge Gld* SA 1835499 28.42 -1.60
AlumCpChina* ACH 437225 23.80 -1.51
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