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 BHP says the condition of its offer cannot be satisfied under the Investment Canada Act, and accordingly, has withdrawn its offer.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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