U.S. MARKETS -Sept. 7-10

U.S. markets fell and then rose tentatively over Sept 7-10. The week started with further remarks from the U.S. Federal Reserve about slowing economic activity and fears European banks may be in worse shape than indicated by recent financial stress tests. In its September Beige Book, the Fed noted “widespread signs of a deceleration,” including falling home and commercial real estate sales.

But by midweek things started to turn around, buoyed by President Barack Obama’s US$350-billion jobs recovery plan. The plan includes US$200 billion in tax breaks for businesses investing in new equipment, a US$100-billion extension of the business tax credit for research and development, and US$50 billion over 10 years to improve roads, rails and infrastructure. In addition, the Labor Department said initial jobless claims fell more than expected and the Commerce Department said the U.S. Trade deficit dropped to US$42.8 billion in July, down from US$49.8 billion in June.

The Dow Jones industrial average was up 15 points at 10,463 and the S&P 500 index had gained 5 points to end at 1,109. Trading volumes were very low: the markets were closed Monday for Labor Day and trading was light on Thursday and Friday because of Rosh Hashanah. Gold gained to start the week then slipped, ending the period down 10¢ at US$1,246.70. Similarly, the Philadelphia Gold and Silver index fell 1.28 points to 185.2.

Heavy volume in Alcoa shares only lifted the aluminum producer’s share price US38¢ to US$11.17. In fact, most of the week’s volume leaders lost share price ground: Barrick Gold was down US58¢ to US$44.72, Kinross Gold lost US57¢ to close at US$16.86, and Goldcorp fell US$1.39 to US$41.45. Freeport-McMo-Ran Copper & Gold as well as BHP Billiton bucked the trend, both posting small gains.

And potash producers enjoyed the week. Mosaic climbed US$1.25 to US$59.35 while Agrium added US$1.05 to its share price to reach US$73.59.

On the energy side, shares of BP gained 2% to reach US$38.22 after Fitch upgraded the company’s rating three notches, noting “an end to the threat of further leaks from the Macondo well.”

U.S. most active issues
	VOLUME		WEEK
	(000s)	HIGH	LOW	CLOSE	CHANGE
Alcoa* AA	85320	11.37	10.70	11.17	+ 0.29
Silverado* SLGLF	45489	0.01	0.01	0.01	0.00
Freeport McMo* FCX	36795	80.00	76.40	79.31	+ 0.76
Hecla Mining* HL	28890	6.05	5.65	5.80	-0.05
Barrick Gold* ABX	25181	46.35	43.83	44.72	-0.58
Silver Wheatn* SLW	24973	24.72	23.05	23.89	0.00
Kinross Gold* KGC	21642	17.75	16.45	16.86	-0.57
Goldcorp* GG	20930	43.53	41.12	41.45	-1.39
Newmont Mng* NEM	17896	62.70	59.86	60.68	-0.19
Mosaic* MOS	15424	60.30	57.49	59.35	+ 1.25

U.S. greatest percentage change
		VOLUME		WEEK
		(000s)	HIGH	LOW	CLOSE	CHANGE
DouglasLkMl*	DLKM	573	0.35	0.10	0.27	+ 107.6
Apolo Gold*	APLL	15	0.02	0.02	0.02	+ 100.0
Grandview Gld*	GVGDF	20	0.07	0.07	0.07	+ 40.0
Fischer-W Gld*	FWGO	86	0.05	0.04	0.05	+ 25.0
El Capitan Pr*	ECPN	296	0.53	0.40	0.48	+ 20.0
Caledonia Mng*	CALVF	393	0.06	0.05	0.06	+ 20.0
Patriot Gold*	PGOL	47	0.14	0.11	0.14	+ 16.6
Augusta Res*	AZC	285	3.34	2.72	3.15	+ 14.5
Richmont Mine*	RIC	441	5.28	4.68	5.25	+ 14.1
Paramount Gld*	PZG	3458	1.62	1.36	1.54	+ 14.0
HuntMountain*	HNTM	26	0.08	0.08	0.08	-57.8
SinoCoking Cl*	SCOK	1757	15.24	10.07	10.26	-31.9
Constittn Mng*	CMIN	2559	0.72	0.58	0.59	-16.9
Starfield Res*	SRFDF	199	0.06	0.05	0.05	-16.6
Shoshone Silv*	SHSH	107	0.11	0.09	0.09	-10.0
Metalline Mng*	MMG	149	0.75	0.67	0.67	-9.4
Habanero Res*	HBNRF	104	0.14	0.10	0.11	-8.3
Cardero Res*	CDY	316	1.25	1.12	1.15	-7.2
Kimber Res*	KBX	209	0.95	0.79	0.79	-7.0
Crystallex In*	KRY	1483	0.41	0.38	0.40	-6.9

U.S. greatest value change
WEEK
	VOLUME	CLOSE	CHANGE
Alliance Rs P* ARLP	381724	57.04	+ 2.42
Randgold Res* GOLD	2547652	93.88	+ 2.29
Mesabi Trust* MSB	1707191	31.10	+ 2.04
Mosaic* MOS	15423650	59.35	+ 1.25
Agrium* AGU	1246992	73.59	+ 1.05
Soc Quim&M Ch* SQM	1759801	46.36	+ 0.77
Freeport McMo* FCX	36795235	79.31	+ 0.76
BHP Billi-BHP* BHP	11077680	70.64	+ 0.74
AlumCpChina* ACH	251737	21.22	+ 0.68
Richmont Mine* RIC	440654	5.25	+ 0.65
SinoCoking Cl* SCOK	1756739	10.26	-4.82
Cliffs Nat Rs* CLF	15266335	65.53	-1.55
Goldcorp* GG	20929677	41.45	-1.39
Compass Mnls* CMP	216400	72.65	-1.38
Seabridge Gld* SA	909505	28.50	-0.86
Stillwater Mg* SWC	6868006	14.48	-0.80
Royal Gold* RGLD	1547711	48.27	-0.74
Vale* VALE	13982532	27.43	-0.73
Rio Tinto* RTP	8392949	54.22	-0.67
Buenaventura* BVN	3050826	40.48	-0.65