US markets

Hopes of further liquidity injections from the U.S. Federal Reserve following a speech on Aug. 31 by Chairman Ben Bernanke sent gold prices higher and helped stem losses on U.S. equity markets. Bernanke’s remarks that the central bank is willing to consider more economic stimulus if necessary sent gold futures to their highest level since mid-March. (Gold for December delivery jumped 1.8%, or US$30.50, to US$1,687.60 per oz. on the New York Mercantile Exchange’s Comex division.) Meanwhile, the Dow Jones Industrial Average slipped just 0.51%, or 67.13 points, to finish up at 13,090.84, while the S&P 500 Index lost 0.32%, or 4.55 points, ending the week at 1,406.58.

With the New York spot price for gold advancing US$20.90 per oz. to end the trading week at US$1,691.60 per oz., it’s not surprising that the top-three performing stocks were gold mining or royalty companies. Royal Gold advanced US$3.50 to US$88.02, Franco-Nevada gained US$2.30 to US$51.80 and Randgold Resources jumped US$2.26 to US$102.97, all on no news. Other gold mining stocks that climbed on no news included Newmont Mining, up US$1.45 to US$50.68; Agnico-Eagle Mines, US$1.13 per share higher at US$48.32; and Barrick Gold, which edged US94¢ higher to US$38.52. Coeur d’Alene Mines was also up US76¢ at US$22.99. The company shut down its open-pit Palmarejo mine in northern Mexico after a fatal accident on Aug. 26. Production resumed on Aug. 27, and the company said it did not expect changes to its 2012 silver and gold production guidance.

News that Molycorp had started up its new heavy rare-earth concentrate facilities at Mountain Pass, Calif., lifted the stock 19.7%, or US$1.90, to US$11.51 per share. The company announced that its combined heat and power plant would start feeding “low-cost and high-efficiency” electrical power and steam to its facilities on-site. Mark Smith, Molycorp’s president and CEO, confirmed that the company was on track to achieve full phase-one production rates in the coming quarter.

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