US Markets

U.S. equities rallied late in the trading week as markets anticipated that Spain would ask eurozone deputy finance ministers for a bailout for its troubled banks, which it did over the weekend. The Dow Jones Industrial Average and the S&P 500 posted their biggest percentage weekly gains since December, with the Dow rising 3.6%, or 435.6 points to 12,554.20, and the S&P 500 advancing 3.7%, or 47.6 points to 1,325.7. The Philadelphia Gold and Silver Index barely budged, slipping from 162.71 points to 162.10 in a 0.4% drop.

Royal Gold topped the week’s list of value gains with a US$4.36 bounce to US$79.11 per share on no news, underscoring that markets seem to favour gold royalty companies, which fund projects in return for a portion of revenues over traditional gold miners, whose share prices so far this year have generally failed to keep pace with advances in the gold price.

On the fertilizer front, shares of Agrium climbed US$3.95 to US$79.49 per share on news that its board of directors had approved a US$0.275-per-share increase to its semi-annual dividend declared on May 11. The dividend will be US50¢ per share and paid to shareholders of record on July 12. The company’s CEO Mike Wilson said the increase highlighted Agrium’s earnings outlook for retail and wholesale operations.

Alpha Natural Resources was the third most actively traded stock, sinking US$1.11 per share to close at US$9.32 after the company announced it would discontinue mining at four of its mines and two idle coal-preparation plants in Kentucky, while scaling back production at several other mines. It is also shutting down four of its contract mines. Declining demand for thermal coal — mostly due to the mild winter — and a wave of electric utilities that are switching from thermal coal to cheaper natural gas were primary factors in the decision. In its most recent quarterly earnings announcement, the company said future sales would be hit by regulatory actions on clean air by the U.S. Environmental Protection Agency. Production cuts could result in 150 lost jobs and reduce shipments of thermal coal by 2 million tons in 2012 and by 4 million tons next year. The company expects the measures could result in savings between US$50 million and US$60 million a year.

 U.S. most active issues

 VOLUME WEEK
HIGH LOW CLOSE CHANGE
Alcoa* AA 95968 8.91 8.21 8.52 +0.22
Freeport McMo* FCX 80528 34.80 31.28 33.83 +1.76
Alpha Nat Res* ANR 65664 10.60 9.03 9.32 -1.11
Barrick Gold* ABX 62259 43.30 38.07 39.03 -2.88
Kinross Gold* KGC 54256 9.07 7.82 8.28 -0.25
Arch Coal* ACI 52285 6.49 5.91 6.10 -0.13
Peabody Enrgy* BTU 38346 25.77 22.82 24.27 +1.33
Newmont Mng* NEM 36250 52.33 49.13 50.28 +0.33
Goldcorp* GG 30278 41.24 38.33 39.16 -0.24
Silver Wheatn* SLW 27153 28.56 26.08 27.49 +0.85

U.S. greatest percentage change

 VOLUME WEEK
HIGH LOW CLOSE CHANGE
Golden Phoen* GPXM 4781 0.02 0.01 0.02 +54.5
Augusta Res* AZC 90 2.04 1.50 2.01 +34.0
Goldfield* GV 2255 1.98 1.41 1.90 +33.8
Tombstone Exp* TMBXF 171 0.03 0.02 0.03 +30.4
PolyMet Mng* PLM 1430 0.98 0.68 0.92 +28.0
Linux Gold* LNXGF 39 0.03 0.02 0.03 +20.0
Lake Shore Gd* LSG 1548 1.09 0.88 1.03 +15.7
Geovic Mng* GVCM 106 0.09 0.07 0.09 +14.6
Ivanhoe Mines* IVN 20162 11.11 8.95 10.45 +12.7
Silver Std Re* SSRI 3885 12.99 11.29 12.65 +9.1
Patriot Coal* PCX 3778 2.42 1.63 1.67 -31.5
Lake Vict Mng* LVCA 53 0.11 0.09 0.09 -20.0
Santa Fe Gold* SFEG 407 0.76 0.62 0.62 -15.0
Elray Res* ELRA 1126 0.01 0.01 0.01 -14.2
Western Coppr* WRN 218 0.88 0.76 0.78 -13.3
Intl Tower Hi* THM 372 3.72 3.20 3.22 -11.5
Li3 Energy* LIEG 1478 0.10 0.08 0.08 -11.1
Alpha Nat Res* ANR 65664 10.60 9.03 9.32 -10.6
Extorre Gold* XG 982 3.22 2.64 2.64 -10.5
North Am En P* NOA 145 3.00 2.66 2.67 -10.4

U.S. greatest value change

 VOLUME WEEK
CLOSE CHANGE
Royal Gold* RGLD 15531227 79.11 +4.36
Agrium* AGU 1239111 79.49 +3.95
BHP Billi-BBL* BBL 7851168 54.95 +2.75
Cliffs Nat Rs* CLF 17398685 48.77 +2.69
Mosaic* MOS 18924085 48.49 +2.52
Alliance Rs P* ARLP 567242 58.78 +2.32
Soc Quim&M Ch* SQM 1751038 53.73 +2.28
BHP Billi-BHP* BHP 22558593 63.01 +1.96
Rio Tinto* RIO 3523243 44.65 +1.95
Freeport McMo* FCX 80528145 33.83 +1.76
Barrick Gold* ABX 62259170 39.03 -2.88
Alpha Nat Res* ANR 65663869 9.32 -1.11
Patriot Coal* PCX 3777768 1.67 -0.77
Yanzhou Coal* YZC 1195381 15.39 -0.67
AngloGold Ash* AU 14530565 36.28 -0.58
Agnico-Eagle* AEM 10930169 40.17 -0.49
ASA (Bermuda)*

ASA 299635 22.65 -0.47
Intl Tower Hi* THM 371809 3.22 -0.42
Gold Fields* GFI 25275195 13.47 -0.38
North Am En P* NOA 144826 2.67 -0.31
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