Things started badly on U.S. stock markets in the trading period March 5-11, and got steadily worse. The Dow Jones Industrial Average fell 180.81 points to 7,524.06, a loss of 2.3%, while the Standard & Poors 500 did even worse in percentage terms, sliding 36.30 points to 1,271.47.
And this time, golds tumbled along with the rest of the equity market. All the big producers took hits, the worst in both dollar and percentage terms being taken by Gold Fields, which slid $1.95 to US$10.20. Newmont Mining wasn’t far behind, falling US$2.50 to US$24.75, and AngloGold fell US$4.25 to US$27.50; Ashanti Goldfields got off lightly, losing only US34 to close at US$5.96.
Harmony Gold was beaten down US$1.88 to close at US$11.90, Durban Roodepoort Deep was down US66 at US$2.94, and Randgold Resources, its ADRs newly split into single shares, was off US$3.29 at US$10.13. Thinly traded Lihir Gold fell only US6, finishing at US$17.03.
White-goods prices held up while the gold bullion price was falling, but that didn’t help the platinum-palladium producers. Stillwater Mining lost a dime to end up at US$2.44, and Anglo American Platinum slumped US$3.66 to US$33.99. Silver producer Coeur d’Alene Mines backed up US13 to US$1.26, while gold and silver producer Hecla Mining was thrown for a US93 loss, ending the trading period at US$2.90.
All the big base metal producers lost ground, except for Southern Peru Copper, which rose US14 to US$15.72. Phelps Dodge, down US$3.65 at US$31.09, took the most punishment, while Rio Tinto, which was off US$1.07 at US$77.67, took the least.
Be the first to comment on "Week-long dive on US markets"