U.S. markets, July 1-5

U.S. markets were closed for the Independence Day holiday on July 4, but when they reopened on Friday, strong jobs data helped push the S&P 500 Index above its 50-day moving average for the first time since June 19. The employment numbers showed that 195,000 jobs were created in June — far higher than the 165,000 forecast. During the week the Dow Jones Industrial Average rose 226.24 points, or 1.5%, to close at 15,135.84, while the S&P 500 advanced 25.61 points, or 1.6%, to finish at 1,631.89. The New York spot price of gold ended the trading week at US$1,223.80 per oz., while the Philadelphia Gold and Silver Index dropped 4.1% to 86.44.

Lower bullion prices and poor market conditions affected the share prices of gold miners, including: Newmont Mining, AngloGold Ashanti, Goldcorp and Kinross Gold. Newmont shares dropped US$2.17 to US$27.78, while AngloGold fell US$1.41 to US$12.89. Goldcorp slid US65¢ to US$24.08 and Kinross dropped US35¢ to US$4.75 — all on no news.

Barrick Gold was the most actively traded stock for the second week in a row, losing US$1.98, or 12.5%, to close at US$13.76. The troubled gold major announced on June 28 that it has reorganized construction plans at its Pascua-Lama project in Chile and Argentina, and is targeting first production by mid-2016, rather than the second half of 2014.

After announcing last month that it would retain its diamond business, Rio Tinto is now launching a consumer advertising campaign in India that will include print, digital and cinema advertising. On July 1, Rio Tinto said its flagship marketing initiative would promote affordable diamond gifts in India. Rio Tinto owns 100% of the Argyle mine in Australia, 60% of the Diavik mine in Canada, 78% of the Murowa mine in Zimbabwe and 100% of the Bunder project in India. The company’s shares closed the week at US$39.90 per share, down US$1.18.

PolyMet Mining advanced 11.5% to US78¢ per share after the company raised US$60.5 million in a rights offering. The financing will allow PolyMet to complete permitting and prepare for construction at its 100%-owned NorthMet copper-nickel-precious metals project in northeastern Minnesota.

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