U.S. Markets July 17-23

Weak earnings reports just barely overpowered good inflation news in United States stock markets during the period July 17-23, as the Standard & Poor’s 500 Index fell 0.5% to 1,541.57 points. That was in contrast to the gold stocks, which had their best week in ages as bullion prices rose US$15.50 per oz., to US$682. Chart-watchers were encouraged by the yellow metal’s rise through resistance levels, while the U.S. dollar headed to a record low against the euro.

Gold equities followed bullion prices, and the Philadelphia Gold and Silver Index rose 5.9% to 158.26 while the unhedged Amex Gold Bugs Index rose 4.6% to 368.93. The big gold producers all clawed back some gains: Newmont Mining was US$2.16 higher at US$43.27, Gold Fields US55 higher at US$17.97, and AngloGold Ashanti US$2.50 higher at US$45.37.

Minas Buenaventura continued to make 52-week highs, this time trading up to US$44.34 before settling at US$43.60 for a US$2.16 gain. Another mid-tier gainer was Randgold Resources, which was up US$1.05 at US$24.24.

Over on the base metal side, there were mostly gains as well. Companhia Vale do Rio Doce rose US$2.34 to US$53.10, with a new high at US$53.18, Anglo American was US91 better at US$32.88, with a new high at US$32.97, and Freeport-McMoRan Copper & Gold ran up US$6.05 to US$98.99, with a new high at US$100.15. Southern Copper kept rolling along, rising US$5.42 to US$115.01, and touching a 52-week high of US$116 on the way.

Alcoa, on the other hand, deflated by US$4.32 as hot money left the stock; it was the most active of the metal producers, with almost 155 million shares changing hands, and closed at US$42.45.

Many of the bigger losers came from the coal group. Peabody Energy was the most actively traded coal producer, with 30 million shares riding the tape, and it fell US$2.22 to US$45.84. Consol Energy was down US$3.32 at US$45.29, and Foundation Coal slid US$3.11 to US$37.07.

U.S. greatest percentage change

		VOLUME(000s)	HIGH	LOW	CLOSE		CHANGE
Douglas Lk Ml*	DLKM	727	0.70	0.36	0.65	+	80.5
Cream Mnrls*	CRMXF	216	1.376	0.301	0.681	+	60.2
Linux Gold*	LNXGF	1307	0.194	0.15	0.194	+	29.3
Campbell Res*	CBLRF	2948	0.178	0.135	0.177	+	27.3
Petaquilla Mn*	PTQMF	185	3.08	2.39	2.97	+	23.2
Allied Nevada*	ANV	125	5.48	4.40	5.38	+	19.0
Dejour Enterp*	DEJ	513	2.95	2.20	2.62	+	18.5
Banro Res*	BAA	121	12.32	10.00	11.75	+	17.2
McKenzie Bay*	MKBY	1539	0.10	0.08	0.095	+	15.8
Uranium Star*	URST	2058	0.66	0.50	0.60	+	15.3
Starfield Res*	SRFDF	2032	1.655	1.179	1.181	–	27.5
World Vent*	WVNTF	274	0.23	0.15	0.17	–	22.7
El Capitan Pr*	ECPN	715	0.48	0.37	0.39	–	18.7
NT Holding*	NTHH	81	0.14	0.11	0.125	–	16.6
Apolo Gold*	APLL	324	0.06	0.051	0.051	–	16.3
Intl Coal Gp*	ICO	13923	5.97	4.75	4.98	–	12.9
Sao Luis Mng*	SAOL	147	0.535	0.40	0.47	–	12.9
Evolving Gold*	EVOGF	153	0.462	0.41	0.421	–	10.4
Alcoa*	AA	154616	46.95	41.34	42.45	–	9.2
Pac Gold*	PCFG	1806	0.22	0.195	0.20	–	9.0

U.S. greatest value change

		VOLUME	CLOSE		CHANGE
Rio Tinto*	RTP	2123700	316.06	+	14.36
Freeport McMo*	FCX	46511294	98.99	+	6.05
Southern Copp*	PCU	8481110	115.01	+	5.42
Yanzhou Coal*	YZC	338600	90.95	+	3.23
Seabridge Gld*	SA	3271800	28.24	+	2.90
Barrick Gold*	ABX	39907935	34.55	+	2.68
AngloGold Ash*	AU	7328400	45.37	+	2.50
Agnico-Eagle*	AEM	10035090	44.43	+	2.38
CVRD*	RIO	45913382	53.10	+	2.34
Buenaventura*	BVN	2097000	43.60	+	2.16
Soc Quim&M Ch*	SQM	252900	160.25	–	9.61
Cameco Corp*	CCJ	21067195	44.09	–	4.40
Alcoa*	AA	154616011	42.45	–	4.32
CONSOL Energy*	CNX	12124775	45.29	–	3.32
Foundatn Coal*	FCL	5572500	37.07	–	3.11
OM Group*	OMG	2241000	52.00	–	3.05
Peabody Enrgy*	BTU	29907019	45.84	–	2.22
Fording C C T*	FDG	4689950	33.38	–	1.90
Massey Energy*	MEE	7810000	22.88	–	1.85
Arch Coal*	ACI	21030982	33.34	–	1.82

U.S. most active issues

		VOLUME(000s)	HIGH	LOW	CLOSE		CHANGE
Alcoa*	AA	154616	46.95	41.34	42.45	–	4.32
Newmont Mng*	NEM	52921	43.53	40.79	43.27	+	2.16
Freeport McMo*	FCX	46511	100.15	90.61	98.99	+	6.05
CVRD*	RIO	45913	53.18	50.20	53.10	+	2.34
Barrick Gold*	ABX	39908	34.651	31.66	34.55	+	2.68
Goldcorp*	GG	39232	27.80	25.75	27.47	+	1.45
Alcan*	AL	31157	97.35	96.31	97.16	+	0.22
Peabody Enrgy*	BTU	29907	48.35	45.03	45.84	–	2.22
Coeur d Alene*	CDE	24075	4.25	4.06	4.13	–	0.03
Gold Fields*	GFI	21534	18.39	17.28	17.97	+	0.55