U.S. markets, Aug. 5-9

U.S. stocks ended the Aug. 5–9 trading week lower with the Dow Jones Industrial Average slipping 1.5% or 232.85 points to 15,425.51 amid ongoing speculation about when the Federal Reserve will start tapering off its stimulus program. 

The S&P 500 Index slumped 1% or 18.25 points to 1,691.42. The Nasdaq Composite Index slid 0.8% or 29.48 points to 3,660.11. The Philadelphia Gold and Silver Index edged down 3.47 points to 97.66, while the spot price for gold added US$1.20 per oz. to US$1,314.70.

Cardero Resource gained 29% to close at US9¢ after completing a US$5.7-million private placement with lenders led by Robert Kopple, a private Cardero shareholder. Proceeds from the loan would be used to repay the $5.7 million Cardero owed Luxor Capital Group. Cardero also said it is in discussions with Kopple for a line of credit to further improve its financial situation. Earlier in the week, Luxor, the junior’s largest shareholder, offered to restructure its existing loan and even take over Cardero in a bid to stop it from signing up with new lenders.

Thompson Creek Metals jumped 13% to US$3.32 per share after reporting adjusted earnings per share of US8¢, beating analysts’ estimates of nil, due to better molybdenum sales and prices. Thompson says its Mt. Milligan copper-gold project in British Columbia remains on track for commissioning and a third-quarter start up. 

Silver Standard Resources rose 12% to US$7.84 after trimming its full-year 2013 cash cost guidance by 18% to US$14 to US$15 per silver oz. sold, reporting second-quarter cash costs of US$13.03 per oz. silver sold from its sole producing mine, Pirquitas, in Argentina. The company slightly increased the lower end of its annual production forecast to 8.3 million oz., while maintaining the upper limit at 8.5 million. Silver Standard posted a quarterly net loss of US$235.9 million compared to a net income of US$35 million, a year ago. The loss included a non-cash pre-tax impairment charge and write-downs of US$221.7 million mainly for the Pirquitas mine due lower silver prices. Silver Standard ended the quarter with US$435.8 million in cash and equivalents.

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