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TABLE OF CONTENTS Mar 24 - 30, 2014 Volume 100 Number 6 - 0 comments

U.S. markets falter while gold rises, March 10-14

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2014-03-19

Investors turned jittery over the period, with the Dow Jones Industrial Average down 388 points to 16,065.67, the S&P 500 Index shedding 36 points to 1,841.13 and the Nasdaq Composite Index 87 points lower to 4,245.40. 

The selling was understandable: a referendum in the Crimea region of Ukraine increased the animosity between Russia and the West; more reports out of China pointed to slower growth; and export, retail and industrial production numbers were all down.

The worrisome news in the broader economy had some effect on gold, with prices up US$39 to US$1,379 per oz. 

Gold-streamer Sandstorm Gold released financial results that lifted its shares by 29% to $6.71. For 2013 the company recorded revenue of $59.8 million. Sandstorm’s business model sees it offer upfront payments in return for the right to buy a percentage of a mine’s production at a fixed price. The average price paid for gold ounces on its 27 agreements last year was just US$420 per oz. Attributable gold production for the year came in at 30,000 equivalent oz. gold, but it expects a 50% increase over the next two years. The firm reported that $21.9 million of profits in 2012 turned into a $74.6-million loss, mainly due to a $52.2-million non-cash impairment charge related to the bankruptcy of Colossus Minerals and its Serra Pelada mine.

Tasman Metals was the period’s second-best performer, as its shares shot up 26% to $1.61. The buying came on the back of a rumour the company could merge with near-term graphite producer Flinders Resources. Tasman holds the Norra Karr rare earth elements project, while Flinders’ key asset is the Woxna large-flake graphite deposit. Both are in Sweden. 

McEwen Mining’s stock was up 21% to $3.56 per share, as it updated reserves and resources at its 49%-held San Jose mine in Argentina. Proven and probable gold and silver reserves at the mine increased by 12% to 409,400 oz. gold and 30.1 million oz. silver, and gold grades increased by 9% to 7.03 grams per tonne. Measured and indicated resources were also up 7%, while inferred resources fell, with gold grades down 2% to 7.23 grams per tonne.

U.S. most active issues


    Volume  
Company Symbol (000s) High Low Close Change
Alcoa* AA 93333 12.38 11.61 11.84 - 0.1
Freeport McMo* FCX 56766 31.62 30.38 31.06 - 0.32
Barrick Gold* ABX 45041 21.1 19.74 20.91 + 1.16
Alpha Nat Res* ANR 44137 4.71 4.33 4.4 - 0.23
Kinross Gold* KGC 40579 5.3 4.83 5.17 + 0.25
Newmont Mng* NEM 40016 26.2 24.09 26.18 + 2.02
Arch Coal* ACI 30991 4.32 4.07 4.16 - 0.11
Gold Fields* GFI 29935 4.37 3.92 4.36 + 0.53
Goldcorp* GG 27453 29.27 26.58 28.69 + 2.05
Cliffs Nat Rs* CLF 25760 18.93 17.94 18.38 + 0.43

U.S. greatest percentage change


    Volume  
Company Symbol (000s) High Low Close Change
Sandstorm Gld* SAND 8263 7.02 5.17 6.71 + 29
Tasman Mtls* TAS 3809 1.89 1.26 1.61 + 25.7
McEwen Mng* MUX 18074 3.74 2.97 3.56 + 20.6
Allied Nevada* ANV 2779 6.7 5.36 6.39 + 20.5
Primero Mng* PPP 544 7.86 6.5 7.8 + 19
Tanz Roy Exp* TRX 1849 2.81 2.42 2.77 + 16.8
Banro* BAA 10837 0.76 0.57 0.69 + 14.8
Timberline Rs* TLR 2952 0.22 0.14 0.18 + 14.7
Intl Tower Hi* THM 195 0.96 0.83 0.94 + 14.6
Harmony Gold* HMY 22418 3.8 3.37 3.77 + 14.5
Turquoise HIl* TRQ 8265 3.99 3.3 3.42 - 13.6
North Am Pall* PAL 18958 0.52 0.42 0.43 - 13
Goldfield* GV 715 2.5 2.15 2.19 - 10.9
Minco Gold* MGH 828 0.5 0.41 0.44 - 10.2
Alderon Irn O* AXX 171 1.61 1.39 1.47 - 9.2
General Moly* GMO 1467 1.21 1.08 1.08 - 9.2
Mines Managem* MGN 1622 1.65 1.12 1.29 - 9.1
SinoCoking Cl* SCOK 105 1.39 1.22 1.22 - 8.3
Intrepid Pots* IPI 524 16.11 14.91 14.97 - 7.2
Uranerz Energ* URZ 2013 1.84 1.68 1.71 - 6.5

U.S. greatest value change


Company Symbol Change Close Change
Franco-Nevada* FNV 3525859 52.63 + 3.03
Randgold Res* GOLD 3120535 83.66 + 2.91
Royal Gold* RGLD 3573558 71.19 + 2.38
Agnico-Eagle* AEM 7631282 34.62 + 2.36
Goldcorp* GG 27453301 28.69 + 2.05
Newmont Mng* NEM 40016466 26.18 + 2.02
Silver Wheatn* SLW 17007274 26.72 + 1.52
Sandstorm Gld* SAND 8262790 6.71 + 1.51
Tahoe Res* TAHO 93582 24.2 + 1.5
Central GoldT* GTU 194220 48.62 + 1.42
Compass Mnls* CMP 184630 83.28 - 3.9
Alliance Rs P* ARLP 197237 81.08 - 3.82
Agrium* AGU 479731 93.56 - 2.81
Mosaic* MOS 12340810 47.9 - 1.99
Soc Quim&M Ch* SQM 4727690 30.39 - 1.6
BHP Billi-BBL* BBL 2078811 59.19 - 1.41
SunCoke Engy* SXC 644939 21.73 - 1.28
Intrepid Pots* IPI 524260 14.97 - 1.17
OM Group* OMG 860320 32.64 - 1.07
Mesabi Trust* MSB 209342 20.13 - 0.98


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