Little change in US markets

Both major U.S. market indices were little-changed over the report period Jan. 30-Feb. 5, with the Dow Jones industrial average closing 67.19 points higher at 9,685.43, and the Standard & Poor’s 500 finishing at 1,090.02, or 10.62 points lower.

The precious metals stocks were much stronger, though, as the Philadelphia Gold Index (the XAU) rose $7.48 to finish at $67.83. AngloGold, which has been liquidating some of its hedge book, caught a wave and finished US$3.12 higher at US$23.68; rival Newmont was up US$3.54 at US$25.07; Gold Fields shot up US$1.80, ending the period at US$7.72; and another non-hedger, Harmony Gold Mines, picked up US$1.71 to close at US$9.11.

Ashanti Goldfields, which recently announced a debt-restructuring, also shared the good times in the gold sector, climbing US87 to US$4.91. Things were not the same for palladium producer Stillwater Mining, which was down US$1.28 at US$14.33.

Two smaller precious-metal producers also gained ground on the Big Board. Coeur d’Alene Mines was up US27 at US$1.17 following the announcement of a gold and silver discovery at its Cerro Bayo project in Chile. Hecla Mining was lifted US18 by the gold tide, finishing at US$1.23.

On the base metals side, Alcoa was the most heavily traded, falling US$1.32 to US$33.44, but most of the other base metal issues fared better: Phelps Dodge added US$1.55 to close at US$33.55, Anglo American was US61 higher at US$16.94, Rio Tinto added US$1.70 for a close of US$79.60, and BHP Billiton was up US71 at US$11.96.