TORONTO STOCK EXCHANGE – NOVEMBER 4-10

The TSX Composite Index lost the gains it made early in the Nov. 4-10 period and finished the week lower than where it began. Despite breaking above the 10,000-point benchmark, the index wound up at 9,688.8 — down 32.46 points.

Following the Composite Index downwards was the Capped Metals & Mining Index. Continued worries over a global recession and word that the financial situation of North America’s Big Three automakers is more dire than expected helped weigh down base metal producers. The index was off 43.4 points to 314.04.

The diversified miners can only hope that analysts who are now calling a bottom for base metals are correct. A slight uptick in zinc, copper and nickel prices are sure to be read as hope-giving indicators.

The price of gold made a modest gain of roughly US$14 to finish at US$753 per oz. The move helped along gold miners and the Global Gold Index inched up roughly 25 points to 212.01.

The big gold miners were the chief beneficiaries of the more bullish mood as movement in the stock of Agnico-Eagle Mines, up $7.90; Goldcorp, up $6.18; Barrick Gold, up $3.63; and Kinross Gold, up $3.34, all reflected the renewed interest in gold. The metal, generally seen as a safe haven in tough financial times, has been underperforming expectations in a weak economy largely because global investors have, somewhat surprisingly, piled into the U. S. dollar instead.

Strong assay results from its Mt. Haskin molydbenum property, near Cassiar in northern British Columbia, sent Velocity Minerals shares higher. The company’s share price grew by 80% for the period to finish at 45.

Third-quarter results showing a strong cash position, no debt and sustained cash flows from its zinc, lead and silver mine were enough to convince investors that European Goldfields is well positioned to weather the current bear market. The company’s shares gained roughly 52% to finish at $1.94 apiece.

Confident that a new government in Romania will at last carry its Rosia Montana gold project into production, Gabriel Resources won a hefty gain from the market. The company, which has long been battling environmental groups in Romania, saw its shares gain 50% to reach $1.69 on the renewed optimism.

On the downside, continuing low metals prices are proving especially hard for Silver Eagle Mines to navigate through. The Toronto-based company announced lower than planned cash flows from operations, and worse, said they were insufficient to cover its operating and corporate costs. Attempts to secure a loan failed, given the tightness of the credit market, leaving Silver Eagle to try to cut production and corporate costs. Its shares fell 38% to finish the period at just 8.

TSX most active issues
	VOLUME	WEEK
	(000s)	HIGH	LOW	CLOSE	CHANGE
Eastern Platin ELR	60985	0.37	0.31	0.36	+ 0.04
High River Gol HRG	44915	0.07	0.04	0.05	-0.02
Uranium One UUU	40309	1.79	1.27	1.32	+ 0.04
Yamana Gold YRI	36058	6.36	5.38	5.87	+ 0.90
Teck B TCKB	31063	14.67	10.85	10.95	-0.25
KinrossGold K	24578	16.33	13.31	16.33	+3.34
Thompson CreekTCM	23954	7.63	4.02	4.13	-1.81
Barrick Gold ABX	23838	30.35	27.26	29.95	+ 3.63
HoriznsGBull HGU	22539	7.46	5.91	7.09	+1.69
Goldcorp G	19853	28.25	23.19	27.55	+ 3.82

TSX greatest percentage change
		VOLUME	WEEK
		(000s)	HIGH	LOW	CLOSE	CHANGE
Cancor Mines	KCR	64	0.06	0.04	0.06	+200.0
Teal Expl & Mg	TL	93	0.70	0.28	0.70	+133.3
US Gold Can Ac	UXE	298	1.49	0.75	1.44	+128.5
Corona Gold	CRG	25	0.35	0.31	0.31	+ 93.7
Velocity Minls	VLC	69	0.45	0.23	0.45	+ 80.0
First Metals	FMA	159	0.09	0.06	0.08	+ 60.0
Europn Goldfld	EGU	1382	2.40	1.60	1.94	+ 51.5
Gabriel Res	GBU	2062	1.70	1.37	1.69	+ 50.8
New Gold	NGD	6734	2.30	1.55	1.75	+ 50.8
African Copper	ACU	1000	0.10	0.06	0.09	+ 50.0
Birch Mountn	BMD	3899	0.04	0.01	0.01	-85.7
Caldera Res	CDR	283	0.02	0.01	0.01	-50.0
GLR Res	GRS	775	0.03	0.01	0.01	-50.0
Silver Eagle	SEG	3480	0.31	0.07	0.08	-38.4
Pac Rim Mining	PMU	1773	0.15	0.09	0.09	-35.7
Asbestos Corp	AB	27	0.23	0.15	0.15	-34.7
Stingray Coppr	SRY	1135	0.30	0.19	0.20	-33.3
San Anton Res	SNN	63	0.12	0.08	0.08	-33.3
Thompson Creek	TCM	23954	7.63	4.02	4.13	-30.4
Horizns G Bear	HGD	6716	10.80	8.29	8.58	-29.5

TSX greatest value change
WEEK
		VOLUME	CLOSE	CHANGE
Agnico-Eagle	AEM	6147730	41.75	+ 7.90
IShCOMEXGTr	IGT	45182	88.18	+ 6.18
Goldcorp	G	19853152	27.55	+ 3.82
Barrick Gold	ABX	23837660	29.95	+ 3.63
Kinross Gold	K	24577598	16.33	+ 3.34
Potash Cp Sask	POT	9774569	97.40	+ 2.89
Newmont Mng	NMC	67651	32.61	+ 2.46
Pan Am Silver	PAA	1456966	15.86	+ 2.37
Silver Std Res	SSO	557191	12.32	+ 2.26
Seabridge Gold	SEA	16012	13.30	+ 1.96
Horizns G Bear	HGD	6715811	8.58	-3.59
Labdr I-Ore Ro	LIF_U	344404	29.72	-3.37
Thompson Creek	TCM	23953635	4.13	-1.81
First Quantum	FM	2685453	23.93	-1.75
Ivanhoe Mines	IVN	6253206	2.64	-0.70
FNX Mining	FNX	5099694	3.74	-0.70
North Am En Pa	NOA	53758	4.44	-0.52
DundeePrecMt	DPM	1808335	1.94	-0.48
Mercator Mnls	ML	2623539	1.39	-0.44
CIC Energy	ELC	429203	2.35	-0.43