Data showing that new U. S. housing starts and permits unexpectedly slid to record lows in April — the worst in fact since 1959 — is further proof if anyone needed any that the U. S. economy is far from recovery. The Dow Jones Industrial Average advanced 34.97 points or 0.4% to close at 8,504.08, while the Standard & Poor’s 500 index inched up 1.36 points or 0.2% to 909.71.
By far the best performers in the May 12-18 reporting period weren’t the base or precious metals miners — they were the potash miners — with all three major producers posting the top three biggest gains. Potash Corp. of Saskatchewan was the top gainer in value with an advance of US$16.50 per share to US$111.46.Mosaic Co. rose US$10.43 per share to US$55, while Agrium advanced US$6.72 to US$51.21.
On the gold front, the Amex Gold Bugs index fell 14.43 points or 4.1% to close at 340.45, while the Philadelphia Gold and Silver index dropped 4.48 points or 3.2% to close at 137.27. The New York spot price for gold moved from a close of US$922.90 per oz. on May 12 to US$917.40 at the end of the period.
The only two gold stocks that did well in the May 12-18 reporting period were Agnico-Eagle Mines, which mounted US$4.20 per share to close at US$52.66, and Goldcorp, which climbed US$1.42 per share to close at US$33.52. Agnico-Eagle reported quarterly net income of US$54.3 million, or US35¢ per share in the first quarter, compared with US$28.9 million or US20¢ per share in the first quarter of 2008. Goldcorp reported net earnings of US$290.9 million, or US40¢ per share, up 27% year-on-year, while gold production in the first quarter jumped 18% year on year to 616,500 oz.
By contrast, and despite earnings of US$150 million or US42¢ a share in the first quarter compared with a loss of US$17 million or US5¢ in the previous quarter, Anglo-Gold Ashanti was down US$1.65 per share to US$34.55 during the reporting period. Freeport-McMoRan Copper & Gold dropped US$2.31 per share to US$48.67. Its first-quarter net income tallied US$43 million, or US11¢ per share, compared with net income of US$1.1 billion, or US$2.64 per share, for the first quarter of 2008.
| U. S. most active issues | ||||
| VOLUME | WEEK | |||
| (000s) HIGH | LOW | CLOSE | CHANGE | |
| Alcoa* AA | 163371 9.89 | 8.33 | 9.49 | -0.10 |
| Freeport McMo*FCX | 81265 52.17 | 44.53 | 48.67 | -2.31 |
| Cliffs Nat Rs* CLF | 74360 30.00 | 20.62 | 23.22 | -5.56 |
| CoeurdAlene*CDE | 70321 1.65 | 1.27 | 1.37 | -0.21 |
| PotashCSask* POT | 62547111.46 | 96.31 | 111.46 | +16.50 |
| Mosaic* MOS | 52787 55.00 | 44.21 | 55.00 | + 10.43 |
| Barrick Gold* ABX | 47087 35.93 | 32.46 | 33.47 | -0.17 |
| Teck B* TCK | 45143 14.26 | 10.98 | 13.41 | -0.30 |
| Goldcorp* GG | 40556 34.72 | 32.35 | 33.52 | + 1.42 |
| Massey Energy* MEE | 38115 22.75 | 17.68 | 20.50 | -0.03 |
| U. S. greatest percentage change | ||||||
| VOLUME | WEEK | |||||
| (000s) | HIGH | LOW | CLOSE | CHANGE | ||
| Brookmount Ex* | BMXI | 16 | 0.03 | 0.03 | 0.03 | +200.0 |
| El Capitan Pr* | ECPN | 505 | 0.08 | 0.02 | 0.08 | +166.6 |
| Apolo Gold* | APLL | 221 | 0.02 | 0.01 | 0.02 | +100.0 |
| Bullion Monar* | BULM | 228 | 0.45 | 0.25 | 0.39 | + 39.2 |
| Samex Mng* | SMXMF | 154 | 0.14 | 0.10 | 0.14 | + 27.2 |
| Fischer-W Gld* | FWGO | 68 | 0.05 | 0.03 | 0.05 | + 25.0 |
| America West* | AWSR | 131 | 0.10 | 0.08 | 0.10 | + 25.0 |
| Crosshair E&M* | CXZ | 565 | 0.32 | 0.21 | 0.26 | + 23.8 |
| Mosaic* | MOS | 52787 | 55.00 | 44.21 | 55.00 | + 23.4 |
| Foundatn Coal* | FCL | 31305 | 31.54 | 25.41 | 28.63 | + 23.1 |
| Elray Res* | ELRA | 295 | 0.45 | 0.30 | 0.30 | -31.8 |
| Colombia Gldf* | CGDF | 581 | 0.11 | 0.05 | 0.05 | -28.5 |
| PolyMet Mng* | PLM | 4732 | 2.10 | 1.06 | 1.38 | -25.4 |
| Alumina Inc* | AWC | 2298 | 4.55 | 3.38 | 3.62 | -21.3 |
| Cliffs Nat Rs* | CLF | 74360 | 30.00 | 20.62 | 23.22 | -19.3 |
| Strata O&G* | SOIGF | 867 | 0.54 | 0.35 | 0.42 | -17.6 |
| Starfield Res* | SRFDF | 52 | 0.17 | 0.14 | 0.14 | -17.6 |
| Alberta Star * | ASXSF | 171 | 0.18 | 0.16 | 0.16 | -15.7 |
| Mines Managem* | MGN | 367 | 1.70 | 1.45 | 1.45 | -15.2 |
| Coeur d Alene* | CDE | 70321 | 1.65 | 1.27 | 1.37 | -13.2 |
| U. S. greatest value change | |||
| WEEK | |||
| VOLUME | CLOSE | CHANGE | |
| Potash C Sask* POT | 62547412 | 111.46 | + 16.50 |
| Mosaic* MOS | 52786622 | 55.00 | + 10.43 |
| Agrium* AGU | 5106400 | 51.21 | + 6.72 |
| Foundatn Coal* FCL | 31305279 | 28.63 | + 5.39 |
| Agnico-Eagle* AEM | 21094583 | 52.66 | + 4.20 |
| Intrepid Pots* IPI | 2740500 | 30.72 | + 4.19 |
| Soc Quim&M Ch*SQM | 6319787 | 35.48 | + 2.60 |
| Randgold Res* GOLD | 7747815 | 60.18 | + 2.25 |
| AlumCpChina* ACH | 2593000 | 24.66 | + 1.76 |
| Goldcorp* GG | 40555643 | 33.52 | + 1.42 |
| Rio Tinto* RTP | 8052293 | 168.14 | -13.29 |
| Cliffs Nat Rs* CLF | 74360281 | 23.22 | -5.56 |
| Freeport McMo* FCX | 81265223 | 48.67 | -2.31 |
| Alpha Nat Res* ANR | 37866815 | 27.14 | -1.72 |
| AngloGold Ash* AU | 12695739 | 34.55 | -1.65 |
| BHP Billi-BHP* BHP | 29029846 | 51.75 | -1.30 |
| Peabody Enrgy* BTU | 35493578 | 30.76 | -1.04 |
| Alumina Inc* AWC | 2297505 | 3.62 | -0.98 |
| BHP Billi-BBL* BBL | 6319436 | 44.94 | -0.97 |
| Ivanhoe Mines* IVN | 5975340 | 6.18 | -0.89 |
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