Leading up to the G-20 weekend meeting of finance ministers, U.S. stocks ended higher for the third straight week at the close of the Oct. 18-22 period. The Dow Jones industrial average added 69.78 points to close at 11,132.56, an increase of 0.63%. The Nasdaq was up 10.62 points, or 0.43%, to 2,479.33, while the S&P 500 index ended at 1,183.08, up 6.89 points, or 0.59%.
In commodities, crude oil for December delivery lost 0.3%, hitting US$81.69 per barrel, marking the third consecutive week of losses. Gold also retreated off historic highs, losing US$43.80 per oz. to finish at US$1,325.10, down 3.2%. The New York spot price for silver closed at US$23.29 per oz., a decrease of US$1.03 per oz., or 4.2%.The Philadelphia Gold and Silver index followed suit, off 4.5%, or 9.24 points, to end at 196.82.
Among the active traders, Freeport-Mc-MoRan Copper & Gold, Barrick Gold, Hecla Mining, Silver Wheaton, Kinross Gold and Newmont Mining all ended the week down, due to lower metal prices.
Despite a 20% jump in third-quarter profit and a 67% hike in its dividend to shareholders, Freeport was off US$4 at US$94.05. The company announced it has increased its annual stock dividend to US$2 per share.
In recent weeks, the U.S. government has made steps targeting the production of rare earth metals. Earlier this month, the U.S. House of Representatives passed the Rare Earths and Critical Materials Revitalization Act of 2010, which supports the discovery and development of rare earth sites in the U.S.
Uranium producer and explorer Denison Mines closed higher at US$2.17, up 17¢. Denison released assay more results for from the new high-grade Phoenix uranium discovery in the Athabasca basin of northern Saskatchewan. Results included 10 metres grading 12.41% U3O8. A resource estimate is expected sometime in the fourth quarter. The Phoenix discovery occurs on the Wheeler River property, held 60% by Denison, 30% by Cameco and 10% by JCU Exploration.
Pediment Gold closed up 26¢ to US$2.01 on news that it has agreed to merge with Argonaut Gold. Pediment shareholders will receive 0.625 of an Argonaut share for each share held.
| U.S. most active issues | |||||
| VOLUME | WEEK | ||||
| (000s) | HIGH | LOW | CLOSE | CHANGE | |
| Alcoa* AA | 121561 | 13.19 | 12.58 | 12.72 | -0.41 |
| Freeport McMo* FCX | 62984 | 99.65 | 92.00 | 94.05 | -4.00 |
| Silverado* SLGLF | 56020 | 0.00 | 1.0E8 | 0.00 | 0.00 |
| Rare Elemt Re* REE | 50808 | 13.71 | 7.73 | 10.11 | + 2.46 |
| Hecla Mining* HL | 49227 | 7.17 | 6.47 | 6.70 | -0.29 |
| Barrick Gold* ABX | 47305 | 47.97 | 44.86 | 45.97 | -2.02 |
| Silver Wheatn* SLW | 37198 | 27.91 | 25.35 | 26.22 | -1.48 |
| Kinross Gold* KGC | 37025 | 18.90 | 17.38 | 17.60 | -1.42 |
| Newmont Mng* NEM | 34391 | 62.82 | 58.41 | 59.37 | -2.51 |
| Massey Energy* MEE | 34121 | 40.25 | 34.72 | 39.83 | + 4.61 |
| U.S. greatest percentage change | ||||||
| VOLUME | WEEK | |||||
| (000s) | HIGH | LOW | CLOSE | CHANGE | ||
| Yellowcake Mg* | YCKM | 54 | 0.07 | 0.03 | 0.07 | + 250.0 |
| China Shen Zh* | SHZ | 1361 | 4.60 | 1.32 | 3.20 | + 125.3 |
| Global Gold* | GBGD | 1425 | 0.17 | 0.12 | 0.15 | + 50.0 |
| Tombstone Exp* | TMBXF | 523 | 0.07 | 0.05 | 0.07 | + 40.0 |
| Rare Elemt Re* | REE | 50808 | 13.71 | 7.73 | 10.11 | + 32.1 |
| Pediment Gold* | PEZGF | 1264 | 2.22 | 1.65 | 2.01 | + 14.8 |
| Massey Energy* | MEE | 34121 | 40.25 | 34.72 | 39.83 | + 13.0 |
| Golden Phoen* | GPXM | 4638 | 0.09 | 0.07 | 0.09 | + 12.5 |
| Mountain Prov* | MDM | 373 | 5.02 | 4.06 | 4.85 | + 11.4 |
| Lake Vict Mng* | LVCA | 1527 | 0.49 | 0.37 | 0.43 | + 10.2 |
| Geocom Res* | GOCM | 170 | 0.02 | 0.01 | 0.02 | -50.0 |
| Constittn Mng* | CMIN | 2643 | 0.40 | 0.28 | 0.31 | -22.5 |
| Tri-Valley* | TIV | 225 | 0.89 | 0.72 | 0.72 | -20.0 |
| Bullion Monar* | BULM | 433 | 1.13 | 0.93 | 0.94 | -18.2 |
| Patriot Gold* | PGOL | 106 | 0.21 | 0.12 | 0.15 | -16.6 |
| Crystallex In* | KRY | 5737 | 0.37 | 0.30 | 0.32 | -15.7 |
| Anooraq Res* | ANO | 3091 | 1.41 | 1.19 | 1.21 | -15.3 |
| Radius Gold* | RDUFF | 108 | 0.62 | 0.54 | 0.57 | -13.6 |
| Brigus Gold* | BRD | 123 | 1.67 | 1.46 | 1.47 | -13.0 |
| Affinity Gold* | AFYG | 77 | 0.08 | 0.05 | 0.07 | -12.5 |
| U.S. greatest value change | ||||
| WEEK | ||||
| VOLUME | CLOSE | CHANGE | ||
| Massey Energy* | MEE | 34120761 | 39.83 | + 4.61 |
| Rare Elemt Re* | REE | 50808148 | 10.11 | + 2.46 |
| China Shen Zh* | SHZ | 1360877 | 3.20 | + 1.78 |
| Cabot Corp* | CBT | 1721810 | 34.40 | + 1.07 |
| Mountain Prov* | MDM | 372705 | 4.85 | + 0.50 |
| Natural Rs Pt* | NRP | 165265 | 29.03 | + 0.37 |
| Pediment Gold* | PEZGF | 1263647 | 2.01 | + 0.26 |
| OM Group* | OMG | 1181924 | 32.98 | + 0.23 |
| Denison Mines* | DNN | 1183919 | 2.17 | + 0.17 |
| Uranerz Energ* | URZ | 4492991 | 1.92 | + 0.16 |
| Randgold Res* | GOLD | 4709693 | 94.44 | -9.41 |
| Freeport McMo* | FCX | 62984171 | 94.05 | -4.00 |
| Seabridge Gld* | SA | 1997037 | 26.60 | -3.20 |
| Potash C Sask* | POT | 22509484 | 141.79 | -3.12 |
| Mechel* | MTL | 5224973 | 22.35 | -2.99 |
| Cliffs Nat Rs* | CLF | 22449012 | 64.60 | -2.94 |
| Newmont Mng* | NEM | 34391278 | 59.37 | -2.51 |
| Mosaic* | MOS | 18488588 | 65.96 | -2.43 |
| Allied Nevada* | ANV | 923617 | 23.11 | -2.41 |
| Goldcorp* | GG | 31586761 | 42.04 | -2.41 |
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