The Dow Jones Industrial average erased its losses from last week to end the report period of April 29-May 5 up 248.61 points (or 2.8%). The average tested the 9,200-mark earlier in the week, only to fall back to 9,147.57 — still a near-record high.
On the New York Stock Exchange, gold companies slipped along with the price of the yellow metal. Newmont Gold lost $1.40 to close at US$31.40, while Newmont Mining closed down 75cents to US$31.25. Coeur d’Alene Mines dropped 80cents to close the week at US$11.15. Freeport-McMoRan Copper & Gold’s Class B shares lost $1.25, finishing the week at US$18.
Also on New York, Phelps Dodge was up 95cents for the week to close at US$67.15 following the company’s announcement of a 10% production cutback at its Chino operation in New Mexico. Cyprus Amax Minerals followed suit, closing up 90cents to US$17.70, while Broken Hill Proprietary fell $1.25 to close at US$18.65.
On the Nasdaq board, Lihir Gold lost 75cents to close at US$31.75 despite reporting strong gold production (139,525 oz.) in the first quarter.
Notable among the penny stocks was Vancouver-based Silverado Gold Mines, which lost nearly 40% of its value, dropping 6cents to close the week at US9cents on heavy trading.
American depository receipts (ADRs) for De Beers Consolidated Mines, listed on Nasdaq, rose nearly 10% for the week to close at US$25.90. ADRs for Rio Tinto, listed on New York, improved 55cents to close at US$58.45.