NEW YORK ( TheStreet) -- Solitario Exploration & Royalty (XPL), Mines Management (MGN) and Silver Wheaton (SLW) were major gainers last week; Rio Tinto (RIO), Southern Copper (SCCO) and Teck Resources (TCK) declined sharply.
Solitario Exploration & Royalty was the top gainer, with a 26.1% increase, as gold prices surged 3.7% to a new record high of $1,563.7 per ounce. Other gold gainers in the list include Gold Fields (GFI), Barrick Gold (ABX), Randgold Resources (GOLD) and IAMGOLD (IAG) increasing 9.2%, 8.2%, 6.3% and 5.7% respectively during the past week.
Mines Management reversed its losses and gained 15.7% during the past week. Last week, spot silver prices rose 2.1% touching 52-week high of $48.44 per ounce. Also NASDAQ touched its 10-year high while both gold and silver price levels broke the record levels. Merrill Lynch reports an expected silver cycle boom in the upcoming few months. Additionally, Silver Wheaton also gained 14.5% last week.
Compania de Minas Buenaventura (Buenaventura) (BVN), specialty metals producer in gold, silver and other precious metals, added 12%. The company reported its first quarter 2011 results with a 40% rise in its profits and earnings per share of 84 cents per share. Furthermore, silver output rose 18% to 3.53 million ounces.An emerging silver producer, Alexco Resource (AXU) gained 11.8%. Other silver gainers include Pan American Silver (PAAS), MAG Silver (MVG), Endeavour Silver (EXK) and Silver Standard Resources (SSRI) adding 11.2%, 9.9%, 8.1% and 8% respectively at the end of the past week. Steel producers also gained during the past week -- AK Steel Holding (AKS) and Carpenter Technology Resources (CRS) raised their stock value by 8% and 7.5% respectively. AKS reported its first quarter results with its revenue up by 12.5% year on year basis to $1.58 billion. Also there is an improvement $174 million in the operating income as compared to the last quarter of 2010. Meanwhile, CRS reported its third quarter results with an increase in its net income to $28.6 million, or 64 cents per share, as compared to $2.1 million, or 5 cents per share, a year ago. Other movers of steel specialty such as Steel Dynamics (STLD) and Schnitzer Steel Industries (SCHN) gained 7.4% and 5.7% respectively. Last week, the World Steel Association said that global steel consumption would hit a record 1.44 billion tonnes in 2012, driven by overall global economic recovery.
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