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Gold Summary for April 24, 2014

2014-04-24 20:56 ET - Market Summary

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by Stockwatch Business Reporter

New York spot gold rose $10.20 to $1,293.90 Thursday, rising on tensions between Russia and Ukraine. Vladimir Putin has threatened retaliation after the Ukrainian military killed several pro-Russia supporters yesterday. Ukraine was trying to take back control of some eastern cities. In India, doctors have removed 11 gold bars (worth $23,000) from a man's stomach. Here in Canada, the TSX Venture Exchange added 3.47 points to 1,014.45, while the TSX Gold Index lost 3.16 points to 182.93.

Major Canadian gold miners had a down day. Barrick Gold Corp. (ABX) lost 34 cents to $19.25, Goldcorp Inc. (G) lost 20 cents to $27.08, Yamana Gold Inc. (YRI) fell 27 cents to $8.34 and Eldorado Gold Corp. (ELD) slipped 17 cents to $6.41.

Marco Romero's Delta Gold Corp. (DLT) slipped one-half cent to two cents before being halted pending news. The company will roll back its stock 1:20 and merge with Michael Farrant's private company, Commonwealth Silver and Gold Mining Inc., thereby acquiring the Commonwealth gold-silver property in Arizona. A mine is projected to cost only $27-million, compared with the $200-million one would cost at Delta's Imperial gold project in California. Even better yet, Commonwealth sits on private land, which means no Indian headaches like it has in California. There, Delta has spent the past three years unsuccessfully seeking the approval of the Quenchan Tribe. Delta hired Mr. Romero at $250,000 a year because he has experience with this type of problem. At Polaris Minerals Corp. (PLS: $2.89), where he was president from 1999 to 2008, he persuaded the Kwakiutl First Nation of Vancouver Island to accept a quarry on their ancestral lands. At first the band called him names, such as thief and treacherous snake, but slowly it came around, especially after he offered it an interest in the quarry and plenty of jobs. Now, the Kwakiutl praise him (he is still a Polaris director) for his patience and generosity. The California Quechan, however, are stuck in the treacherous-snake name-calling phase.

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