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by Stockwatch Business Reporter
New York spot gold closed up 70 cents to $1,312.90 Thursday. Russian President Vladimir Putin said he will work to end the conflict with Ukraine. In India, the government has once again boosted its import tax on gold. It will now charge $426 to import 10 grams of bullion, which works out to about $1,217 an ounce, up from $1,202. The country's commerce minister has been lobbying for a lower tax. She says it is hurting the jewellery industry and increasing smugglers. Here at home, the TSX Venture Exchange lost 3.55 points to 996.22 and the TSX Gold Index lost 1.91 points to 205.89.
Canadian gold miners had a flat day. Barrick Gold Corp. (ABX) added one cent to $20.83, Iamgold Corp. (IMG) added 13 cents to $4.33, Kinross Gold Corp. (K) remained unchanged at $4.44 and Yamana Gold Inc. (YRI) slipped five cents to $9.56.
Brian Kynoch and Murray Edwards's Imperial Metals Corp. (III) dropped 68 cents to $8.73, a new low, on 355,000 shares. The company has been receiving much negative coverage today, thanks to the Neskonlith First Nation of Thomson-Okanagan, where the band is having its 15 minutes of fame. The Neskonlith has been making a big fuss over an eviction notice it hand delivered to Imperial today. The Indians want Imperial off their sacred land, the company's Ruddock Creek property, 48 kilometres east of Kamloops. Imperial is not working at Ruddock Creek this year, and last year it barely did anything, except a small program of mapping and surveying. Still, the Neskonlith says its elders do not want their land polluted, their water contaminated or their salmon destroyed. The Mount Polley spill has yet to kill any salmon, despite some overblown media reports. In fact, the Fraser River, which environmentalists were most concerned with last week, opened its salmon run on Monday and the fish seem healthier than ever. The B.C. Ministry of Environment was more worried about rainbow trout than salmon, but today it released its findings. The water from the tailings spill is "not acutely toxic to rainbow trout." Government officials have been monitoring all species of fish in Quesnel Lake, but they are also fine, none have died and none have shown signs of unusual behavior. Further testing continues. Water tests, which have been continuing for the past 10 days, continue to return potable.
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