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Gold Summary for Sept. 2, 2014

2014-09-02 20:58 ET - Market Summary

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by Stockwatch Business Reporter

New York spot gold dropped $21.40 to $1,265.80 Tuesday, falling as the U.S. dollar climbed on strong economic reports. Both manufacturing and construction spending increased last month. HSBC says it sees gold trading between $1,150 and $1,350 for the rest of the year. In Canada, the TSX Venture Exchange dropped 13.11 points to 1,010.88 and the TSX Gold Index lost 5.78 points to 196.32.

Canadian gold miners followed bullion down. Barrick Gold Corp. (ABX) dropped 47 cents to $19.52, Kinross Gold Corp. (K) lost eight cents to $4.22, Alamos Gold Inc. (AGI) lost 11 cents to $9.89 and Agnico Eagle Mines Ltd. (AEM) slid $1.28 to $40.30.

Chris Herald's thinly traded Solitario Exploration & Royalty Corp. (SLR: $1.58) has received environmental approval for its proposed Mt. Hamilton gold mine in Nevada. Solitario hopes to receive the rest of its permits and begin construction early next year. It owns 80 per cent of the project, and must carry 20-per-cent-owner John Brownlie's Ely Gold & Minerals Inc. (ELY: $0.09) through to production. Solitario projects a mine will cost only $75-million. It has $2-million in working capital, and 530,000 shares of Kinross Gold, which it can sell if necessary. The shares are worth $2.2-million, down from $6.36-million when the company acquired them in 2006. Kinross issued them to Solitario in exchange for its holdings of six million shares of its parent company, Crown Resources Corp., which Kinross acquired. Mr. Herald was president of both Crown and Solitario at the time.

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