11:06:38 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



Gold Summary for Nov. 21, 2014

2014-11-21 21:02 ET - Market Summary

This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.

Here is a sample of this item:

by Stockwatch Business Reporter

New York spot gold closed up $7.60 to $1,202.10 Friday, ending above $1,200 for the first time this month. The TSX Venture Exchange rose 5.56 points 789.13, while the TSX Gold Index slipped a fraction to 153.41.

Despite bullion's rise, major Canadian gold miners ended the day slightly lower. Barrick Gold Corp. (ABX) slipped nine cents to $14.44, Eldorado Gold Corp. (ELD) fell 13 cents to $7.11, Yamana Gold Inc. (YRI) lost one cent to $4.57 and Kinross Gold Corp. (K) lost two cents to $3.20.

McEwen Mining Inc. (MUX) slipped nine cents to $1.63 on 350,000 shares, after an hour-long call during which Rob McEwen tried to reassure investors about gold's lower price. The company's all-in cash costs were $1,448 an ounce in the third quarter, but McEwen Mining is trying to bring them down to $1,200 in the fourth quarter and then to $1,050 next year. Mr. McEwen said the company would survive even if gold dropped to $700 an ounce, but at that price it would no longer be in production. He noted that he paid cash for his 74 million shares (25 per cent of the company), so he, like other investors, is very concerned about the stock price and protecting his investment (now worth $120-million). Mr. McEwen also said that he still has his sights set on the S&P 500 Index. (Hope of making the index was one of the main reasons he merged Minera Andes Inc. with U.S. Gold Corp. in late 2011). There is only one gold stock in the index, Newmont Mining Ltd., because it is very difficult to qualify. McEwen Mining has met six of the seven criteria, but the seventh is the most difficult. The company needs a market capitalization of $5-billion, "which is a little bigger than we are right now," said Mr. McEwen. Currently, McEwen Mining's market capitalization is $439-million, which means the company would need to boost its stock to $18.55 a share. Mr. McEwen has a better idea; he plans to do it by "bolting on another company or two."

The remainder is available to Stockwatch subscribers.
Sign-up for a FREE 30-day Stockwatch subscription and SEE NO ADS

© 2024 Canjex Publishing Ltd. All rights reserved.


Reader Comments - Comments are open to paying subscribers of Stockwatch and unmoderated, although libelous remarks, obscene language and impersonations may be deleted. Opinions expressed do not necessarily reflect the views of Stockwatch.
For information regarding Canadian libel law, please view the University of Ottawa's FAQ regarding Defamation and SLAPPs.


Basically a lawyer who has figured out that pubcos are an easy lawsuit and may settle. I bet he never finds a broke junior to sue.

Posted by shoes at 2014-11-22 16:19

When are these companies going to learn to work with indigenous peoples instead of offering a few jobs and then being surprised when they get no further. You truly have to work with the communities and most are more than willing if there is a benefit that is tangible and longer lasting than the mine.

Posted by shoes at 2014-11-22 16:21

Nice crew crummy at the Bisha mine, Nevsun. Can't get a bus in there?

Posted by shoes at 2014-11-22 16:22


Comments for this item are closed