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Gold Summary for Dec. 15, 2014

2014-12-15 21:08 ET - Market Summary

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by Stockwatch Business Reporter

New York spot gold fell $28.30 to $1,193.50 Monday as the U.S. dollar rose. Gold has slipped below $1,200 five times in the past two months. The TSX Venture Exchange lost 10.48 points to 643.29 and the TSX Gold Index lost 9.89 points to 136.43.

Gold's drop dragged Canadian gold miners down. Eldorado Gold Corp. (ELD) fell 72 cents to $6.71, Goldcorp Inc. (G) dropped $1.47 to $20.33, Barrick Gold Corp. (ABX) lost $1.07 to $12.21 and Agnico Eagle Mines Ltd. (AEM) slid $2.19 to $25.86.

Rodney Antal's Alacer Gold Corp. (ASR) lost 16 cents to $2.40 on 8.14 million shares. The company has begun copper production at its Copler mine in Turkey. This will improve the mine's profitability. Copler produced 370,000 ounces of gold last year, but Alacer's gold resource is dwindling. This year, the company aims for only 180,000 ounces. Alacer is considering a big mine expansion to access the deposit's six million ounces of gold in sulphide ore, but this would cost $600-million and require several permits. Alacer has $320-million in cash and no debt, so raising the rest of the money seems feasible. Copler is an attractive asset even with its declining resources because its cash costs are $750 an ounce all-in. This past September, the company received some takeover interest, but no deals were made. The stock has climbed from $1.80 in November. It is down from $12 in early 2012.

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Please note-despite the name,Stakeholder Gold's primary objective in Nova Scotia is not gold but Iron/copper with any gold found in an I0CG scenario regarded as a "sweetener"

Posted by Lawson Clements at 2014-12-16 11:26


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