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Gold Summary for Feb. 18, 2015

2015-02-18 21:07 ET - Market Summary

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by Stockwatch Business Reporter

New York spot gold edged up $3.50 to $1,213.50 Wednesday, ending the day up despite an early morning dip to $1,197. Gold recovered when the U.S. Federal Reserve released minutes from its last meeting. It said the Fed would remain patient regarding interest rates. In Canada, the TSX Venture Exchange rose a fraction to 697.98 and the TSX Gold Index rose 4.62 points to 178.66.

Canadian gold miners ended the day up. Barrick Gold Corp. (ABX) gained 34 cents to $15.21, Detour Gold Corp. (DGC) added 13 cents to $12.36, Yamana Gold Inc. (YRI) added 11 cents to $5.01 and Kinross Gold Corp. (K) added 12 cents to $3.45.

Eira Thomas's Kaminak Gold Corp. (KAM) slipped two cents to 96 cents on 107,000 shares, before being halted pending news. The company plans to sell $21-million worth of shares in a bought deal led by Cormark Securities and Raymond James. Kaminak will use the money at its Coffee gold project in the Yukon, where it is currently working on a $30-million feasibility study. Unlike most Yukon properties, Coffee is accessible by road and barge all-year round, so the company can continue infill drilling throughout the winter. It hopes to have the feasibility study by year-end.

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