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Gold Summary for March 6, 2015

2015-03-06 21:09 ET - Market Summary

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by Stockwatch Business Reporter

New York spot gold dropped $29.30 to $1,168.70 Friday, after the United States Labor Department released its February jobs report. The American economy added 295,000 jobs last month, slightly higher than the 240,000-job increase analysts had been predicting. The TSX Venture Exchange lost 8.13 points 688.79 and the TSX Gold Index dropped 11.10 points 160.73.

Canadian gold miners followed bullion down. Agnico Eagle Mines Ltd. (AEM) fell $3.04 to $36.13, Barrick Gold Corp. (ABX) dropped 97 cents to $14.26, Yamana Gold Inc. (YRI) dropped 40 cents to $4.72 and Alamos Gold Inc. (AGI) lost 17 cents to $7.27.

Eike Batista and Robert Hinchcliffe's Galway Gold Inc. (GLW) rose one cent to 8.5 cents on 1.41 million shares. The company is going to have to sue Empresa Minera Reina de Oro, the optioner of the Vetas gold property in Colombia. For the past year, Galway has been trying to make a final option payment, but Empresa keeps refusing. Galway wants to pay $4.3-million, based on the current Vetas resource estimate and the current price of gold, but Empresa wants $7-million. It bases its calculation on the resource estimate and a $1,650 gold price. Galway filed for arbitration last year and won, but Empresa has yet to hand over the title. Galway, which has already spent $13.5-million on exploration, needs to own the property before it can kick off a group of local artisanal miners who are in the way of further exploration. Galway has $11-million in working capital, and would like to spend as little as possible resolving this title matter.

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Copy and paste to see how BCSC really works. Withholding records.

https://www.oipc.bc.ca/orders/1760

Posted by angler at 2015-03-08 22:04

I find it helpful when you point out how much some of these penny-stock promoters are paying themselves. The vast majority are overpaid.

Posted by David at 2015-03-09 12:15


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