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Gold Summary for March 11, 2015

2015-03-11 20:41 ET - Market Summary

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by Stockwatch Business Reporter

New York spot gold dropped $7.60 to $1,153.90 Wednesday, as the U.S. dollar hit a 12-year high against the euro. Gold has lost $59 this month. Here in Canada, the TSX Venture Exchange rose a fraction to 669.63 and the TSX Gold Index added 6.38 points to 158.98.

Canadian gold miners, which have been dropping with gold all month, ended the day higher. Barrick Gold Corp. (ABX) rose 36 cents to $13.95, Alamos Gold Inc. (AGI) rose 32 cents to $7.25 Iamgold Corp. (IMG) added 20 cents to $2.48 and Goldcorp Inc. (G) gained 67 cents to $23.87.

There is more terrible news from the violent state of Guerrero, Mexico. Four workers leaving Goldcorp's Los Filos mine last Friday were reportedly kidnapped. The miner has yet to comment, but the story has been making local media headlines. Last month 13 locals, including four that worked for Torex Gold Resources Inc. (TXG: $1.03), were kidnapped nearby. Torex had to stop construction of its $800-million Morelos gold mine for a week, so the military could better search the area. The state is known for its gang violence, and Torex increased its security several years ago. Goldcorp uses an airstrip to transport bullion so it can avoid the roads. Gold miners are not the only target either. Coca Cola just shut down its local bottling plant because its trucks were being attacked daily. This morning, Guerrero police found the decapitated body of a missing mayoral candidate, and 43 students who disappeared last September are still missing.

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