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Gold Summary for April 1, 2015

2015-04-01 20:22 ET - Market Summary

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by Stockwatch Business Reporter

New York spot gold closed up $20.40 to $1,203.10 Wednesday, climbing over $1,200 after two disappointing United States economic reports. The Institute of Supply Management said manufacturing fell last month, and payrolls processor ADP said only 189,000 jobs were created. Analysts had been projecting a 225,000-man increase. The Labor Department will release its report on Friday, but the markets will be shut for Good Friday. In Canada, the TSX Venture Exchange added 1.25 points to 681.32 and the TSX Gold Index gained 8.75 points to 164.99.

Canadian gold miners followed bullion higher. Agnico Eagle Mines Ltd. (AEM) gained $2.94 to $38.13, Goldcorp Inc. (G) gained $1.08 to $24, Yamana Gold Inc. (YRI) added 26 cents to $4.80 and Kinross Gold Corp. (K) added 16 cents to $2.97.

Fred Stanford's Torex Gold Resources Inc. (TXG) rose nine cents to $1.14 on 8.00 million shares. The company continues building an $800-million gold mine at its Morelos gold project in Guerrero, Mexico, where local violence has pushed production to the fourth quarter from the third. Torex is doing everything possible to pour its first gold this year. The stock has fallen from $1.60 in January, after reports in early February that 12 locals, including four Torex employees, had been abducted while travelling on a local road. The company stopped construction for a week so the Mexican army could better search the surrounding area; 10 of the 12 abductees were returned to their families. The one-week shutdown was not a big deal for Torex; what has been a big deal, however, has been difficulties with staffing. Torex is having trouble retaining and hiring foreign contractors, and negative media attention is not making it any easier. The company is working 50 kilometres from the town of Iguala, where last September, Torex says, "Municipal police fired on protesting college students, killing six and then abducting another 43. Those students have not been seen since." The Federales (Mexico's federal police) have taken over policing of the area, but kidnappings, mass murders and beheadings continue.

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