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by Stockwatch Business Reporter
New York spot gold climbed $3.30 to $1,101 Tuesday, rallying after Monday's intraday drop below $1,100. Gold is trading at a five-year low thanks to speculation that the United States Federal Reserve will increase interest rates shortly. Here in Canada, the TSX Venture Exchange slipped 2.29 points to 614.68, while the TSX Gold Index rose 2.70 points to 124.09.
Canadian gold miners ended the day slightly higher, rising from multiyear lows set on Monday. Agnico Eagle Mines Ltd. (AEM) recovered 66 cents to $30.18, Goldcorp Inc. (G) gained 33 cents to $17.07, Barrick Gold Corp. (ABX) added 10 cents to $9.68 and Iamgold Corp. (IMG) added one cent to $1.76.
Iamgold hit a 10-year low yesterday after watching its margins almost disappear. The company has been struggling to keep its all-in cash costs between $1,075 and $1,175 this year, but its Westwood gold mine in Quebec has not been co-operating. There, cash costs were over $1,500 an ounce in the first quarter. The company had hoped to bring them under $1,100 an ounce by year-end, but this is no longer likely. The mine suffered two earthquakes this year, forcing Iamgold to reduce Westwood's production target to 75,000 ounces of gold, down from 130,000 ounces. The company will release its second-quarter financials on Aug. 5. Fortunately, the company has over $800-million in working capital to improve its operations. Iamgold paid president Steve Letwin $881,000 in salary last year, down from $1.48-million in salary and bonus in 2013.
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