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Gold Summary for July 21, 2014

2014-07-21 20:07 ET - Market Summary

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by Stockwatch Business Reporter

New York spot gold closed up $1.30 to $1,312.20 Monday, rising as investors continued to worry about violence in Gaza and tensions in Ukraine. The TSX Venture Exchange slipped 5.75 points to 1,006.48, while the TSX Gold Index edged up a fraction to 200.59.

Gold miners in Canada ended the day some up, others down. Eldorado Gold Corp. (ELD) added three cents to $8.11, Kinross Gold Corp. (K) rose one cent to $4.48, Agnico Eagle Mines Ltd. (AEM) dropped 23 cents to $41.52 and Goldcorp Inc. (G) lost 16 cents to $29.83.

Jean Labrecque's Glen Eagle Resources Inc. (GER), remained unchanged at 16.5 cents on 18,000 shares, failing to excite investors with news that it is recovering 70 per cent of the gold from tailings piles in Nicaragua. If it can keep this up, Glen Eagle says it might be able to celebrate commercial production in September. For that, it would need to increase its rate of processing to 350 tonnes of tailings a day. It has processed only 12 tonnes so far. The Nicaraguan government has approved Glen Eagle's plan to process gold from artisanal mining waste dumps, after the company promised not to use chemicals but to clean up all the mercury in the process. Glen Eagle estimates its first 32 piles of tailings will contain 10,000 ounces of gold and 26,000 ounces of mercury. This is Mr. Labrecque's third try at waste mining, and he is likely hoping it will be the charm. His first two attempts, mining waste dumps at the Beaverdell mine in British Columbia in 2008, and then piles left at the Gaz and Osprey mines in South Africa in 2010, both returned insufficient gold to continue. He is even more invested in this Nicaraguan effort, having personally put up half of the money to acquire the processing plant last fall.

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