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Gold Summary for Aug. 21, 2014

2014-08-21 21:11 ET - Market Summary

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by Stockwatch Business Reporter

New York spot gold dropped $15.10 to $1,276.30 Thursday, as the United States dollar climbed on more speculation the U.S. Federal Reserve will increase interest rates shortly. Fed Chairman Janet Yellen will give a keynote speech Friday morning at the Jackson Hole Economic Symposium in Wyoming. The three-day event is held every year by the Kansas City Federal Reserve. Here in Canada, the TSX Venture Exchange added 5.49 points to 1,002.20, while the TSX Gold Index lost 5.25 points to 198.64.

Canada's larger gold miners followed bullion down. Goldcorp Inc. (G) dropped $1.09 to $30.05, Barrick Gold Corp. (ABX) lost 36 cents to $20.18, Eldorado Gold Corp. (ELD) lost 29 cents to $8.68 and Yamana Gold Inc. (YRI) fell 31 cents to $9.17.

Russell Hallbauer's Taseko Mines Ltd. (TKO), unchanged at $2.45 on 195,000 shares, cannot seem to troublesome the pesky Tsilhqot'in First Nation. Today, the band publicly declared that it will not sign an economic community development agreement for the company's Gibraltar mine, north of Williams Lake. This agreement is not necessary. The mine has been in operation since 1974, with a stoppage between 1998 and 2004, at which point Taseko (which bought the mine in 1999) brought it back to production. For the past 10 years, it has been mining without interruption, and it just completed a $325-million expansion. The expansion prompted Mr. Hallbauer to tell the Vancouver Sun last month that "We're in the early stages of really starting to make it [Gibraltar] purr like a fine-tuned machine." All this purring has now prompted the Tsilhqot'in to resume their decade-long game of cat and mouse. Until now, the band's opposition has been focused on Taseko's proposed New Prosperity gold mine, which the Feds rejected in February. Taseko has since taken the government to court. With New Prosperity stalled, the Tsilhqot'in has expanded the fight with Taseko by going after Gibraltar, Taseko's only operating asset. The mine, like the New Prosperity project, is located in what the Tsilhqot'in is calling its "Stewardship Boundary." This so-called boundary, heretofor never heard of, appears to encompass much of the area not included in 1,700 hectares the tribe received aboriginal title to in June. The Indians were pleased with that title decision, but less than thrilled because the 1,700 hectares contain no mining projects. The Indians were hoping to receive title to a much larger area, encompassing several projects.

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