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Gold Summary for Sept. 19, 2014

2014-09-19 19:51 ET - Market Summary

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by Stockwatch Business Reporter

New York spot gold lost $8.60 to $1,216.20 Friday, ending the week down $13, as the U.S. dollar continued to climb. Barclays says 10 per cent of the world's total gold production was unprofitable in the second quarter with all-in cash costs above the price of gold. Gold traded at an average of $1,225, Barclays says, while average all-in cash costs were $941 an ounce. Today in Canada, the TSX Venture Exchange lost 10.74 points to 955.06 and the TSX Gold Index slipped 4.22 points to 172.16.

Major Canadian gold miners ended the day lower. Eldorado Gold Corp. (ELD) dropped 37 cents to $7.57, Barrick Gold Corp. (ABX) dropped 42 cents to $17.10, Alamos Gold Inc. (AGI) slipped 23 cents to $8.89 and Yamana Gold Inc. (YRI) fell 28 cents to $7.41.

Mike Wilkes's Oceanagold Corp. (OGC) dropped 46 cents to $2.07 on 8.47 million shares, after the company confirmed that it was one of the parties interested in a business combination with Alacer Gold Corp. (ASR: $2.14), but Alacer had been unwilling to engage in discussions since February. Oceana, which operates two gold mines in New Zealand and a third in the Philippines, is interested in Alacer's Copler gold mine in Turkey, but is not interested in putting up a fight for Alacer. Oceana has had a rough week. It has faced numerous protests in Vancouver, Ottawa, Washington D.C., Melbourne and San Salvador, thanks to hearings it began in front of a World Bank tribunal on Monday. Oceana is hoping the tribunal will finally grant it a licence to build a gold mine at the El Dorado gold project in El Salvador. The company acquired El Dorado, and the continuing lawsuit, for $10-million last fall, when it took over Catherine McLeod-Seltzer's Pacific Rim Mining Inc. Pacific Rim filed for arbitration in 2012, four years after El Salvador imposed a moratorium on mining. Ms. McLeod-Seltzer had spent the previous several years catering to each and every one of the El Salvadorian government's mine-adjustment demands, but to this day locals continue to argue that a mine would pollute their drinking water and collapse during an earthquake. Protestors are also accusing the company of causing them to have strokes as a result of the stress from the dispute. Pacific Rim raised $50-million for its El Dorado efforts, half of which was raised after the moratorium. Oceana has sunk only $10-million into the property so far, plus additional legal costs; the company has $81.5-million in working capital.

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