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Gold Summary for Sept. 22, 2014

2014-09-22 20:24 ET - Market Summary

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by Stockwatch Business Reporter

New York spot gold closed down $1.40 to $1,214.80 Monday, hitting a nine-month low as the U.S. dollar climbed to a 14-month high. Stock markets in both the United States and Canada dropped. The TSX Venture Exchange lost 26.97 points to 928.09 and the TSX Gold Index slipped 3.28 points to 168.89. The TSX Gold Index has fallen from 208 in mid-August.

Canadian gold miners ended the day down. Agnico Eagle Mines Ltd. (AEM) fell $1.04 to $33.18, Goldcorp Inc. (G) fell 16 cents to $25.75, Yamana Gold Inc. (YRI) lost 19 cents to $7.22, hitting a year low, and Kinross Gold Corp. (K) dropped eight cents to $3.78, also a year low.

Arnold Kondrat's Banro Corp. (BAA) edged up 1.5 cents to 18 cents on 3.68 million shares, following Friday's 5.5-cent drop on 23 million shares. Banro said it has no material changes, but it did point out that Van Eck's Junior Gold Miners ETF, the GDXJ Index, completed a rebalancing last week, before which it held 25.6 million Banro shares. According to Van Eck, as of Sept. 19 GDXJ held 26.3 million shares of Banro, so perhaps the selling came from elsewhere.

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