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Gold Summary for Sept. 29, 2014

2014-09-29 20:26 ET - Market Summary

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by Stockwatch Business Reporter

New York spot gold closed down $3.80 to $1,215.60 Monday, as the U.S. dollar climbed against both the euro and the yen. Markets in China will remain shut all week for National Day celebrations, which could see an increase in Chinese demand for physical bullion. Here in Canada, the TSX Venture Exchange lost 6.66 points to 912.76 and the TSX Gold Index slipped 1.77 points to 168.95.

Major Canadian gold miners ended the day down. Barrick Gold Corp. (ABX) dropped 31 cents to $16.71, Goldcorp Inc. (G) lost 21 cents to $26.03 and Eldorado Gold Corp. (ELD) lost nine cents to $7.62, while Detour Gold Corp. (DGC), which has already plunged $3.50 this month, rose 17 cents to $9.33.

Miles Thompson and Simon Ingram's Reservoir Minerals Inc. (RMC) dropped 55 cents to $4.50 to 184,000 shares, after the company released assays, including 28 metres of 1.71 grams per tonne gold, from its Bobija gold property in Serbia. This is the first time Reservoir has drilled at Bobija, which is one of its satellite gold properties. Its main project, Timok, which is also in Serbia, is a copper-gold joint venture with Freeport-McMoRan Inc. (FCX: $32.40 (U.S.)). Freeport has agreed to pay for everything through feasibility, in exchange for a 75-per-cent interest. It has been drilling at Timok for the past two years, and assays have consistently returned impressive, helping Reservoir's stock up from 50 cents. It hit an all-time high of $7.50 this past March, but lately it has fallen. Freeport has had nothing to report from Timok since June, and some analysts have been commenting on the still-very-early stage of the project. Even if Timok turns out to be disappointing, Reservoir has $40-million in working capital, which should be more than enough find a new story or two.

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