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Gold Summary for Oct. 21, 2014

2014-10-21 20:14 ET - Market Summary

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by Stockwatch Business Reporter

New York spot gold closed up $2.50 to $1,249.40 Tuesday, rising on more physical buying from India. In Canada, the TSX Venture Exchange rose 10.92 points to 822.28, while the TSX Gold Index slipped 1.55 points to 164.98.

Canadian gold miners ended the day lower. Goldcorp Inc. (G) lost 26 cents to $26.07, Eldorado Gold Corp. (ELD) lost 11 cents to $7.96, Barrick Gold Corp. (ABX) dropped 14 cents to $15.29 and Kinross Gold Corp. (K) slipped six cents to $3.26.

Lukas Lundin's Fortress Minerals Corp. (FST), up 50 cents to $5.50 on 5,200 shares, plans to buy Kinross's Fruta Del Norte gold deposit in Ecuador for $240-million (U.S.). Fortress has arranged a $250-million offering, to which the Lundin Family Trust has already subscribed for $100-million. Fortress is also planning to change its name to Lundin Gold Inc. There are over 10 million ounces of gold at Fruta del Norte, but Kinross gave up on them in June, 2013, after the Ecuadorian government levied a steep 70-per-cent windfall tax on large mines. Fortress must have something in mind. This transaction has the support of the Ecuadorian government, and today Mr. Lundin said the government and the Ecuadorian people are his "most important partners in this project."

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