06:32:44 EDT Fri 29 Mar 2024
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Gold Summary for Oct. 29, 2014

2014-10-29 20:02 ET - Market Summary

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by Stockwatch Business Reporter

New York spot gold closed down $16.20 to $1,211.60 Wednesday, after the United States Federal Reserve said it will stop money printing this month. The U.S. dollar rose slightly on the news, but it was expected. In June, the Fed said it planned to stop money printing in October. It has printed over $4-trillion since announcing its first program, QE1, in November, 2008. The TSX Venture Exchange dropped 6.95 points to 781.07 and the TSX Gold Index lost 6.94 points to 151.84.

Larger Canadian gold miners followed bullion down. Goldcorp Inc. (G) dropped $1.04 to $24.04, Detour Gold Corp. (DGC) lost 40 cents to $8.11, Eldorado Gold Corp. (ELD) dropped 39 cents to $7.34 and Kinross Gold Corp. (K) slipped 10 cents to $2.97.

John McCluskey's Alamos Gold Inc. (AGI) dropped 30 cents to $9.13 on 1.09 million shares. The Mexican gold miner is in need of a good fourth quarter. All-in cash costs in its third quarter were an unpleasant $1,148 an ounce, contributing to a $2-million loss on $38-million in revenue. This compares with earnings of $9.2-million on $63-million in revenue for the same period last year. Then, cash costs were only $970 an ounce and Alamos received $1,330 for each ounce it sold. This year it fetched only $1,280 in the third quarter. Still, president McCluskey said, "Operationally we had a solid quarter with 51,900 contained ounces stacked on the leach pad." It was the recovery of those ounces that was less than solid. Alamos produced only 28,000 ounces of gold, blaming unusually heavy rains which diluted the heap-leach solution. Alamos needs to do better soon as its margins are wasting away into anorexically thin territory.

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