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by Stockwatch Business Reporter
New York spot gold closed down $8.80 to $1,283.30 Wednesday. The United States Federal Reserve left its interest rates unchanged but Janet Yellen did remove "considerable time" from her statement. In Canada, the TSX Venture Exchange dropped 9.47 points to 667.30 and the TSX Gold Index lost 6.16 points to 188.06.
Canada's gold miners ended the day lower. Agnico Eagle Mines Ltd. (AEM) lost $1.38 to $41.20, Barrick Gold Corp. (ABX) lost 47 cents to $15.79, Yamana Gold Inc. (YRI) lost 21 cents to $5.16 and Iamgold Corp. (IMG) fell 31 cents to $3.30.
Pinetree Capital Ltd. (PNP) dropped 1.5 cents to six cents on 8.85 million shares. Pinetree is in default of its debt covenants, and yesterday, to please debenture holders, Sheldon Inwentash stepped down. Media outlets have been going over Mr. Inwentash's two-decade rein, making special mention of his high pay. Between 2007 and 2010, Mr. Inwentash's salary ranged from $750,000 to $33.2-million, including cash bonuses. Investors may not have been as concerned at that time because the stock hit a high of $16.15 during the period. (In comparison, Barrick, a company often criticized for its high pay practices, paid its fomer president, Aaron Regent $3.89-million in salary and cash bonus in 2010, almost one-10th of the $33.2-million Pinetree paid Mr. Inwentash.) By 2014, however, Pinetree's stock had dropped to pennies and the company was still paying Mr. Inwentash $1-million a year. His Pinetree salary was further supplemented by his two other jobs. He is the chief executive officer of Mega Uranium Ltd. (MGA: $0.115), which has been paying him $480,000 a year to run that company. He is also the CEO of Brownstone Energy Inc. (BWN: $0.015), which was paying him $264,000 a year, but recently boosted it to $364,000.
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