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Gold Summary for March 25, 2015

2015-03-25 20:35 ET - Market Summary

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by Stockwatch Business Reporter

New York spot gold closed up $1.90 to $1,195.10 Wednesday, rising as the U.S. dollar fell on reports that durable goods orders fell in February. In Canada, the TSX Venture Exchange added 3.04 points to 677.24, while the TSX Gold Index fell 2.45 points to 163.45.

Gold miners in Canada ended the day lower. Goldcorp Inc. (G) lost 66 cents to $23.66, Yamana Gold Inc. (YRI) lost 17 cents to $5.04, Barrick Gold Corp. (ABX) slipped four cents to $14.18 and Kinross Gold Corp. (K) fell nine cents to $3.07.

John Williamson's Brilliant Resources Inc. (BLT) slipped 1.5 cents to 20.5 cents on 354,000 shares. The company has received $9.4-million from the government of Equatorial Guinea, which has now paid a total of $29.5-million. Brilliant is entitled to one more payment of $1.92-million before the end of the month. A month ago it was unclear if the company would receive anything, as the despot-run country was 13 days late with its first payment. It agreed to pay $31.5-million in stages, in exchange for Brilliant dropping an $80-million arbitration claim against the country. The company has 149 million shares outstanding and now $36-million in working capital, which it plans to use acquiring a new story. It was supposed to be working in Equatorial Guinea, but after an $8-million airborne survey over the entire country, the government failed to grant Brilliant any exploration claims. This was probably a good thing, as Equatorial Guinea is not the easiest place to do business. Its dictator, El Jefe, says he can talk to God and he likes to accuse foreigners of witchcraft. Brilliant used to be a nickel miner in Australia, but when the price of nickel dropped in 2009 it sold its half of the Lafranchi mine to an Australian joint venturer for $24-million.

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