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by Stockwatch Business Reporter

New York spot gold added $34.10 to $2,069.70 on Friday. The TSX Venture Exchange rose 9.88 points to 546.26 while the TSX gold index added 3.44 points to 292.57. New Gold Inc. (NGD) was among the gainers today, as it rose 17 cents to $2.05 on 4.66 million shares. New Gold has long been a market laggard since its stock hit a $14 high in 2011. Development, construction and then production woes at its Rainy River mine in Northwestern Ontario supplied the dead weight to the company's chart.

Perhaps First Quantum Minerals Ltd. (FM) has gone about as low as it can go, as the continuing gusher of ill tidings is now having minimal further impact on the company's stock. A $30 stock a month ago, First Quantum added eight cents to $11.19 on 7.75 million shares today despite word it is suspending its 2023 production guidance for its Cobre Panama mine in Panama.

And don't even think about 2024. The Panamanian government has ordered a "transition process for the closure of the Cobre Panama mine" after the country's top court ruled an arrangement allowing it to remain open was unconstitutional. Lately, some of Cobre's several thousand contract miners have been protesting the decision, undoubtedly worried about where their next paycheque will be coming from.

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