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Gold Summary for April 16, 2019

2019-04-16 18:07 ET - Market Summary

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by Stockwatch Business Reporter

New York spot gold fell $11.20 to $1,276.20 on Tuesday. The TSX Venture Exchange lost 8.85 points to 609.97 while the TSX Gold Index dipped 4.27 points to 190.32. Agnico Eagle Mines Ltd. (AEM) led Canadian golds lower today. It lost $1.71 to $55.69 on 1.65 million shares. Alio Gold Inc. (ALO) went the other way, adding three cents to 98 cents on 119,000 shares.

The investment devil is often in the promotional details. Brent Matich's Max Resource Corp. (MXR) soared to an intraday high of 35 cents before ending the day unchanged at 28 cents on 15.2 million shares. The trading frenzy followed word that Max has received assays of 340.84 grams of gold and 111.03 grams of platinum per tonne from its 175,700-hectare Choco conglomerate project in Colombia. The assays are from 57.99 grams of concentrate, a distinction that some eager buyers may have missed.

That concentrate came from 26.8 kilograms of rock. The grade of that material therefore was 0.74 gram of gold and 0.24 gram of platinum per tonne, although Max calls that a "partial grade," since it has not yet had the tailings assayed. A second batch of concentrate, weighing 39.38 grams, assayed 222.06 grams of gold and 113.83 grams of platinum per tonne. That concentrate came from 22.8 kilograms of material, so its partial grade was 0.38 gram of gold and 0.20 gram of platinum per tonne.

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