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Gold Summary for May 13, 2019

2019-05-13 19:25 ET - Market Summary

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by Stockwatch Business Reporter

New York spot gold rose $13.30 to $1,299.10 on Monday. The TSX Venture Exchange fell 3.29 points to 596.19 while the TSX Gold Index jumped 6.23 points to 183.48. Franco-Nevada Corp. (FNV) led the gainers leaping $4.01 to $102.18 on 1.39 million shares.

Shareholders are rarely a happy-go-lucky bunch, but they are grumpier than ever these days. The board of Yamana Gold Inc. (YRI) survived the company's annual meeting last week -- unscathed some said -- but some were more scathed than others. Alexander Davidson got barely 53-per-cent support, while Peter Marrone, executive chairman, and directors Dino Titaro, Nigel Lees and Kimberly Keating all struggled to reach two-thirds support. The disgruntlement is a dissatisfaction with the company's remuneration of insiders: Approval for Yamana's executive compensation package was just 54 per cent.

Mr. Marrone, the company's 59-year-old founder, received a base salary of over $1.55-million (U.S.) last year, a sum padded by a $2.18-million (U.S.) short-term cash bonus. He was also to collect a long-term incentive bonus of $2.62-million (U.S.), but Mr. Marrone, "acknowledging a decline on total shareholder return in 2018," elected to take just $600,000 (U.S.) as a long-term bonus.

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