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Gold Summary for June 13, 2022

2022-06-13 19:44 ET - Market Summary

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by Stockwatch Business Reporter

New York spot gold crashed $53.50 Monday, ending the day at $1,818.70. The TSX-V disgorged another 32.80 points to 671.90 while the TSX gold shed 14.78 points to 288.96. Canadian gold miners could not buck the trend today; the only question was which one would lose the least. Newmont Corp. (NGT) was among the best of the losers, dropping "just" $2.07 to $83.31 on 386,000 shares. As for those in full retreat, Argonaut Gold Corp. (AR) dropped nine cents to $1.01 on 3.74 million shares and McEwen Mining Inc. (MUX) slid nine cents to 66 cents on 323,000 shares.

News did not help Canadian golds today, especially if the news involved an acquisition. Jason Simpson's Orla Mining Ltd. (OLA) crashed 91 cents to $4.58 on 1.63 million shares on word that it is acquiring Jason Attew's Gold Standard Ventures Corp. (GSV) for 0.1193 share and one-100th of a penny for each Gold Standard share. The $242-million offer is a 35-per-cent premium to market, cheers Mr. Simpson, Orla's chief executive officer, although that calculation occurred before today's showing: Gold Standard rose 5.5 cents to 54 cents on 4.18 million shares, a gain of just 11 per cent.

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