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Gold Summary for June 16, 2022

2022-06-16 18:49 ET - Market Summary

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by Stockwatch Business Reporter

New York spot jumped $20.90 Thursday, ending the day at $1,855.40. The TSX-V slumped another 16.10 points to 639.55 -- the dial has been unwinding like an altimeter on a dive bomber -- while the TSX gold added 6.73 points to 290.15. A few gold miners moved lower nevertheless, some with gusto, such as Ero Copper Corp. (ERO), which shed 60 cents to $12.05 on 636,000 shares.

Kinross Gold Corp. (K) added eight cents to $5.37 on 7.47 million shares. The company has closed its $340-million (U.S.) sale -- say what! -- of its Russian gold assets to the Highland Gold Mining group. Yes, this was to have been a $680-million (U.S.) transaction, but the Russian government would only approve the sale if the price did not exceed $340-million (U.S.).

Kinross shrugged off the move and is undoubtedly -- or at least it should be -- happy to be out of Russia, the land of immense resources and behemoth political challenges. Who is Highland Gold? Well, it is a Russian entity run by Vladislav Sviblov, a major shareholder, a company that applauds itself as "bringing Russia's gold to market." (And for half the price, thanks to government help.)

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Russians are simply not to be trusted in business.

Posted by Matt at 2022-06-16 21:09

kinross execs gonna be arrested? took forever to unload the asset breaking the sanctions laws, or special rules for special people?

Posted by and at 2022-06-17 09:45