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Gold Summary for Feb. 27, 2023

2023-02-27 18:45 ET - Market Summary

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by Stockwatch Business Reporter

New York spot gold rose $5.90 to $1,817.10 on Monday. The TSX Venture Exchange rose 7.97 points to 624.83 while the TSX gold index added 1.11 points to 262.35. Most Canadian gold miners had a decent day. Centerra Gold Inc. (CG) added 34 cents to $8.57 on 1.9 million shares while Oceanagold Corp. (OGC) managed a seven-cent rise to $2.70 on 2.19 million shares.

Neither company started the week with news, but one that did, McEwen Mining Inc. (MUX), leapt $1.09 to $8.52 on 87,000 shares. The company has closed a 30 billion Argentine peso equity placement with Stellantis, a major auto manufacturer that owns such brands as Chrysler, Dodge, Fiat, Alfa Romeo and Opel. The placement, which works out to about $550-million (U.S.), is in support of a big copper project, Los Azules, in Argentina.

There was more news -- not all of it good -- from Canadian gold miners today. Richard Young's Argonaut Gold Inc. (AR) fell 11.5 cents to 43.5 cents on 18.86 million shares on word the company lost $152-million (U.S.) last year. If the big loss was unexpected, it should not have been, as another big end-of-year impairment charge seemed inevitable. Argonaut impaired the book value of its mines by $135.5-million (U.S.).

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