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by Stockwatch Business Reporter
New York spot gold rose $37.50 to $1,868.40 Friday as the TSX Venture Exchange fell 5.70 points to 612.04 while the TSX gold index jumped 4.47 points to 265.27. Most Canadian gold miners moved upward, some with enthusiasm. Endeavour Mining PLC (EDV) had shed 93 cents to $26.44 Thursday on word it had lost $66-million (U.S.) last year, but today it rose $1.34 to $27.78 on 1.23 million shares. Before you whip out the party hats and kazoos, remember that Endeavour traded at $29.54 just a week ago.
Randy Smallwood's Wheaton Precious Metals Corp. (WPM) also did well, gaining $1.95 to $55.95 on 2.44 million shares on word it earned $669-million (U.S.) last year -- a result that had Mr. Smallwood, president and chief executive officer, so enthused that he led off his disclosure with his promotional pitch, not the news. The company's portfolio of "long-life, low-cost assets delivered over $1-billion (U.S.) in revenue," he cheered, gushing that the "strong financial performance reflects the resiliency of Wheaton's streaming business model" -- adding that even in the current inflationary environment, Wheaton averaged 75 per cent cash operating margins.
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