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Gold Summary for March 14, 2023

2023-03-14 19:11 ET - Market Summary

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by Stockwatch Business Reporter

New York spot gold took a breather Tuesday, dropping $10.30 to $1,903.60 Tuesday after a week-long run that saw bullion tack on about $100. The TSX Venture Exchange rose 3.17 points to 611.03 while the TSX gold index rose 1.00 points to 281.37. Several Canadian gold miners continued their upward move today. Torex Gold Resources Inc. (TXG) which leapt $1.52 to $18.65 on 1.18 million shares yesterday, added another 32 cents to $18.97 on 684,000 shares today.

Among those southbound was Rob McEwen's McEwen Mining Inc. (MUX), which fell 72 cents to $9.98 on 77,000 shares on word it lost $81.1-million (U.S.) last year. McEwen produced 133,000 gold equivalent ounces in 2022, missing its initial forecast and falling a bit shy of its lower, revised prediction. And so, says Mr. McEwen, 2022 was "an important transition year." Hopefully McEwen Mining will be transitioning to better times, as its 2023 prediction calls for between 150,000 and 170,000 equivalent ounces of gold.

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