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Gold Summary for May 8, 2023

2023-05-08 19:13 ET - Market Summary

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by Stockwatch Business Reporter

New York spot gold rose $3.60 to $2,021.20 on Monday. The TSX Venture Exchange added 4.59 points to 619.99 while the TSX gold index dropped 1.93 points to close at 331.18. Many Canadian gold miners edged lower today. Barrick Gold Corp. (ABX) fell 49 cents to $26.56 on 4.72 million shares and Kinross Gold Corp. (K) lost two cents to $7.12 on 3.26 million shares. Sandstorm Gold Ltd. (SSL) was northbound, adding three cents to $8.24 on 431,000 shares.

Anthony Moreau's American Eagle Gold Corp. (AE) leapt 3.5 cents to 14 cents on 1.7 million shares on word of a new backer. The company has sold 14.4 million shares to Teck Resources Ltd. (TECK.B: $59.21) for 20.5 cents apiece. Well, not exactly: American is selling flow-through shares at that price, and Teck will subsequently pay 13 cents apiece for the underlying stock. American Eagle has not explained the reasoning for the odd arrangement, but it presumably leaves the tax credits associated with the flow-through shares with another party, while Teck gets the shares. The new cash -- American Eagle gets nearly $3-million, while Teck gets a 15-per-cent interest in American Eagle for just under $1.9-million in hard dollars -- is for work at the NAK project in northwestern British Columbia.

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