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Gold Summary for May 16, 2023

2023-05-16 18:57 ET - Market Summary

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by Stockwatch Business Reporter

New York spot gold fell $27.10 to $1,989.10 on Tuesday. The TSX Venture Exchange tagged along, dropping 8.79 points to 607.02 while the TSX gold index slid 8.98 points to close at 314.43. Most Canadian gold miners were therefore lower. Sandstorm Gold Ltd. (SSL) was typical, dropping 43 cents to $7.32 on 732,000 shares, but Monday's big loser, Centerra Gold Inc. (CG) bounced back today with a 13-cent gain to $7.49 on 3.57 million shares.

Iamgold Corp. (IMG), on the other hand, fell 38 cents to $3.95 on 3.58 million shares. Iamgold's fall came on the heels of word the company is arranging a $400-million (U.S.) second-lien secured term loan -- essentially more cash in aid of construction of its Cote gold mine in Northern Ontario. The loan is issued at a discount of 3 per cent and it carries a hefty interest rate -- 8.25 per cent above the secured overnight financing rate, currently about 5 per cent.

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