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Gold Summary for May 26, 2020

2020-05-26 17:39 ET - Market Summary

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by Stockwatch Business Reporter

New York spot gold fell $17.40 to $1,710.20 on Tuesday. The TSX-V slipped 3.41 points to 538.43 while the TSX gold index slumped 22.36 points to 328.90. Most Canadian gold miners succumbed to a sea of red today. McEwen Mining Inc. (MUX) led the retreat, dropping 11 cents to $1.11 on 845,000 shares.

Rudi Fronk's Seabridge Gold Inc. (SEA) slid $1.30 to $20.91 on 135,000 shares on word that it has closed its acquisition of the 3 Aces project from Janet Lee-Sheriff's Golden Predator Mining Corp. (GPY: $0.30). Golden Predator received 300,000 Seabridge shares and could also get $2.25-million in contingent cash payments for the project, which it has been working since the early 2010s. Mr. Fronk, Seabridge's chairman and chief executive officer, plans to assemble and evaluate the "wealth of data developed by Golden Predator, with a view to initiating an aggressive drill program next year."

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