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Gold Summary for May 27, 2020

2020-05-27 17:22 ET - Market Summary

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by Stockwatch Business Reporter

New York spot gold slid to $1,693 early Wednesday, then recovered to end the day up $3.10 to $1,713.30. The TSX-V slipped 2.67 points to 541.10 while the TSX gold index slumped 3.79 points to 325.11. Most Canadian gold miners moved lower today, with Barrick Gold Corp. (ABX) helping lead the way, dropping $1.15 to $32.88 on 14.25 million shares.

Earlier this week, Barrick said that it had made the first payment of the settlement it had reached with the Tanzanian government to resolve its inherited tax dispute involving Acacia Mining. Barrick's unfortunate inheritance arose last year, when Barrick completed its $428-million (U.S.) stock-swap acquisition of the 36 per cent of Acacia that it did not already own. The cost grew substantially a few months later, when Barrick agreed to the $300-million (U.S.) cash settlement with the Tanzanians.

There were notable exceptions to the gold retreat. McEwen Mining Inc. (MUX) was one: It reclaimed five cents to $1.16 on 701,000 shares after getting as high as $1.55 a month ago. McEwen Mining, a $9 stock in 2011 -- and a $6 stock in 2016 despite having slipped below $1 earlier that year -- is in danger of falling off the New York Stock Exchange because of its low share price.

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