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Gold Summary for March 23, 2020

2020-03-23 18:22 ET - Market Summary

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by Stockwatch Business Reporter

New York spot gold rose $54.50 to $1,553.30 on Monday. Markets sagged again under the relentless pressure of bad news from the COVID-19 front lines, leading the TSX Venture Exchange to a drop of 5.35 points to 351.19. The TSX gold index had a better day, adding 17.36 points to 230.74. Yamana Gold Inc. (YRI) had a good day, adding 45 cents to $4.20 on 17.64 million shares. It had plenty of company, with Barrick Gold Corp (ABX) jumping $2.42 to $25.23 on 11.27 million shares and Pan American Silver Corp. (PAAS) adding $2.58 to $20.01 on 1.79 million shares.

Good cheer was pandemic but not universal: Michael Beckett and Sebastien de Montessus's Endeavour Mining Corp. (EDV) stumbled to an intraday low of $17.50, ending the day down $1.60 to $20.05 on 2.77 million shares. The gyrations follow word that Endeavour will acquire Benoit Desormeaux's Semafo Inc. (SMF) in a friendly merger. Shareholders of Semafo, which added 78 cents to $2.77 on 17.11 million shares on the news, are to receive about one-seventh of an Endeavour share for each Semafo share they own.

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