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Gold Summary for April 7, 2020

2020-04-07 16:55 ET - Market Summary

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by Stockwatch Business Reporter

New York spot gold lost $6.20 to $1,654.50 on Tuesday. North American markets surged higher again today, with the TSX Venture Exchange adding 3.36 points to 402.55 while the TSX gold index slipped 5.60 points to 261.12.

Rob McEwen's McEwen Mining Inc. (MUX) had a good day, adding four cents to $1.09 on 563,000 shares. McEwen, just 76 cents in mid-March and placed on notice two weeks later by the New York Stock Exchange that its stock price was well below the required $1 (U.S.) listing threshold, is attempting to claw its way back into the market's good graces. It managed that feat following a slump in 2015, but it still has quite a way to go this time: McEwen closed in New York today at 78 U.S. cents.

Franco-Nevada Corp. (FNV) was a big loser today, hitting a low of $144.59 before ending the day down $5.92 to $150.35 on 1.5 million shares. The tumble followed word that the company was withdrawing its 2020 sales guidance. Franco said a month ago that it expected attributable royalty and stream sales to fall between 550,000 and 580,000 gold equivalent ounces this year. Now, as a result of the COVID-19 pandemic, all bets are off. One of its four major producing assets has been temporarily shuttered and 11 of its 52 lesser producers have done the same. More may follow before the situation improves.

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