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Gold Summary for July 29, 2020

2020-07-29 19:27 ET - Market Summary

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by Stockwatch Business Reporter

New York spot gold rose $12.70 to $1,968.80 on Wednesday. The TSX-V rose 3.35 points to 711.14 while the TSX gold index slid 6.30 points to 395.52. Agnico Eagle Mines Ltd. (AEM), which poked its nose above the $100 mark for the first time this week, may get to do it again. Today, Agnico dropped $2.75 to $97.71 on 1.07 million shares.

Guyana Goldfields Inc. (GUY), amid a takeover by Zijin Mining Group Co. Ltd., closed unchanged at $1.79 on 1.32 million shares. The company said late yesterday that it earned $7.6-million (U.S.) in its second quarter, sustaining its gold production at 28,500 ounces during the quarter and improving its all-in sustaining costs. That will presumably please Zijin, which will pay $1.85 per share for the company.

Robert Hinchcliffe's Galway Metals Inc. (GWM) jumped 25 cents to $1.42 on 1.91 million shares on word that a 5.1-metre true-width interval at its Clarence Stream project in southwestern New Brunswick returned 4.5 grams of gold per tonne, a hit aided by a 0.4-metre stretch that averaged 35.3 grams per tonne. There were a few other mentionable intervals in the latest results that were comingled with previously reported assays, a favourite promoter's tactic. (A 3.8-metre interval that produced 4.3 grams per tonne was a new hit, but a 4.3-metre true-width interval that averaged 6.5 grams per tonne was not.)

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