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Gold Summary for Oct. 30, 2020

2020-10-30 18:32 ET - Market Summary

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by Stockwatch Business Reporter

New York spot gold reclaimed $10.20 to $1,877.50 on Friday. The TSX-V nevertheless dipped 3.36 points to 683.78 while the TSX gold index rebounded 7.07 point to 350.09. Big moves among Canadian gold miners were few today, although Eldorado Gold Corp. (ELD) did add 50 cents to $16.70 on 2.11 million shares. The company said late yesterday that it had earned $38.3-million (U.S.) in its third quarter. A string of several good quarters has Eldorado's stock well above its low of $3.36 in early 2019.

Southbound today was McEwen Mining Inc. (MUX), which dropped three cents to $1.29 on 684,000 shares on word that it lost nearly $10-million (U.S.) in its third quarter. McEwen, a $6 stock in 2016, fell all the way to 76 cents early this year -- enough that it was in danger of losing its New York Stock Exchange listing for having fallen below $1 U.S. The company -- as happened during a 2015 slump -- quickly got its stock above the threshold, long enough that the NYSE ended its review in August. Unfortunately, the latest slide has McEwen in danger once more.

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The best of the new step out drill intersections made by New Found Gold at the Keats prospect was 22.3g/t over 41.35m, not the 22.3m reported by mistake by your writer. A significant typographical error. Lots more to come.

Posted by David Seymour at 2020-11-01 22:40