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Gold Summary for Feb. 24, 2021

2021-02-24 18:48 ET - Market Summary

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by Stockwatch Business Reporter

New York spot gold dropped $2.20 Wednesday, ending the day at $1,804.30. The TSX Venture Exchange recovered a bit from Monday's drubbing, regaining 20.83 points to 1,060.43, while the TSX gold index added 2.05 points to 287.33. Torex Gold Resources Inc. (TXG) led Canadian gold miners higher today, adding $1.02 to $16.64 on 687,000 shares. The company reported a $109-million (U.S.) profit for 2020 in what Jody Kuzenko, president and chief executive officer, called a "record-breaking year."

Going the other way was Scott Perry's Centerra Gold Inc. (CG). Centerra lost 35 cents to $13.92 on 1.89 million shares on word that it will pay a five-cent quarterly dividend, having earned nearly $410-million (U.S.) last year. This is the same amount paid in recent quarters, but it appears investors were anticipating an increase. Mr. Perry, president and CEO, seemed almost apologetic in revealing the dividend: He told shareholders that the company must consider the potential impacts of the continuing COVID-19 pandemic in setting the dividend rate.

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