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Gold Summary for May 3, 2021

2021-05-03 19:13 ET - Market Summary

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by Stockwatch Business Reporter

New York spot gold jumped $23.80 Monday, closing at $1,792.90. The TSX Venture Exchange rose 3.4 points to 958.66, while the TSX gold index added 12 points to 306.61. Canadian gold miners responded enthusiastically to the rise of bullion. Agnico Eagle Mines Ltd. (AEM) helped lead the way as it leapt $5.36 to end the day at $82.18 on 2.22 million shares.

Barrick Gold Corp. (ABX) also had a good day despite -- or perhaps because of -- word that its disagreement with the Senegalese Revenue Authority over a $208-million tax bill is heading to arbitration. The purported bill arose from the company's sale of the Massawa project to Teranga Gold Corp. last year, before that company was absorbed by Endeavour Mining Corp. (EDV: $26.52). Barrick rose $1.11 to $27.30 on 6.82 million shares today.

John Miniotis's Abrasilver Resource Corp. (ABRA) was unchanged at 68 cents on 3.1 million shares on word that it has drilled a 75-metre interval averaging 2.24 grams of oxide gold and 166.7 grams of silver per tonne from one of two new holes at its Diablillos project in Argentina. The second hole produced a 19-metre zone averaging 1.07 grams of gold and 12.8 grams of silver per tonne, also from oxide mineralization.

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