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Gold Summary for May 7, 2021

2021-05-07 19:03 ET - Market Summary

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by Stockwatch Business Reporter

New York spot gold rose $16.10 Friday, closing at $1,830.70. The TSX Venture Exchange added 11.21 points to 954.98, while the TSX gold index added 3.24 points to 316.50. Most Canadian gold miners tacked northward with bullion today, although Victoria Gold Corp. (VGCX) was left behind. It slipped 11 cents to $14.37 on 162,000 shares today despite -- or because of -- it not having any news in the past month.

Oceanagold Corp. (OGC) posted a strong gain, adding 38 cents to $2.53 on 12.18 million shares. The company revealed late Thursday evening that it has appointed Mick McMullen and Paul Benson to its board. Mr. McMullen, a geologist, had previously been chief executive officer of Detour Gold Corp. and, before that, president and CEO of Stillwater Mining Co. Mr. Benson, a mining engineer, was head of SSR Mining Inc. (SSR: $21.07) before it absorbed Alacer Gold Corp.

There was a dearth of assays today as usual, as Fridays are oft reserved for rolling out bad news. Unfortunately, there is never a safe time to disappoint investors, as Scott Perry's Centerra Gold Inc. (CG) learned today. Centerra crashed $3.59 to $8.39 on 6.46 million shares on word that "legal and political developments" in the Kyrgyz Republic may affect the company's ownership of its Kumtor mine, as well as its rights under a 2009 agreement with the government.

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