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by Stockwatch Business Reporter
New York spot gold rose $6.70 Monday, closing at $1,793.50. The TSX Venture Exchange lost 0.88 point to 902.47 but the TSX gold index added 3.30 points, ending the day at 284.38. Most Canadian gold miners moved higher today but Franco-Nevada Corp. (FNV) was left behind. It dipped $2.16 to $177.62 on 714,000 shares. Others posted strong gains. Iamgold Corp. (IMG) jumped 21 cents to $2.96 on 3.56 million shares without supporting news. Also newsless, but southbound, was New Found Gold Corp. (NFG). It dropped 39 cents to $8.06 on 651,000 shares. Victoria Gold Corp. (VGCX) added 72 cents to $16.37 on 406,000 shares, also without supporting news.
Renaud Adams's New Gold Inc. (NGD) rose five cents to $1.56 on 3.48 million shares. The company did have news today, from its Rainy River mine in Northwestern Ontario, but as usual the news was not good. New Gold has cut its production guidance for the mine to between 240,000 and 255,000 gold equivalent ounces, down from the 275,000 to 295,000 ounces projected in February. (In July, the company warned that it was expecting to hit the "low end" of its guidance and in August it conceded there was "a risk" that the mine might fall short of its forecast.)
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