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Gold Summary for May 12, 2022

2022-05-12 18:55 ET - Market Summary

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by Stockwatch Business Reporter

New York spot gold dropped $31.20 Thursday, ending the day at $1,821.50. The TSX-V surrendered another 33.65 points to 667.25 today, a precipitous drop from the 900 points at which it sat less than a month ago. The TSX gold index was also in full retreat, losing 12.74 points to 292.56. Nearly all Canadian golds were racing rearward today, with or without news. One bucking the trend was Torex Gold Resources Inc. (TXG), which rose six cents to $12.13 on 708,000 shares on word that it earned $40-million (U.S.) in its first quarter.

Today's bad news bear was Jim Kofman and Larry Radford's Argonaut Gold Inc. (AR), which slumped 73 cents to $1.13 on 10.06 million shares. The company posted a $5.6-million (U.S.) first quarter profit. Of course, that was not the trigger for the crash; it was the result of a project cost review by Mr. Radford, who took over as president and chief executive officer in mid-March. (He replaced Pete Dougherty, who "ceased to be the president and CEO ... effective immediately" -- words that usually can be shortened to "was fired.")

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