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Gold Summary for May 13, 2022

2022-05-13 19:30 ET - Market Summary

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by Stockwatch Business Reporter

New York spot gold dropped another $10.80 Friday, ending the day at $1,810.70. The TSX-V on the other hand, reclaimed 29.40 points to 696.65 today, a most welcome gain after the 140-point drop across the last six days. The TSX gold index managed a modest gain, adding 1.28 points to 293.84. Gainers abounded today. Argonaut Gold Inc. (AR), savaged yesterday on bad news about its Magino mine construction, rebounded 10 cents to $1.23 on 9.23 million shares.

Also strong was Rob McEwen's McEwen Mining Inc. (MUX), which added four cents to 65 cents on 433,000 shares. McEwen, a $6 stock in 2016, will lose its New York Stock Exchange listing in a few months if it cannot get its average share price above $1 (U.S.) for a month. It has done so on two occasions in the past six years, but a third time looks to be a challenge.

One of the unfortunate few today was Newmont Corp. (NGT), which lost 93 cents to $84.29 on 316,000 shares. The company has had no news since late April, when it cheered a $448-million (U.S.) first quarter profit. Also silent and also down on the day was Oceanagold Corp. (OGC), which dipped three cents to $2.64 on 4.9 million shares.

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