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Gold Summary for June 22, 2022

2022-06-22 18:59 ET - Market Summary

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by Stockwatch Business Reporter

New York spot gold rose $5.60 Wednesday, ending the day at $1,838.30. The TSX-V took a hit, dropping 12.07 points to 640.90 while the TSX gold dipped 3.26 points to 285.76. Ero Copper Corp. (ERO), which also mines gold in Brazil, led gold miners lower today as it shed 80 cents to $12.11 on 406,000 shares. Endeavour Mining PLC (EDV) was strong, adding 16 cents to $28.48 on 788,000 shares.

Remember a year ago when New Found Gold Corp. (NFG) soared to $13.50 by feeding the market a regular diet of bonanza-grade assays over stunning intervals from its Queensway project in north-central Newfoundland? Neither do many investors: New Found is two weeks past its last results despite having over a dozen drills beavering away on the project, and the silence has not been kind to the company's stock: New Found lost three cents to $6.80 on 58,000 shares today.

New Found's best result this year was a 2.15-metre hit in May from just north of the Keats zone, one that returned 275 grams of gold per tonne. Or perhaps it came in March, when it drilled a 14.15-metre interval averaging 69.15 grams of gold per tonne at Golden Joint. A year ago, investors had to choose between a 5.25-metre discovery at Golden Joint that averaged 430.2 grams per tonne, a 25.6-metre strike at Keats that averaged 146.24 grams per tonne, and an 11.5-metre encounter at Lotto that returned 150.3 grams per tonne. Naturally, the "what-have-you-done-lately" syndrome is taking its toll on the company's stock.

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