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Gold Summary for Aug. 3, 2022

2022-08-03 19:16 ET - Market Summary

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by Stockwatch Business Reporter

New York spot gold rose $5.70 to $1,765.90 on Wednesday. The TSX-V rose 0.44 point to 655.20 while the TSX gold index retreated 3.79 points to 232.60. Most Canadian gold miners were in retreat today, including Iamgold Corp. (IMG), which dropped seven cents to $2.07 on 2.6 million shares. Endeavour Mining PLC (EDV) did well, but it had news, adding 22 cents to $25.39 on 1.4 million shares on word that it earned $189-million (U.S.) in its second quarter.

Argonaut Gold Inc. (AR) had a good day, hitting an intraday high of 57.5 cents before ending the session up three cents to 53 cents on 15.99 million shares. The company had no news, but it will reveal its second quarter financials next week and -- at least one hopes -- all the bad news it could muster has already been revealed. The most recent bad news came in late June, when the company said its Magino mine would cost $920-million before the build was complete. That halved its stock price, and it dropped some more in early July when the company completed a $195-million equity-shore-up at 45 cents per share.

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