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Gold Summary for Aug. 5, 2022

2022-08-05 18:55 ET - Market Summary

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by Stockwatch Business Reporter

New York spot gold lost $14.80 to $1,776.40 on Friday. The TSX-V went the other way, adding 4.09 points to 664.17, while the TSX gold index retreated 0.14 point to 240.17. Most Canadian gold miners moved lower. Iamgold Corp. (IMG), $2.25 early this week, slid another 22 cents to $1.70 on 5.76 million shares. The decline -- like the others that pushed the company's stock southward from an April high of $4.74, is the result of more bad news of delays and cost overruns at the company's Cote gold mine in Northern Ontario.

Another company with runaway cost projections took a hit today. Argonaut Gold Inc. (AR) slid seven cents to 56 cents on 6.91 million shares. Argonaut traded above $4 last fall, but has taken a series of tumbles following word of cost overruns at its Magino mine, northeast of Wawa in Northern Ontario, not to mention the massive placement of 434 million shares at 45 cents needed to keep the build going.

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