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Gold Summary for Nov. 23, 2022

2022-11-23 18:34 ET - Market Summary

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by Stockwatch Business Reporter

New York spot gold rose $10.70 to $1,750.60 on Wednesday. The TSX-V rose 0.37 point to 576.75 while the TSX gold index added 2.64 points to 271.43. Most Canadian gold miners moved little, but Torex Gold Resources Inc. (TXG) added 51 cents to $12.02 on 353,000 shares while McEwen Mining Inc. (MUX) leapt 60 cents to $7.44 on 87,000 shares.

Ian Pierce's New Gold Inc. (NGD) fell eight cents to $1.50 on 6.52 million shares on word it has shuffled its management. Patrick Godin, executive vice-president and chief operating officer, is now the company's president and chief executive officer. He replaces Renaud Adams, who moved into the corner office four years ago. The corner office switcheroo takes place immediately and Mr. Adams is also leaving the company's board.

New Gold gave no indication of why Mr. Adams has left, although the "effective immediately" transition rarely implies a planned retirement or a move to greener pastures. Mr. Pierce, New Gold's chairman, says that Mr. Godin's "leadership skills and proven track record of delivering on production and costs will best position the company for future success." He then thanks Mr. Adams for his service and contribution, and for his "ongoing assistance in ensuring a seamless transition."

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