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by Stockwatch Business Reporter
New York spot gold fell $16.60 to $1,976.90 on Friday. The TSX Venture Exchange rose 3.23 points to 611.88 while the TSX gold index added 4.83 points to 306.23. Most Canadian gold miners edged upward today. Barrick Gold Corp. (ABX) rose 35 cents to $25.44 on 6.6 million shares while New Found Gold Corp. (BFG) remained hot in the morning, getting to $6.72, then cooled off, ending the day down 23 cents to $6.33 on 268,000 shares.
Andre Huet's Karora Resources Inc. (KRR) was cool as well, falling another 19 cents to $4.50 on 2.09 million shares. Karora lost 17 cents to $4.69 on 1.97 million shares yesterday, following word it had earned $9.9-million in fiscal 2022. Mr. Huet, chairman and chief executive officer, was "very pleased" with the company's performance, but investors were not as easily swayed.
Perhaps some of the displeasure derived from Karora having "refreshed" its 2023 and 2024 production and cost guidance -- refreshed being a synonym for "a turn for the worse." When the company rolled out its forecast in mid-2021, it predicted between 150,000 and 170,000 ounces of gold this year, with all-in sustaining costs between $890 (U.S.) and $985 (U.S.) per ounce.
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