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Gold Summary for June 1, 2023

2023-06-01 18:32 ET - Market Summary

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by Stockwatch Business Reporter

New York spot gold rose $15.30 to $1,977.70 on Thursday while the TSX Venture Exchange rose 10.19 points to 606.01. The TSX gold index followed bullion higher, adding 6.89 points to close at 300.14. Most Canadian gold miners tracked northward with bullion today. The advances tended to be modest, but Victoria Gold Corp. (VGCX) did add 31 cents to $8.96 on 738,000 shares and Newmont Corp. (NGT) did rise $2.04 to $57.05 on 355,000 shares.

Argonaut Gold Inc. (AR) added two cents to 60 cents on 2.33 million shares on word its balky Magino gold mine in Northern Ontario has reached the wet commissioning stage and the company expects the first gold pour this month. "Overall, the ramp-up to commercial production remains on schedule and is expected in the third quarter," enthuses Chuck Hennessy, vice-president of Canadian operations.

There is no mention of Magino being on budget, but surely all the major cost overruns are already accounted for. Long-time shareholders will recall Magino as the $500-million operation proposed in a 2017 feasibility study that grew into an $800-million boondoggle by late 2021, a miscalculation that sent the company's former head, Pete Dougherty, to the unemployment lines.

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