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Gold Summary for Feb. 22, 2024

2024-02-22 18:33 ET - Market Summary

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by Stockwatch Business Reporter

New York spot gold fell $1.80 to $2,023.90 on Thursday. The TSX Venture Exchange rose 3.23 points to 553.25 while the TSX gold index lost 8.32 points to 242.10. Among those Canadian golds losing ground today was Oceanagold Corp. (OGC), which lost 17 cents to $2.61 on 2.95 million shares. The company said late yesterday that it earned $83-million (U.S.) last year and had solid additions to its reserves and resources.

Newmont Corp. (NGT) on the other hand lost $3.42 to $41.68 on 1.1 million shares on word it lost nearly $2.5-billion (U.S.) last year. "Horrors!" you blurt, but the company points out that the loss, and more, is the result of the accountants tidying up its books. Newmont recorded $1.9-billion (U.S.) in impairment charges, $1.5-billion in reclamation charges and $460-million (U.S.) in costs related to the acquisition of Newcrest Mining Ltd. And so, the company applauds adjusted earnings before interest, taxes, depreciation and amortization of $4.2-billion (U.S.) for the year. In other words, save for closures and miscues, it was a banner year.

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