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Gold Summary for March 27, 2024

2024-03-27 17:36 ET - Market Summary

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by Stockwatch Business Reporter

New York spot gold rose $15.70 to $2,194.20 on Wednesday. The TSX Venture Exchange rose 10.27 points to 558.74 while the TSX gold index gained 9.79 points to an even 285.00. Most gold miners gained ground on Canadian exchanges today -- some with gusto. Victoria Gold Corp. (VGCX) was among the zestier traders, as it rose 16 cents to $2.29 on 5.08 million shares.

Not all miners were northbound today. Patrick Downey's Orezone Gold Corp. (ORE) lost six cents to 79 cents on 954,000 shares on word it earned $43-million (U.S.) in 2023 on production of 141,000 ounces of gold at Bombore in Burkina Faso. This year, however, it expects less -- between 110,000 and 125,000 ounces -- as mining encounters lower-grade material. Further, the company remains locked in discussions with its senior lender regarding the planned phase II expansion of Bombore.

John McCluskey's Alamos Gold Inc. (AGI) jumped $1.27 to $19.72 on 2.7 million shares, but it had news. Richard Young's Argonaut Gold Inc. (AR) did even better, leaping 9.5 cents to 39.5 cents on 70.1 million shares, but it had news as well. In fact, the news was related, as Alamos Gold is acquiring Argonaut in a friendly takeover, offering 0.0185 Alamos share for each Argonaut share along with a share of a new spinoff company. The arrangement translated -- yesterday at least -- to a value of 34 cents per Alamos share, with the spinoff stock valued at just over six cents per share.

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