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Gold Summary for May 9, 2024

2024-05-09 18:10 ET - Market Summary

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by Stockwatch Business Reporter

New York spot gold rose $38.50 to $2,346.10 on Thursday. The TSX Venture Exchange rose 5.93 points to 595.95 while the TSX gold index climbed 7.21 points to 326.12. A strong first quarter propelled Endeavour Silver Corp. (EDR) to a 79-cent gain, as it ended the day at $4.54 on 3.73 million shares.

Gregory Liller and Alexander Langer's Sierra Madre Gold and Silver Ltd. (SM) closed unchanged at 42 cents on 341,000 shares following a halt called to reveal the company has received a $5-million (U.S.) secured term loan from First Majestic Silver Corp. (FR: $10.24). The loan, which carries a two-year term and pays interest at 15 per cent per year compounded monthly, will help the company pursue a restart of mining at the La Guitarra silver and gold mine in central Mexico.

Yes, you may recall, Sierra Madre bought La Guitarra early last year from First Majestic, issuing that company just over 69 million shares then valued at 65 cents apiece. Half those shares are now released from escrow, with another batch coming free this September and the rest in late March of 2025. In any case, First Majestic is a major shareholder of Sierra Madre thanks to the La Guitarra sale.

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