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Gold Summary for May 13, 2024

2024-05-13 18:44 ET - Market Summary

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by Stockwatch Business Reporter

New York spot gold fell $23.50 to $2,336.20 on Monday. The TSX Venture Exchange lost 0.51 point to 596.85 while the TSX gold index dipped 2.55 points to 323.40. Wesdome Gold Mines Ltd. (WDO), strong on Friday, was weak today, dropping 45 cents to $11.06 on 396,000 shares. New Found Gold Corp. (NFG) was another straggler, as it fell 20 cents to $4.66 on 381,000 shares. GoGold Resources Inc. (GGD) was among those northbound, as it added five cents to $1.54 on 2.26 million shares.

Shane Williams's West Red Lake Gold Mines Ltd. (WRLG) rose one cent to 67 cents on 1.76 million shares. The company's promotion of its proposed resurrection of the Madsen gold mine near Red Lake in Northwestern Ontario was a bit overenthusiastic recently. Late Friday, the company clarified at regulatory behest that it has no reserve at Madsen, just a resource estimate. The lack of a reserve is not news to investors, other than perhaps the recipients of an e-mail sent on behalf of the company, apparently proclaiming one existed. (Those of us not on the mailing list were unaware of the regulatory faux pas, but we assume it was an error of inexperience.)

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