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Gold Summary for Jan. 31, 2025

2025-01-31 17:58 ET - Market Summary

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by Stockwatch Business Reporter

New York spot gold jumped another $5.10 to close at $2,800.40 on Friday. The TSX Venture Exchange lost 4.18 points to 623.75 while the TSX gold index dipped 2.62 points to 390.99. Canadian gold miners were generally a mixed assortment of gainers and decliners today. Among those moving higher in silence was GoGold Resources Inc. (GGD), which added three cents to $1.54 on 2.73 million shares. Dynacor Group Inc. (DNG) helped lead the retreat, not so quietly, as it dropped 51 cents to $5.62 on 886,000 shares on word of a $27.5-million placement at $5.50 per share.

Selling stock at discounts will do that: Michael Durose's Lavras Gold Corp. (LGC) slid 21 cents to $2.21 on 485,000 shares on news -- two blasts of it -- of a hefty cash injection. Late yesterday, Lavras cheered that it was offering nearly 4.55 million shares at $2.20 apiece, seeking $10-million for exploration and development work. Just before the open this morning the company boosted the offering to 5.93 million shares -- $13-million -- presumably because of apparent demand given the significant discount to market. (That discount soon went poof, as investors today chose to avail themselves of the lower price in the market.)

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