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Gold Summary for Dec. 5, 2022

2022-12-05 18:29 ET - Market Summary

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by Stockwatch Business Reporter

New York spot gold slid $28.90 to $1,768.40 on Monday. The TSX-V fell 17.56 points to 581.64 while the TSX gold index dropped 5.58 points to 277.17. Most Canadian gold miners resumed their slide today. Centerra Gold Inc. (CG) lost 30 cents to $6.97 on 1.46 million shares while Victoria Gold Corp. (VGCX) fell 38 cents to $7.73 on 284,000 shares. Worse still, Oceanagold Crop. (OGC) dropped 18 cents to $2.48 on 2.47 million shares.

It was not entirely a sea of red today -- until late, that is. Collin Kettell's New Found Gold Corp. (NFG) continued its rally that began a week ago at $4.80, getting as high as $6.79 today before ending the day down 2.5 cents to $6.445 on 601,000 shares. The enthusiasm in the face of bullion's malaise is the result of new assays from its Queensway project, west of Gander in north-central Newfoundland.

The new assays are from 36 new holes, all of them drilled in the Keats North area, northeast of the Keats Main area but east-southeast of Keats West. The headline hit was a two-metre intersection that averaged 116.93 grams of gold per tonne, but without the 358.07 grams per tonne across a 0.65-metre section, the remaining 1.35 metres yielded a paltry 0.83 gram per tonne.

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