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by Stockwatch Business Reporter

New York spot gold rose another $14.70 to $2,352.10 on Tuesday. The TSX Venture Exchange rose 2.67 points to 588.17 while the TSX gold index rose 4.61 points to 312.25. Investors are nevertheless leery -- recall that the gold index hit 420 in 2020 and was as high as 455 in 2011, when bullion soared to a then record high of $1,900. Perhaps a new rally among gold stocks will begin but remember the old saw: "The market is always right." (Perhaps, but which one?)

The stock market was contrary today for shareholders of Wesdome Gold Mines Ltd. (WDO). It lost 21 cents to $10.82 on 542,000 shares on the heels of a six-cent decline on 531,000 shares Monday. (Of course, Friday, Wesdome had leapt 64 cents to $11.09 on 3.29 million shares.) Hudbay Minerals Inc. (HBM), on the other hand, jumped 70 cents to $10.83 on 9.92 million shares without benefit of news.

Speaking of news and the soaring price of gold, Shane Williams's West Red Lake Gold Mines Ltd. (WRLG) got to 93 cents but it ended the day down one cent to 87 cents on 2.41 million shares. The moves follow word it has added a second rig to a drilling program at its Madsen mine project, near Red Lake in Northwestern Ontario. The enthusiasm -- or is it impatience? -- is the result of promising assays from the newly defined North Austin zone. Recall that late last year the company applauded a 10.3-metre intercept that graded 27.15 grams per tonne and another that ran 22.31 grams per tonne across 8.3 metres.

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