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Gold Summary for Aug. 12, 2024

2024-08-12 19:07 ET - Market Summary

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by Stockwatch Business Reporter

New York spot gold gained $42.20 Monday, closing at $2,472.90. The TSX Venture Exchange rose 3.06 points to 540.65 while the TSX gold index added 12.02 points to 353.04. Barrick Gold Corp. (ABX) had a good day, adding $2.24 to $26.15 on 12 million shares on word it will pay a 10-U.S.-cent quarterly dividend, unchanged from the previous quarter. Torex Gold Resources Inc. (TXG) also did well, but without news. It rose $1.27 to $22.87 on 414,000 shares.

And then there were the failures. Rex McLennan and Dan Dickson's Endeavour Silver Corp. (EDR) slid 69 cents to $3.63 on 3.04 million shares on word of a failure of the trunnion on its primary ball mill at the Guanacevi silver mine in Durango, Mexico. Processing of ore has therefore been suspended and could stay halted for about three months while repairs are made.

Mr. Dickson, Endeavour's chief executive officer, and Mr. McLennan, the company's chairman, are assessing their options that might allow "operating at a significantly reduced capacity" in the interim. Either way, the company says to expect that production and cost guidance for the year will be negatively impacted.

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