Gold Summary for Nov. 18, 2024
2024-11-18 17:58 ET - Market Summary
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by Stockwatch Business Reporter
New York spot gold jumped -- reclaimed is a better verb -- $48.10 to close at $2,610.38. The TSX Venture Exchange rose 2.95 points to 594.17, while the TSX gold index leapt 12.75 points to 352.29. Iamgold Corp. (IMG) was among the throng of gainers, as it added 47 cents to $7.43 on 3.67 million shares without aid of news. Also silent and equally buoyant was Oceanagold Corp. (OGC), which added 27 cents to $4.12 on 4.41 million shares.
Collin Kettell and Denis Laviolette's perpetual drilling promotion, New Found Gold Inc. (NFG), rose one cent to $2.62 on 511,000 shares. The company has rolled out a spiffy new technical report for its Queensway gold project in north-central Newfoundland. There is little that is arguably new and exciting in the hefty document -- New Found being an eager promoter of its news -- but the recommendations section near the end of the report can elevate even the bushiest of eyebrows.
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NFG is a sign of the state of the mining industry in Canada at the moment.
The only funding on a new gold discovery is drilling funds and pray to be takn over by a foreign entity that is not under the auspices of the barons running the security commissions as those barons have been lobbied to believe that those foreign entities can mine anywhere in the world....
the days of drilling a quartz vein systen and knowing it is continuous and starting underground mining are the days of lore...except when the buyout happens then in fact that method of mining proceeds without any intervention from any securities commission because the foreign entity is out of jurisdiction, even if listed on T, because well, its a foreign mining entity...meanwhile the ill gotten funds to buyout the canadian deal that is handcuffed by securities commission paper pushers made moola worldwide by bribing governments which again is illegal in the americas but no securities commission going to sanction those baron directors, because out of jurisdiction .....
so what you expect NFG to do? they had great bear, raised a billion to drill then sold the deal for 1 billion plus change, the change being the shareholders profit...
Posted by oh at 2024-11-20 08:36