19:07:24 EST Thu 26 Nov 2020
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Gold Summary for Nov. 20, 2020

2020-11-20 19:00 ET - Market Summary

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by Stockwatch Business Reporter

New York spot gold reclaimed $6.70 Friday, ending the day at $1,872.70. The TSX-V moved higher as well, adding 11.01 points to 740.45 while the TSX gold index gained 3.00 points to 323.82. New Gold Inc. (NGD) had a good day, adding seven cents to $2.39 on 3.79 million shares. So did Premier Gold Mines Ltd. (PG), which added 10 cents to $2.56 on 2.95 million shares.

Friday is generally a bad day to release assays, unless a promoter is hoping to blunt the immediate impact of the news, but it is often the day of choice to reveal shareholder discontent. Paulson & Co., a major shareholder of Midas Gold Corp. (MAX) said today that it is requesting a special meeting of shareholders to "refresh the company's board of directors."

By "refresh," Paulson apparently means "purge the Canadians" from the board of Midas, which maintains its corporate head office in Vancouver. The five independent directors that Paulson wants gone are Jamie Donovan, Brad Doores and Peter Nixon, all Ontarians, and two Idahoans, Keith Allred and Jon Goode. It proposes to replace them with Idaho residents Bod Dean, David Deisley and Jeff Malmen, as well as Chris Robison of Denver and Alex Sternhell, who lives in the Washington suburb of Chevy Chase.

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