CAPITAL MARKETS

Futures, gold gain on US election day

Market futures were positive following strong manufacturing data out of China and precious metals rose, as investors consider the possibility of an unclear result in today’s US presidential election.

Staff reporter
 Gatos Silver is focused on the Cerro Los Gatos mine in Mexico

Gatos Silver is focused on the Cerro Los Gatos mine in Mexico

Gold has climbed about US$20 an ounce since this point yesterday to almost $1,896/oz on the spot market.

Silver was up slightly to more than $24/oz on the spot market.

Newly-listed Gatos Silver hit a fresh high in Toronto (TSX: GATO) yesterday, closing up 2.9% to C$9.11 after debuting on the New York and Toronto stock exchanges last week, having raised US$150 million in its IPO priced at $7 per share.

The company, which is making a virtual presentation today at the Precious Metals Summit Europe, is focused on the producing Cerro Los Gatos silver mine in Mexico, where it hopes to increase its stake to 70% and achieve design capacity in January 2021.

Monarch Gold (TSX: MQR) jumped 27.3% to C56c on news of a friendly $200 million acquisition by Yamana Gold, a consideration of about 63c per share which represented a 43% premium to Monarch's closing price on October 30.

Almaden Minerals (TSX: AMM) gained more than 20%, having last week said it had found a new priority exploration target at its Ixtaca gold-silver project in Mexico.

Finally among the majors, Fresnillo finished up 4% in London, Freeport-McMoRan rose 5.19% in New York and Barrick Gold gained 0.8% in Toronto.

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