TSX Venture closes flat, June 15-19

The S&P/TSX Venture Composite Index gained slightly during the trading period, as it jumped 1.75 points before finishing at 683.89 points. Gold futures closed in the green, while base metal and energy markets failed to generate much momentum.

In macroeconomic news, Canadian retail sales fell 0.1% in April after two months of gains, and the U.S. Federal Reserve kept current interest rates. Meanwhile, the European Council called an emergency summit of eurozone leaders to address the Greek debt crisis.

August contracts for gold bullion closed up 1.9%, or US$22.70, at US$1,201.90 per oz. Copper futures fell for a second straight week, as July contracts for the red metal lost 2.9%, or US7.8¢, before finishing at US$2.57 per lb. August contracts for West Texas Intermediate crude oil dropped US43¢ en route to a US$59.97-per-barrel close.

Gold Reserve was on the rise during the trading period after releasing an update on legal proceedings in the U.S. District Court for the District of Columbia on its collection efforts of a US$740-million arbitral award against the Republic of Venezuela. The company gained 28¢ before closing at $4.87 per share. On June 18 Gold Reserve reported that it would request a hearing date as soon as “practicably possible.” Once the award is confirmed it can be enforced in the U.S. as a judgment of the court. The company expects the final filing from Venezuela by mid-July. The award, now amounting to US$755 million, is accruing interest at a London interbank offered rate, plus 2% annually.

Abitibi Royalties topped the value-lost category after acquiring a net smelter return (NSR) royalty and updating its Internet “royalty search” for acquisition leads. The company lost 24¢ before closing at $3.15 per share. On June 16 Abitibi announced a 2% NSR on the Smokehead prospect from junior Golden Valley Mines. The project occupies nearly 10 sq. km about a kilometre southeast of the Canadian Malartic mine in Quebec. The company also reported it has received $46,000 in dividends from Agnico Eagle Mines and $18,000 in additional royalty payments from its 2% NSR on the eastern part of the Gouldie zone at Canadian Malartic.

Explorer Integra Gold topped weekly trading after releasing a study on 75 years of mining at its Sigma-Lamaque gold project, east of Val-d’Or, Que. The company saw nearly 10 million of its shares change hands, as it gained 4¢ en route to a 34¢-per-share close. On June 18 Integra reported it had identified an exploration target at depth that could host up to 20 million tonnes of material grading up to 6.5 grams gold.