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by Stockwatch Business Reporter

New York spot gold closed down $1.10 to $1,384 Thursday, as the U.S. dollar continued its rise in spite of weak economic data. The Labor Department says consumer prices fell in April, while the inflation rate dropped to 1.1 per cent, its lowest level since November, 2010. Also today, the Philadelphia Federal Reserve said business conditions turned negative this month for the first time since February. In Canada, the TSX Venture Exchange slipped 4.01 points to 932.86 and the TSX Gold Index edged up 0.41 point to 186.34.

Gold miners in Canada ended the day down slightly. Iamgold Corp. (IMG) lost eight cents to $5.05, Barrick Gold Corp. (ABX) lost 13 cents to $19.61, Detour Gold Corp. (DGC) dropped 18 cents to $9.67 and Goldcorp Inc. (G) dropped 34 cents to $27.40.

Adam Travis's Colorado Resources Ltd. (CXO) dropped 39 cents to $1.02 on 2.86 million shares. Forty-five minutes before market close the company had news: it has completed two more holes at its North Rok property near Iskut, B.C. (Assays from the first hole sent the stock soaring to $1.50 from 15 cents over the past two weeks. The company has yet to release results from hole No. 2.) Colorado will send the new cores to the lab shortly, and in the meantime it has begun surveying for new drill targets. Today it had disappointing news. It cannot expand its drill program until it completes an initial archeological impact assessment survey. Archeologists are on site. Usually this means that Indian feathers have been ruffled, and the bands have started complaining about the usual sacred burial grounds. There are plenty of tribes living in the area, as neighbour Imperial Metals Corp. (III: $10.86) well knows. After failing to stop Imperial's Red Chris gold-copper mine, the tribes are trying another tactic: faux support of a mine but only one built underground, which would probably be uneconomic. These are the same folks fronting the "Topless is great... unless you're a mine" campaign. This message is on a slickly produced poster of a topless woman in front of a mountain, the top of which the poster implies will be removed by Imperial's mine.

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