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by Stockwatch Business Reporter

New York spot gold dropped to an intraday low of $1,359 Tuesday, before recovering slightly to close down $18.10 to $1,376. Bullion started to regain some of its losses when James Bullard, president of the St. Louis Federal Reserve, said money printing is the best course of action for the United States' economy. Canadian markets rose on the statement with the Toronto Stock Exchange jumping 129 points to 12,742. The TSX Venture Exchange rose 4.74 points to 939.41 and the TSX Gold Index rose 5.86 points to 186.06.

Canada's larger gold miners ended the day higher. Barrick Gold Corp. (ABX) gained 81 cents to $19.88, Iamgold Corp. (IMG) gained 24 cents to $5.05, Yamana Gold Inc. (YRI) rose 20 cents to $10.91 and Agnico-Eagle Mines Ltd. (AEM) rose 69 cents to $29.44.

Northern Dynasty Minerals Ltd. (NDM) edged up seven cents to $2.39 on 94,000 shares. The company is working on a project description for its Pebble copper-gold-moly project in Alaska to submit to the U.S. Environmental Protection Agency. President Ron Theissen hopes to have it later this year. Permitting, he expects, will take another three to four years, because Dynasty needs over 100 permits from over a dozen regulatory agencies. Environmentalists have already been causing the company trouble. They say a mine will commit many environmental sins, such as destroying the salmon population, thereby exterminating grizzly bears and wolves. This week, the Natural Resources Defense Council, a group that calls itself the U.S.'s most-effective environmental action group, launched a new $100,000 advertising campaign opposing Pebble. It has used actors Robert Redford and Pierce Brosnan to drum up opponents in the past.

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