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by Stockwatch Business Reporter

New York spot gold closed down $6.30 to $1,369.70 Wednesday, after Ben Bernanke spoke to Congress. He said the United States Federal Reserve could slow down money printing as early as its next few meetings, depending on economic data. His comments sent the U.S. dollar and stock markets higher. In Canada, the TSX Venture Exchange added 2.67 points to 942.08 and the TSX Gold Index added four points to 190.06.

Major Canadian gold mining stocks had another up day. Goldcorp Inc. (G) gained 84 cents to $28.19, Agnico Eagle Mines Ltd. (AEM) gained 92 cents to $30.36, Eldorado Gold Corp. (ELD) rose 29 cents to $7.45 and Kirkland Lake Gold Inc. (KGI) rose 49 cents to $4.22.

Colossus Minerals Inc. (CSI) dropped 24 cents to $1.60 on 7.98 million shares. The company has arranged a $25-million bought deal with GMP Securities and Dundee Securities. Colossus said it will use the money at its Brazilian gold mine, Serra Pelada, which as of last week was "80 per cent complete." At March 31, the company had $18.5-million in working capital, which means it must have burned through most of the $75-million it raised last fall from metals streamer Sandstorm Gold Ltd. (SSL: $7.23). (Sandstorm is now entitled to 35 per cent of the mine's gold production at $400 an ounce.) The $75-million from Sandstorm is in addition to the $345-million Colossus raised over the past five years with the help of former chairman Ari Sussman. After seven years with the company, he unexpectedly resigned in October and the stock has been having trouble ever since, falling from $6. With luck, Colossus will start production on time. It aims for the third quarter of this year.

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