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by Stockwatch Business Reporter

New York spot gold jumped $21.80 to $1,391.50 Thursday, rising as the U.S. dollar fell against the Japanese yen. Japanese stock markets dropped overnight, prompting investors to return to bullion. Chinese investors did the same after their country reported weaker than expected manufacturing. The China HSBC manufacturing index has dipped under 50, signalling a contraction for the first time in seven months. Here in Canada, the TSX Venture Exchange slipped 0.04 of a point to 942.05, while the TSX Gold Index added 1.04 points to 191.10.

Major Canadian gold miners ended the day some up slightly, others down. Yamana Gold Inc. (YRI) edged up five cents to $11.15, Osisko Mining Corp. (OSK) gained 10 cents to $4.31, Barrick Gold Corp. (ABX) lost nine cents to $20.12 and Alacer Gold Corp. (ASR) lost nine cents to $2.22.

Ian Bliss's Northern Shield Resources Inc. (NRN) fell 2.5 cents to 18 cents on 1.08 million shares. The stock has been busy for the past two months, climbing to 24 cents from six cents. The excitement helped the company close $2.7-million in financings at 11 cents, $2-million of which came from Teck Resources Ltd. (TCK.B: $28.20), which bought 11.8 million Northern Shield shares. The company has six polymetallic properties in Ontario, none of which has managed to pique investor interest since about 2006. (Last week, for example, Northern Shield said it had drilled 10 centimetres of 2,530 grams per tonne gold at its Wabassi property in Ontario; the stock lost 2.5 cents.) Teck must be interested in the company's most recent property, Ikertoq in Greenland. In February, Northern Shield optioned 50 per cent of the nickel property from a local private company, agreeing to spend one million euros (about $1.35-million) on exploration before Feb. 28, 2014. The amount is 68 times more than the $20,000 the company spent on exploration in 2012. Despite its low exploration expenditure, Northern Shield did manage to tally up $1.5-million in general and administrative expenses.

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