by Stockwatch Business Reporter
New York spot gold dropped to an intraday low of $1,596 before closing down $24.30 to $1,610.10 Friday. This is the first time since August that bullion has fallen below $1,600. George Soros is making headlines all over the world for being less bullish on bullion. In the fourth quarter of 2012, his Soros Fund Management reduced its SPDR Gold Trust ETF holdings by 700,000 units, leaving it with 600,000 units. Soros also sold its 1.8 million shares of Kinross Gold, but held on to its 1.7 million shares of Freeport-McMoRan. Here in Canada, the TSX Venture Exchange dropped 10 points to 1,185 and the TSX Gold Index lost eight points to 264.
Canada's major gold miners slid with bullion. Kinross Gold Corp. (K) dropped 31 cents to $8.03, Agnico-Eagle Mines Ltd. (AEM) fell $2.33 to $41.44, Barrick Gold Corp. (ABX) fell 62 cents to $31.82 and Centerra Gold Inc. (CG) lost 26 cents to $7.61.