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by Stockwatch Business Reporter

New York spot gold dropped $24.20 to $1,302.70 Tuesday, falling despite news that would normally boost bullion. The United States reported a higher-than-projected increase in inflation, and the Ukraine has sent troops into eastern Ukraine. A year ago today, selling panic sent bullion tumbling $124 to $1,352. Here in Canada, the TSX Venture Exchange lost 3.90 points to 992.10 and the TSX Gold Index lost 3.98 points to 182.40.

Canadian gold miners followed bullion lower. Goldcorp Inc. (G) dropped 58 cents to $26, Osisko Mining Corp. (OSK) fell 20 cents to $7.43, Centerra Gold Inc. (CG) fell 34 cents to $5.11 and Detour Gold Corp. (DGC) lost 68 cents to $10.03.

David Palmer's Probe Mines Ltd. (PRB) dropped 31 cents to $2.88 on 533,000 shares. The stock hit an all-time high of $4 last month, but lately it has been retreating along with the price of gold. Probe's Borden Lake gold property in Ontario has two deposits: one low-grade, one high-grade. The low-grade one has four million ounces of gold and would support profitable production as long as gold stays above $1,300 an ounce. The higher-grade deposit is expected to do even better; investors are eagerly anticipating a first-ever resource estimate. Probe has $27-million in working capital, which should be more than enough to complete its technical studies. President Palmer is a career geologist who has been with the company since 2003. He spent his first seven years at Probe looking for chromite in Northern Ontario's Ring of Fire. He acquired Borden Lake as a side story in 2010, but he decided to focus on it entirely after the first several rounds of assays were much higher than expected. Mr. Palmer owns 1.12 million Probe shares, the value of which has risen by $1.9-million over the past year.

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