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by Stockwatch Business Reporter

New York spot gold closed up $5.80 to $1,282 Tuesday, rising with the U.S. dollar which held its 11-month high over the euro. TD Securities has boosted its gold price forecasts for both the third and fourth quarters. It now predicts a price of $1,295 for the third quarter, up from $1,260, and $1,265 in the fourth, up from $1,240. It attributes its increases to choppy United States economic data and tensions in the Middle East and Russia. Here in Canada, the TSX Venture Exchange rose 7.12 points to 1,015.36 and the TSX Gold Index added 3.55 points to 199.39.

Canada's major gold producers ended the day higher. Barrick Gold Corp. (ABX) rose 20 cents to $19.95, Agnico Eagle Mines Ltd. (AEM) gained 82 cents to $40.87, Goldcorp Inc. (G) gained 61 cents to $30.13 and Detour Gold Corp. (DGC) added 11 cents to $13.18.

K. Wayne Livingstone's thinly traded New Oroperu Resources Inc. (ORO) remained unchanged at 25 cents after releasing its second-quarter financials. Not much is new: the company continues to wait patiently in hopes Barrick Gold makes a production decision. Barrick has spent the past 11 years earning a 70-per-cent interest in New Oroperu's Tres Cruces gold property in Peru. It completed its required $1.7-million in exploration spending in 2005, and now has until Dec. 31, 2020, to make a production decision. At that point, New Oroperu would have a 30-per-cent free-carried interest to production. In the meantime, Barrick has been paying the company $250,000 a year to maintain the option, of which 30 per cent goes to the government of Peru as a withholding tax. New Oroperu's $175,000 a year has not been able to cover its annual expenses, which amounted to $320,000 last year, and included property maintenance payments. The company conducted no exploration at all. As a result, Mr. Livingstone will need to raise some money. He remains hopeful that Barrick is slightly closer to a production decision, since 10 kilometres away, production at Barrick's Lagunas Norte gold mine has started to decline. Last year, the company produced 600,000 ounces of gold at Lagunas, down from 755,000 in 2012 and over one million in 2011. There are still 3.75 million ounces of proven and probable gold standing in Tres Cruces's way.

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