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by Stockwatch Business Reporter

New York spot gold closed up $8.90 to $1,223.70 Tuesday, coming off a nine-month low as the United States and five Arab countries bombed ISIS targets in Syria. In Canada, the TSX Venture Exchange lost 2.91 points to 925.18, while the TSX Gold Index rose 3.78 points to 172.67.

Major Canadian gold miners followed bullion higher. Barrick Gold Corp. (ABX) gained 19 cents to $17.19, Goldcorp Inc. (G) gained 38 cents to $26.13, Detour Gold Corp. (DGC) added 10 cents to $9.21 and New Gold Inc. (NGD) climbed 15 cents to $6.36.

Doug Belanger and Rockne Timm's Gold Reserve Inc. (GRZ), climbed 23 cents to $4.57 on 874,000 shares, after the World Bank's International Center for the Settlement of Investment Disputes (ICSID) awarded the company $740-million, or $9.73 a share, for the Venezuela's 2008 expropriation of the Brisas gold property. Gold Reserve had been hoping for closer to $2-billion, $32 a share, but any money is welcome. (Ron Mannix's Infinito Gold Ltd. (IG: $0.005) spent 8.5 years in arbitration with Venezuela, only to lose its claim in January, 2013.) Gold Reserve's next task will be getting Venezuela to pay up. When Exxon Mobile won its arbitration case in 2012, the ICSID awarded it $900-million in damages, but Venezuela only paid $255-million -- and that was Exxon. Since filing for arbitration in October, 2009, Gold Reserve has burned through another $60-million, which included Mr. Belanger's annual $270,000 salary and Mr. Timm's $300,000.

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