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by Stockwatch Business Reporter

New York spot gold closed up 60 cents to $1,213.60 Thursday, rising slightly with the euro. It rose against the U.S. dollar after European Central Bank president Mario Draghi left ECB monetary policy largely unchanged. In Canada, the TSX Venture Exchange dropped 18.81 points to 877.55, a new one-year low, while the TSX Gold Index rose 1.68 points to 168.37.

Gold miners in Canada had an up day. Eldorado Gold Corp. (ELD) rose 28 cents to $7.91, Agnico Eagle Mines Ltd. (AEM) gained $1.10 to $33.80 and Goldcorp Inc. (G) gained 48 cents to $26.39. The company started production at its Eleonore gold mine in Quebec yesterday, pouring the first 70-ounce dore bar. The mine should add around 60,000 ounces of gold to this year's production.

Peter Marrone's Yamana Gold Inc. (YRI) climbed 27 cents to $6.86 on 8.61 million shares. The miner produced a record 390,000 ounces of gold equivalent in its third quarter, up from 307,000 ounces last year. All-in cash costs were a manageable $875 an ounce. The company's most productive gold mine was El Penon in Chile, where Yamana produces about 120,000 ounces a quarter, but its third-quarter improvement can be attributed to the miner's recent acquisition. On June 16, it and Agnico Eagle acquired Osisko Mining Corp. for its Canadian Malartic gold mine in Quebec. Yamana is entitled to 50 per cent of Canadian Malartic production, and now aims to produce 1.42 million ounces of gold equivalent this year, up from 1.2 million last year. Yamana and Agnico are studying the mine, in hopes of further optimizing production next year. They will have a report out shortly. The Malartic deal greatly excited chairman and CEO Marrone. Weeks after it closed he exclaimed to BNN, "We're coming back baby." Yamana is trading at a five-year low; its stock has fallen from $20 in late 2012. To improve the company's bottom line, Mr. Marrone is also looking to spin out some of the company's least-productive assets.

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