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by Stockwatch Business Reporter

New York spot gold closed down $5.90 to $1,223.10 Monday, as investors await the outcome of this week's two-day United States Federal Reserve meeting. In Canada, the TSX Venture Exchange lost 15.10 points to 790.35 and the TSX Gold Index slipped 2.40 points to 157.05.

Canada's gold miners had a down day. Agnico Eagle Mines Ltd. (AEM) dropped 60 cents to $32.21, Goldcorp Inc. (G) dropped 29 cents to $24.72, Barrick Gold Corp. (ABX) fell 22 cents to $14.96, a new year low, and Iamgold Corp. (IMG) lost nine cents to $2.56, also hitting a new year low.

Michael Winship's Orvana Minerals Corp. (ORV) gained 2.5 cents to 32.5 cents on 164,000 shares, thanks to improving production. The company produced 84,000 ounces of gold in fiscal 2014 (ended Sept. 30), up from 80,000 ounces last year. Orvana has three gold mines, El Valle-Boinas and Carles in Spain and Don Mario in Bolivia, but Carles is running out of ore and will soon close. Cash costs are expected to come in around $870 an ounce, or about $100 higher than last year, thanks to declining grades at Carles. Mr. Winship has been president of Orvana for three years now, and every year he has managed to meet production guidance, unlike previous president Roland Horst. In late 2010, Mr. Horst was talking up 120,000 ounces of targeted gold production for fiscal 2011, which helped boost the stock to $3.75. It also prompted BNN to declare Orvana as one of its top 40 gold picks. Soon, Mr. Horst ran into supply delays, mill problems and poor recoveries, which sent the stock back down to $1. He resigned, but not before revealing that the company had squeezed out only 19,000 ounces of gold in fiscal 2011. President Winship was able to triple production to 56,000 ounces in his first year with the company. He then boosted it to 80,000 ounces in his second year and now to 84,000 ounces in his third. Next year, he aims for 88,000 ounces.

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