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by Stockwatch Business Reporter
New York spot gold dropped $12.80 to $1,198.80 Thursday, as the U.S. dollar continued to climb following the Federal Reserve's decision to stop money printing. The TSX Venture Exchange dropped 9.42 points to 771.65 and the TSX Gold Index lost 11.70 points to 140.14.
Canadian gold miners had an awful day. Barrick Gold Corp. (ABX) dropped 59 cents to $13.75, hitting a 22-year low. Agnico Eagle Mines Ltd. (AEM) dropped $3.65 to $27.67 and Goldcorp Inc. (G) dropped $3.20 to $20.84, after its third-quarter results showed all-in cash costs have risen to $1,066 an ounce, up from $955 last year and $850 in the second quarter.
Peter Marrone's Yamana Gold Inc. (YRI) also slid, dropping $1.02 to $4.99, a five-year low, on 20 million shares. The company had a record third-quarter of production, but also $1-billion in writedowns. Chile has changed its tax laws, forcing Yamana to record a $329-million impairment, and in Brazil, the company had to write down three of its bigger projects, Pilar, C1 Santa Luz and Ernesto, for $668-million. Pilar reached commercial production 29 days ago, but its cash costs are too high. C1 Santa Luz is ready to begin production, but it too is suffering from a high-cost problem. Ernesto is still in the exploration stage. Like all major miners, Yamana is focusing on mining only its most profitable ounces in hopes it can keep its all-in cash costs around $807 an ounce.
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