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by Stockwatch Business Reporter

New York spot gold closed up $2.90 to $1,168.20 Tuesday, as the U.S. dollar slipped slightly against the euro. American investors await the Labor Department's monthly jobs report due Friday. The TSX Venture Exchange dropped 14.98 points to 751.12 and the TSX Gold Index lost 4.7 points to 134.98.

Canada's larger gold miners had another down day. Agnico Eagle Mines Ltd. (AEM) lost $1.01 to $26.21, Barrick Gold Corp. (ABX) lost 48 cents to $13.06, Goldcorp Inc. (G) fell 41 cents to $21 and Allied Nevada Gold Inc. (ANV), which has tumbled from $40 in early 2013, lost 43 cents to an all-time low of $1.18. Cash costs at Allied Nevada's Hycroft gold mine came in at $856 all-in in the second quarter, but after accounting for writedowns they were just over $1,900 an ounce.

Martin Dallaire's Visible Gold Mines Inc. (VGD) climbed to an intraday two-year high of 13.5 cents before closing unchanged at 12 cents on 2.83 million shares. The company has found a dozen more of those splendid "rusty and angular boulders" at its 167 Extension property in Quebec. A sample from one of the boulders has returned 142.5 grams per tonne gold. Mr. Dallaire has been talking up these boulders since the company found its first four in September. Then, he said he promptly reminded his "geological team that the two last major discoveries in the James Bay area -- Goldcorp's Elenore and Stornoway's Renard discoveries -- were both discovered by boulder tracing in glaciated terrain." This property, 167 Extension, sits alongside a road that Stornoway Diamond Corp. (SWY: $0.54) is building to connect its Renard diamond project to the rest of the highway. The construction has unearthed several jagged, reddish boulders, from which samples would not normally excite investors, but Visible does have something to be excited about. Last week, the company attracted two big names to a $1.52-million private placement. Rob McEwen bought $500,000 worth of Visible units at six cents through his McEwen Mining Inc. (MUX: $1.43). The investment is now worth $1.1-million on paper. Ned Goodman also subscribed for $1-million worth of units and flow-through shares (eight cents). That investment, made through accounts managed by Goodman & Company, is now worth $1.7-million on paper. Both reportedly subscribed for investment purposes, but Mr. Dallaire says their arrival is a "great endorsement of our promising mining projects, in particular our project 167 . . . ." Mr. Dallaire must be pleased. His 2.4 million shares are worth $292,000, up from $36,000 at this time last year, when Visible's stock was 1.5 cents. The company has not drilled at any of its Quebec properties since 2012. Now it has $1.5-million for more exploration.

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