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by Stockwatch Business Reporter

New York spot gold closed down $28.20 to $1,140 Wednesday, ending under $1,150 for the first time since April, 2010. The U.S. dollar climbed higher after the Republicans won a larger majority in the House and took control of the Senate. In Canada, the TSX Venture Exchange lost 4.01 points to 747.11 and the TSX Gold Index lost 5.78 points to 129.20.

Canadian gold miners ended another day down, as they watched their gold margins become increasingly thinner. Barrick Gold Corp. (ABX) dropped 56 cents to $12.50, Agnico Eagle Mines Ltd. (AEM) lost $1.04 to $25.17, Kinross Gold Corp. (K) slipped nine cents to $2.27 and Iamgold Corp. (IMG) lost 33 cents to $1.75.

Harry Dobson's Kirkland Lake Gold Inc. (KGI) dropped 39 cents to $3.30 on 2.26 million shares. The stock spent the summer climbing to $6 from $2.60, as president George Ogilvie improved production at the company's Macassa gold mine in Ontario. Now that the price of gold has dropped his efforts may not have been enough. The company has yet to release its second-quarter (ended Oct. 31) results. In the first quarter Macassa produced 39,000 ounces of gold, up from 30,000 ounces a year earlier, and its all-in cash costs were $1,250 an ounce, down from an unprofitable $2,145 a year earlier. Even after almost halving cash costs in five months, president Ogilvie will need to do better. He joined Kirkland Lake last November, relocating to Toronto from St. John's, Nfld., where he was president of Mr. Dobson's maritime miner, Rambler Metals & Mining Inc. (RAB: $0.465) (he remains Rambler's chairman). Mr. Ogilvie spent his first four months looking for a Macassa buyer, before deciding he could improve production by mining only the high-grade zones. He targets 155,000 ounces of gold in fiscal 2015, up from 120,000 in 2014. The stock has tumbled from $21 in mid-2011.

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