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by Stockwatch Business Reporter

New York spot gold dropped $26.90 to $1,149.70 Monday, losing much of the $37 it gained on Friday. The TSX Venture Exchange slipped 4.76 points to 765.50 and the TSX Gold Index dropped 8.69 points to 136.18.

Gold miners in Canada followed bullion down. Barrick Gold Corp. (ABX) dropped 89 cents to $12.90, Alamos Gold Inc. (AGI) dropped 55 cents to $7.87, New Gold Inc. (NGD) slipped 31 cents to $4.09 and Iamgold Corp. (IMG) lost 10 cents to $2.11. Iamgold, which hit an all-time low of $1.62 last week, has fired three of its executives in hopes it can further reduce costs, following $125-million in cost reductions last year. In its second quarter of 2014, Iamgold spent $1,136 all-in producing each ounce of gold. The miner will have its third-quarter numbers out on Wednesday.

Bill Trimble's Bayfield Ventures Corp. (BYV) climbed 4.5 cents to 18.5 cents on 1.42 million shares, after investors learned that their takeover prayers had finally been answered. New Gold is offering 21 cents for each Bayfield share in an all-stock deal valued at $16.6-million. New Gold is after Bayfield's Burns Block gold property in Ontario, which is contiguous to the major's 10-million-ounce Rainy River gold deposit, and 21 cents is a good price (for New Gold). Bayfield's stock has tumbled from 40 cents this year. New Gold is currently awaiting environmental approval to build a mine at Rainy River. The project will cost $885-million, and New Gold plans to mine the highest-grade Rainy River ore first. Burns Block has two million ounces of gold, indicated and inferred.

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