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by Stockwatch Business Reporter

New York spot gold closed down $14.40 to $1,189.10 Wednesday, as the U.S. dollar climbed higher after the United States Federal Reserve released minutes from its October meeting. The minutes discussed the improving American economy and the rise in the U.S. dollar, which indicates the Fed is getting closer to raising interest rates. Here in Canada, the TSX Venture Exchange lost 1.94 points to 782.45 and the TSX Gold Index dropped 8.85 points to 149.47.

Canada's gold miners ended the day down. Agnico Eagle Mines Ltd. (AEM) lost 80 cents to $29.56, Barrick Gold Corp. (ABX) lost 95 cents to $14.09, Kinross Gold Corp. (K) fell 27 cents to $3.10 and Iamgold Corp. (IMG) dropped 26 cents to $2.49.

Ned and Jonathan Goodman's Dundee Precious Metals Inc. (DPM) hit an intraday high of $3.35 before closing down 14 cents to $2.99 on 1.57 million shares. The company has two gold mines, Chelopech in Bulgaria and Kapan in Armenia, and a smelter in Namibia. Its all-in cash costs were $876 an ounce in the third quarter, up from $675 in 2013, which the company attributed to down days for training and maintenance. Dundee Precious hopes to one day build a third gold mine, at its Krumovgrad project in Bulgaria, where cash costs are a projected $400 an ounce. So far the mine has attracted more controversy than progress, with environmentalists using one of their favourite complaints, cyanide, to rile up locals. In response, the company eliminated the use of cyanide from its plan, in hopes of speeding up the mine-approval process, which has taken eight years so far. It got a little bit closer this month, obtaining mine approval from the municipal council of Krumovgrad. Dundee Precious does have many local supporters after having spent over $3-million on community projects in 2013. It even sponsored the country's national rhythmic gymnastics team to the London Olympics. Mining jobs would undoubtedly be a welcome boost to the economy, as Bulgaria is the poorest country in Europe, after Romania and Montenegro. Mineworkers at Dundee Precious's Chelopech gold mine receive an around $14,000 a year, more than double the country's $5,000 national average.

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