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by Stockwatch Business Reporter

New York spot gold closed down $5.60 to $1,221.80 Friday, ending the week up $29. The TSX Venture Exchange lost 9.72 points to 653.78 and the TSX Gold Index slipped 2.67 points to 146.32.

Canada's larger gold miners had a down day. Barrick Gold Corp. (ABX) fell 36 cents to $13.28, Goldcorp Inc. (G) lost 53 cents to $21.80, Eldorado Gold Corp. (ELD) dropped 22 cents to $7.43 and Kinross Gold Corp. (K) slid 11 cents to $3.41.

Bob Buchan's Allied Nevada Gold Corp. (ANV) lost four cents to 85 cents, an all-time low, on 371,000 shares. The company has closed a $21.75-million (U.S.) financing for its Hycroft gold mine in Nevada, where it has faced problem after problem over the past two years. This is why Allied Nevada's stock has lurched down from $40 in late 2012. Mr. Buchan's two million shares have dropped by over $78-million in value. Hycroft was supposed to produce 250,000 ounces of gold this year, but the company has lowered its guidance multiple times. It now hopes for 220,000 ounces. All-in cash costs should come in under $900 an ounce, but they will be more like $1,900 an ounce if the company takes into account its writedowns. Allied Nevada badly needs to expand its Hycroft mill. The expansion would cost $770-million, and that is after a "capital resequencing and optimization" that brought it down from $935-million.

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