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by Stockwatch Business Reporter

New York spot gold closed down $6.10 to $1,188.90 Wednesday. It dropped as low as $1,183 early in the session, but recovered after the United States Federal Reserve said it would wait a "considerable time" before raising interest rates. Stock markets in the United States and Canada climbed with the TSX Venture Exchange rising 16.70 points to 659 and the TSX Gold Index adding 7.67 points to 141.69.

Canadian gold miners started the day down but ended the day up. Barrick Gold Corp. (ABX) rose 56 cents to $12.58, Goldcorp Inc. (G) climbed $1.02 to $20.90, Agnico Eagle Mines Ltd. (AEM) gained $1.63 to $27 and Eldorado Gold Corp. (ELD) gained 52 cents to $7.26.

Mitchell Krebs's Coeur Mining Inc. (CDE) dropped 23 U.S. cents to $4.34 (U.S.) on 5.77 million shares, after the company announced plans to merge with Chris Crupi's Paramount Gold and Silver Corp. (PZG) in an all-share deal valued at $146-million. The news sent Paramount up 23 cents to $1.01 on 1.44 million shares. Coeur has five gold-silver mines across the Americas, one of which, Palmarejo in Mexico, sits next to Paramount's San Miguel gold deposit. Coeur thinks it can bring San Miguel's 1.1 million ounces of gold to production next year for only $15-million. On the surface that looks to be optimistic. If Paramount had to build its own mine and mill, it would have needed more than $230-million and a much higher gold price. San Miguel's preliminary economic assessment used $1,500 gold as a worst-case scenario.

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