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by Stockwatch Business Reporter

New York spot gold closed down $1.80 to $1,229.10 Wednesday, falling after the United States Federal Reserve said the American economy is growing at a moderate pace this month. Investors are now watching Europe closely, after Italy's president resigned. Greece is holding a presidential election later this month, and Mario Draghi is expected to increase money printing. Here in Canada, the TSX Venture Exchange lost 10.96 points to 659.69 and the TSX Gold Index slipped 2.24 points to 163.11.

Canadian gold miners ended some down, others up slightly. Barrick Gold Corp. (ABX) lost 35 cents to $12.41, Agnico Eagle Mines Ltd. (AEM) lost 45 cents to $35.10, Goldcorp Inc. (G) rose 19 cents to $24.50 and Eldorado Gold Corp. (ELD) added one cent to $8.

Mark O'Dea's True Gold Mining Inc. (TGM) dropped seven cents to 20.5 cents on 2.07 million shares. The company is quickly discovering how difficult it can be building a mine in Africa. True Gold has had to stop construction at its Karma gold project in Burkina Faso, following a "demonstration" that caused damages to the property. It is not clear from the company's description what the demonstration entailed, but the event comes just one month after True Gold reduced construction work to ensure worker safety following another event the company only described as a "disturbance." Burkinabe locals have been supportive of miners in the past, especially after they agree to community spending, as True Gold has done. The company relocated 1,000 locals and it is now in the process of relocating a creek full of sacred crocodiles. The decision to move the holy reptiles prompted blessings from both a religious sheik and a tribal king. The company employs five full-time community relations officers, but they have yet to address today's problem. True Gold was hoping to start gold production later this year.

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