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by Stockwatch Business Reporter

New York spot gold closed up $5.40 to $1,238.70 Monday. China is celebrating its new year in 10 days, but demand for physical bullion has yet to pick up despite gold's recent drop. Here in Canada, the TSX Venture Exchange rose 2.75 points to 696.19 and the TSX Gold Index added 2.32 points to 184.66.

Goldcorp Inc. (G) gained 58 cents to $29.22, Alamos Gold Inc. (AGI) gained 18 cents to $7.18, Barrick Gold Corp. (ABX) added 12 cents to $15.56 and Eldorado Gold Corp. (ELD) added five cents to $6.35.

Fred Stanford's Torex Gold Resources Inc. (TXG) dropped nine cents to $1.29 on 7.27 million shares. The company stopped building its Morelos gold mine in Mexico Friday night, so the military could look for a group of missing locals. Twelve community members "went missing" from the public highway and public waterways, Torex said. One is a Morelos labourer and three others work for company contractors, none of whom were working at the time of their disappearance. Torex does not know when it will be able to resume construction. It did tell a local newspaper that it rejects reports that the miners were abducted. It prefers "missing." According to the local paper, kidnappers wearing police uniforms took 19 people from the town of Cocula; eight have since been released. Cocula is close to Torex's mine and also 25 minutes from the town of Iguala, which made headlines last fall when 43 students went missing. There has been much talk that the students were murdered but their bodies have yet to be found.

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