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by Stockwatch Business Reporter

New York spot gold closed down $1.80 to $1,166.90 Monday, as the U.S. dollar remained steady. Gold has lost $46 this month, as the U.S. dollar set 11.5-year highs against the euro. The currencies are now trading near parity. Here in Canada, the TSX Venture Exchange dropped 8.11 points to 680.68 and the TSX Gold Index lost 5.88 points to 154.85.

Canada's gold mining stocks ended the day down. Agnico Eagle Mines Ltd. (AEM) dropped $1.29 to $34.84, Barrick Gold Corp. (ABX) descended 67 cents to $13.59, Eldorado Gold Corp. (ELD) lost 24 cents to $5.85 and Yamana Gold Inc. (YRI) lost 16 cents to $4.56.

David Adamson's Rubicon Minerals Corp. (RMX) lost 10 cents to $1.20 on 1.09 million shares. The company is months away from starting production at its Phoenix gold mine near Red Lake, Ont. All-in cash costs are projected at around $845 an ounce, which means the mine should be economic even if gold drops to $1,000. Rubicon is fully financed to production; at Nov. 30, it had $100-million in working capital and said it would take only $27-million to reach production. The company is now on a hiring spree, making sure there are plenty of jobs for its most recent mine supporters, the Wabauskang First Nation. The band agreed to drop a lawsuit against the mine last fall, in exchange for jobs, money and preservation of cultural sites. This was the final obstacle in the way of Rubicon's Phoenix journey, which has cost the company almost $400-million and taken 17 years.

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