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by Stockwatch Business Reporter

New York spot gold closed down $5.40 to $1,161.50 Tuesday, falling with North American stock markets as the U.S. dollar continued to climb. The TSX Venture Exchange dropped 11.18 points to 669.50 and the TSX Gold Index lost 2.25 points to 152.60.

Major Canadian gold miners followed bullion down. Yamana Gold Inc. (YRI) lost 24 cents to $4.32, Alamos Gold Inc. (AGI) lost 18 cents to $6.93, Goldcorp Inc. (G) fell 23 cents to $23.20 and Agnico Eagle Mines Ltd. (AEM), which has already fallen $5.35 this month, slipped two cents to $34.82.

Donald Robinson's Eastmain Resources Inc. (ER) climbed 7.5 cents to 50 cents on 2.60 million shares. The stock has been on a tear this month, rising from 30 cents as the price of gold dropped $51. Investors are waiting for Eastmain to release an updated resource estimate for its Clearwater gold project in Quebec. According to a 2012 estimate, Clearwater had 1.8 million ounces of high-grade gold (grading five grams per tonne), which appeared economic at $1,200 gold. Eastmain budgets $4.4-million on more drilling this year with its $6-million in working capital. The company has been exploring Clearwater on and off for almost two decades. In 1998, president Robinson caught the attention of newsletter writer John Kaiser, who recommended Eastmain as a "toiling geologist play" at 14 cents. Mr. Kaiser is still recommending the stock today, but last month he noted that the recommendation has been somewhat frustrating because Eastmain has been stuck on a nothing-seems-to-change treadmill. By next year, Mr. Kaiser says, the Clearwater project should finally be ready to attract a buyout offer.

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