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by Stockwatch Business Reporter

New York spot gold lost $5.70 to $1,148.60 Tuesday, a four-month low, falling with both the U.S. dollar and oil. Here in Canada, the TSX Venture Exchange dropped 4.63 points to 659.21 and the TSX Gold Index slipped 2.17 points to 155.69.

Gold miners in Canada had a down day. Goldcorp Inc. (G) dropped 67 cents to $23.49, Barrick Gold Corp. (ABX) fell 30 cents to $13.17, Agnico Eagle Mines Ltd. (AEM) fell 42 cents to $35.90 and Yamana Gold Inc. (YRI) lost 32 cents to $4.48.

David Palmer's Probe Metals Inc. (PRB) started trading today, closing at 42.5 cents on 1.78 million shares. The company was spun out of Probe Mines Ltd., which Goldcorp acquired for $536-million last week. Goldcorp was only interested in Probe Mines' Borden Lake gold project in Ontario, so it spun off the rest of the properties and $15-million as Probe Metals Inc. Mr. Palmer will run the company along with former Probe Mines chairman Jamie Sokalsky. Mr. Sokalsky joined the Probe predecessor on Sept. 16, 2014, the day after he stepped down as chief executive officer of Barrick. At Probe Mines, he managed to acquire one remaining piece of Borden Land and then attract the takeover bid. At Probe Metals, he is considering acquisitions while Mr. Palmer reviews the company's three properties in the Ring of Fire. Black Creek, a chromite project, is the most advanced, although assays from there returned uneconomic in 2010. Mr. Palmer once thought he could sell the Black Chromite land for up to $100-million, but that was when Cliffs Natural Resources Ltd. was planning to build a road right through it. Cliffs stopped work in the Ring of Fire entirely in 2013, citing stalled talks with government. Now, the burden to build a road rests with Noront Resources Ltd. (NOT: $0.36), which will require considerable government help.

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