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by Stockwatch Business Reporter

New York spot gold lost $6.10 to $1,191.90 Tuesday, rising as the U.S. dollar fell on weaker-than-expected retail sales. The United States Census Bureau says retail sales rose last month but only by 0.9 per cent. Analysts had been predicting a bigger increase because of low gas prices. Here in Canada, the TSX Venture Exchange edged up a fraction to 696.05, while the TSX Gold Index slipped a fraction to 164.10.

Canadian gold miners ended some up, some down. Eldorado Gold Corp. (ELD) rose 21 cents to $6.09, Barrick Gold Corp. (ABX) added three cents to $15.62, Goldcorp Inc. (G) lost 12 cents to $23.99 and Kinross Gold Corp. (K) rose six cents to $2.84.

Bruce Bragagnolo's Timmins Gold Corp. (TMM) was one of the more active gold stocks, slipping six cents to 73 cents on 1.72 million shares. The company had a bad first quarter, producing only 24,000 ounces of gold equivalent at its San Francisco mine in Mexico, down from 35,000 ounces a year earlier. President Arturo Bonillas attributes the decline to lower-grade ore. He still aims to produce 125,000 ounces of gold this year, and he hopes Timmins can eventually increase that to 325,000 ounces a year, but this will depend on two acquisitions. In December, Timmins paid $25-million for Goldgroup Mining Inc.'s (GGA: 0.10) Caballo Blanco gold project in Veracruz, Mexico. A mine there will cost $80-million to build, and Timmins can begin construction just as soon as it obtain permits. Goldgroup's permitting process, however, stalled a couple of years ago because the locals are convinced that a mine will reignite a dormant volcano and reawake the souls of 75 bodies buried below.

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