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by Stockwatch Business Reporter

New York spot gold gained $21.60 to $1,202 Monday, ahead of this week's Federal Reserve meeting. The Fed meets both Tuesday and Wednesday. The TSX Venture Exchange lost 7.52 points to 690.10, while the TSX Gold Index rose 1.82 points to 163.61.

Larger Canadian gold miners ended the day mostly up. Barrick Gold Corp. (ABX) gained 28 cents to $15.52, Agnico Eagle Mines Ltd. (AEM) rose eight cents to $35.41, Goldcorp Inc. (G) rose six cents to $23.20 and Kinross Gold Corp. (K) slipped one cent to $2.78.

Don Robinson's Eastmain Resources Inc. (ER) lost three cents to 38.5 cents on 1.19 million shares, after updating gold resources at the company's Clearwater gold property in Quebec. Clearwater now has 951,000 ounces of gold, measured and indicated, up from 721,000 ounces. Investors had been hoping that 72,000 metres of drilling over the past two years would boost indicated ounces much further. They did, however, establish 39,000 kilograms of tellurium at the property. Tellurium is a metal used in alloys, solar panels and semiconductors. Eastmain has $4-million in working capital, some of which it will use on a preliminary economic assessment this year. Newsletter writer John Kaiser has been recommending the stock through thick and thin since 1998. He last said buy in February, 2015, at 32 cents. He says Eastmain will track the price of gold this year, but the PEA should help the company attract a Clearwater buyer in 2016. Eastmain's president Robinson, a geologist, receives $226,000 a year.

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