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by Stockwatch Business Reporter

New York spot gold closed down $1.80 to $1,191.20 Wednesday. Greece has come up with another 200 million euros to pay interest on the money it borrowed from the International Monetary Fund. The country has made six billion euros in interest payments this year; it has another 760 million euros due later this month. Here in Canada, the TSX Venture Exchange lost 9.75 points to 687.00 and the TSX Gold Index lost 4.65 points to 161.74.

Gold miners in Canada had a down day. Barrick Gold Corp. (ABX) dropped 60 cents to $15.21, Goldcorp Inc. (G) dropped 58 cents to $21.81 and Alamos Gold Inc. (AGI) lost 25 cents to $8.16.

Paul Wright's Greek gold mining hopeful, Eldorado Gold Corp. (ELD), lost 19 cents to $5.76 on 5.4 million shares. The company produced 4,700 ounces of Greek gold in the first quarter, as part of a tailings rehabilitation exercise that is unlikely to be profitable. Eldorado agreed to process the old tailings and reclaim 27 hectares of land so it (the land) can support local vegetation. This was supposed to help the company obtain environmental approval, but then the government changed this year. Eldorado has spent $450-million on its two Greek gold projects, but continues to face weekly protests. Should it pull out of the country, Greece stands to lose. Eldorado bought $160-million worth of local goods and services last year. It also paid $50-million in government taxes. The company employs 2,200 locals, who are now protesting in favour of keeping their jobs. Eldorado has five already operating gold mines, two in Turkey and three in China. For his work last year, the company paid president Wright $3.7-million. He is expected to receive $5.48-million this year.

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