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by Stockwatch Business Reporter

New York spot gold closed up $2.60 to $1,168.30 Friday, ending the week down $6. The TSX Venture Exchange lost one point to 670.58, while the TSX Gold Index added 1.22 points to 151.86.

Canadian gold miners followed bullion higher. Agnico Eagle Mines Ltd. (AEM) rose 79 cents to $36.44, Centerra Gold Inc. (CG) gained four cents to $7.20, Detour Gold Corp. (DGC) gained 11 cents to $14.37 and Eldorado Gold Corp. (ELD) added 10 cents to $5.22.

Rob McEwen's McEwen Mining Inc. (MUX) slipped four cents to $1.17 on 26,000 shares after receiving a warning from the New York Stock Exchange. Stocks listed on the NYSE must close at an average price of $1 (U.S.), calculated over the past 30 consecutive trading days, or they risk being delisted. McEwen has closed at an average of 96.7 U.S. cents over the past 30 trading days, which means the company has until Jan. 1, 2016, to fix the problem. In response, Mr. McEwen points out that McEwen's shares are undervalued. He blames the low price on a decline in gold and silver as well as a general reduction in financing options. If the company is delisted, it will be even further from its main goal: qualifying for the S&P 500 Index. Hopes of making the index were one of the main reasons Mr. McEwen merged his Minera Andes Inc. and U.S. Gold Corp. in late 2011. The merged company has met six of the seven index criteria so far, but the final criterion will be the most difficult. McEwen needs a market capitalization of at least $5.3-billion. At today's 300 million shares outstanding, this means a share price of $17.63.

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