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by Stockwatch Business Reporter

New York spot gold closed down $3.10 to $1,384.40 Wednesday. The International Monetary fund has lowered its United States growth forecast this year, to 1.7 per cent from 2 per cent, citing a sharp contraction in the first quarter. The U.S. Federal Reserve has kept its growth target at 2.1 per cent minimum. In Canada, the TSX Venture Exchange added 1.35 points to 1,012.23, while the TSX Gold Index slipped a fraction to 197.35.

Canadian gold miners had a down day. Iamgold Corp. (IMG) lost seven cents to $4.03, New Gold Inc. (NGD) lost one cent to $6.73, Detour Gold Corp. (DGC) slipped 16 cents to $13.58 and Yamana Gold Inc. (YRI) fell nine cents to $8.78.

Doug Belanger and Rockne Timm's Gold Reserve Inc. (GRZ) lost four cents to $3.80, before being halted pending news. Arbitration proceedings with the Bolivarian Republic of Venezuela have come to an end. Now, the company awaits a final decision from the arbitration panel. Gold Reserve has been in arbitration since 2009, claiming damages of $2.1-billion ($32 a share) for the 2008 expropriation of its Brisas gold project. Since then, Venezuela has been vocal about its plans for Brisas; it wants to bring the project to production itself, and has hired Chinese miners to help. One Chinese company is already conducting development studies. Gold Reserve sank $250-million into Brisas between 1993 and 2008. News of the expropriation sent the company's stock tumbling as low as 30 cents from $6. In the meantime, the company has $12-million from a note financing this month. Gold Reserve would like to use some of the money drilling at its La Tortuga gold property in Mexico. La Tortuga is an 2012 option from Soltoro Ltd. (SOL: $0.135) that Gold Reserve had to acquire or it risked being delisted because its only asset was an arbitration case. Progress at La Tortuga has been slow, as the company has yet to receive drill permits. Late last year, Mexico amended its mining laws, forcing Gold Reserve to submit even more environmental studies. It hopes to finally receive drill permits this year.

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