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by Stockwatch Business Reporter

New York spot gold closed down $2.50 to $1.219.40 Friday, ending the week down $3.20. Gold has dropped $63 over the past 30 days. The World Gold Council says Americans purchased 920,000 ounces of gold jewellery (about $1.1-billion worth) in the second quarter, up from 800,000 ounces in the same period last year. It was also double the amount spent on gold bars and coins. In Canada, the TSX Venture Exchange rose 8.15 points to 919.42, while the TSX Gold Index slipped 1.5 points to 170.72.

Gold miners in Canada had a down day. Eldorado Gold Corp. (ELD) lost nine cents to $7.71, Yamana Gold Inc. (YRI) lost 15 cents to $6.97, Alamos Gold Inc. (AGI) fell 16 cents to $8.86 and Detour Gold Corp. (DGC) dropped 42 cents to $9.17.

Ari Sussman's Cordoba Minerals Corp. (CDB) lost 4.5 cents to 28 cents on 366,000 shares. The stock has slipped from 90 cents in May, following a 1:2 rollback. Cordoba has $7-million in working capital and is using it to drill at its San Matias gold property in Colombia. The company has been talking up some "widespread copper-gold mineralization," but this is from shallow drilling, which means the results cannot be used in a resource estimate.

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