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by Stockwatch Business Reporter

New York spot gold slid $25.90 to $1,172.90 Friday, hitting a ghoulish four-year low as the U.S. dollar climbed higher. The TSX Venture Exchange dipped 2.06 points to 769.59 and the TSX Gold Index lost 5.52 points to 134.62.

Gold miners in Canada continued to decline. Agnico Eagle Mines Ltd. (AEM) lost $1.11 to $26.56, an eight-year low, Kinross Gold Corp. (K) dropped 35 cents to $2.41, a 13-year low, and Barrick Gold Corp. (ABX) lost another 37 cents cents to $13.38, hitting a fresh 22-year low, while Goldcorp Inc. (G), which dropped $3.20 yesterday, rallied 31 cents to $21.15.

New gold projects have an average all-in cost estimate of around $1,350 an ounce, which means dozens of projects are now uneconomic. There are a few economic ones remaining. Steve Sharpe's Euromax Resources Ltd. (EOX), down three cents to 39 cents on 25,000 shares, projects all-in cash costs at the Ilovitza gold mine in Macedonia will be $334 an ounce. Royal Gold Inc. (RGL: $64.64) has agreed to advance Euromax $175-million to build the mine, which means Mr. Sharpe needs to arrange about $325-million more in financings. He is capable, having closed over $750-million for his previous company, European Gold Fields Ltd., and its projects in Greece.

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