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by Stockwatch Business Reporter

New York spot gold closed down $4.60 to $1,198.90 Wednesday, as the U.S. dollar hit an 11.5-year high. The United States Federal Reserve said the American economy grew at a moderate pace last month. Here in Canada, the TSX Venture Exchange lost 4.21 points to 698.09 and the TSX Gold Index fell 3.78 points to 170.41.

Gold miners in Canada ended the day down. Barrick Gold Corp. (ABX) lost 52 cents to $15.09, Agnico Eagle Mines Ltd. (AEM) lost $1.31 to $38.21, Goldcorp Inc. (G) dropped 63 cents to $25.45 and Iamgold Corp. (IMG) slid 12 cents to $2.78.

Paul Huet's Klondex Mines Ltd. (KDX) dropped 10 cents to $2.56 on 448,000 shares. The stock rose to $2.70 from $1.90 in January and held fairly steady in February, but some insiders have decided it is time to sell. The company's largest shareholder, Sun Valley Gold LLC, owned by Peter Palmedo, has sold one million shares at $2.65, leaving it with 14 million shares, and its second-largest shareholder, The K2 Principal Fund Ltd, has sold 1.94 million shares also around $2.65, leaving it with 12.3 million. The most active director has been Rodney Cooper, who offloaded 110,000 shares at around $2.55 (after exercising options to buy 180,000 at prices ranging from $1.21 to $1.50) for a quick $139,000 profit. This is almost four times his $37,000 a year in director fees.

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