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by Stockwatch Business Reporter

New York spot gold dropped $18.10 to $1,187.80 Tuesday. Greece needs to come up with 300 million euros by next Friday, or it risks defaulting on its interest payments to the International Monetary Fund. "This money will not be given and is not there to be given," said one Greek minister. There are another three payments, totalling 1.2-billion euros, due later this month, on June 12, June 16 and June 19. Here in Canada, the TSX Venture Exchange dropped 8.13 points to 691.96 and the TSX Gold Index fell 3.71 points to 162.35.

Gold miners in Canada followed bullion down. Agnico Eagle Mines Ltd. (AEM) lost $1.18 to $38.61, Detour Gold Corp. (DGC) dropped 48 cents to $12.78, Goldcorp Inc. (G) dropped 78 cents to $21.72 and Barrick Gold Corp. (ABX) fell 56 cents to $14.56.

Barrick is on a selling spree. After arranging to sell its Cowal gold mine in Australia for $550-million yesterday, the company has found another interested buyer, Zijin Mining Group Co. Ltd. of China. It has offered $295-million cash for a 50-per-cent interest in Barrick's Porgera gold mine in Papua New Guinea. Chairman John Thornton says this is the first step in a long-term relationship with Zijin Mining as well as with China. The chairman was appointed three years ago partially because of his Chinese connections. This is his first Chinese deal, although he has made it clear all along that his plans regarding China are long-term and not one-off arrangements. Mr. Thornton has taken much heat since Peter Munk recruited him in 2012. First, investors were upset with his $11.9-million signing bonus. Then, they were upset over his $9.5-million in total pay for 2013, and now they are complaining about his $13.5-million in pay for 2014.

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