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by Stockwatch Business Reporter

New York spot gold dropped $30.60 to $4,074.20 on Wednesday. The TSX Venture Exchange lost more ground, dropping 6.54 points to 886.58, while the TSX gold index shed 26.75 points to 738.82. Most precious metals miners moved lower today, some reflecting signs of gold bug fear. Aris Mining Corp. (ARIS) lost $1.74 to $19.84 on 1.86 million shares and Eldorado Gold Corp. (ELD) slid $3.32 to $42.09 on 2.2 million shares. Even the diversified miners retreated today: Franco-Nevada Corp. (FNV) lost $8.73 to $288.41 on 643,000 shares.

Good news failed to arrest the retreat: Luis Albano Tondo's Jaguar Mining Inc. (JAG) lost 13 cents to $5.16 on 156,000 shares on word that drilling along its gold projects in the Paciencia area of Brazil is connecting the dots. The effort is confirming "significant mineral potential" with "a large mineral system connecting its Chame, Santa Isabel, Marzagao and Bahu targets." The company now applauds that line of south-to-north targets as "a new district with over 15 kilometres of strike length."

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