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by Stockwatch Business Reporter

Say it's not so, Joe! New York spot gold tumbled to levels not seen since July -- and did so for the same reason. Too busy to keep tabs on the daily moves in bullion? No problem -- just scan the gasoline prices on your daily jaunt to work. There is a strong correlation: Increased global tensions drive oil higher, rising oil prices drive up inflation, and higher inflation sends gold lower as investors anticipate rising interest rates. And so, bullion dropped $26.70 to $3,996.50 by midafternoon Friday. The TSX Venture Exchange kept it company, dropping 1.01 points to 820.95 while the TSX gold index slumped 19.51 points to 801.95.

Even so, there were a few bright green lights among gold miners today. Trekor Metals Ltd. (TKO) managed to add 19 cents to $10.43 on 1.95 million shares. On the other hand, Endeavour Silver Corp. (EDR) was one of many ending the day in the red, as it fell 27 cents to $10.43 on 1.61 million shares. Imperial Metals Corp. (III) was another, as it fell 24 cents to $6.70 on 336,000 shares.

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