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by Stockwatch Business Reporter

New York spot gold fell $46.60 Friday, closing at $2,397.90. The TSX Venture Exchange rose 1.24 points to 580.09 while the TSX gold index retreated 3.61 points to 351.17. Capstone Copper Corp. (CS) was among the minority of gainers today as it added 26 cents to $9.30 on 5.76 million shares.

Collin Kettell and Denis Laviolette's New Found Gold Corp. (NFG) was one of the tumblers, although without news to suggest why. It fell 23 cents to $3.90 on 1.48 million shares following a 26-cent drop yesterday and a 31-cent decline on Wednesday. A share went for $4.99 Monday, significantly higher than the $3.66 it had traded at two weeks earlier.

Three years ago, New Found hit $13.50, but investors are impatient at the company's progress at the Queensway project in north-central Newfoundland. Yes, there has been over 500,000 metres of drilling, but despite a bevy of bonanza-grade hits since then at several sites on the property, the company has yet to produce a resource estimate.

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