Gold & Silver Digest: 7/31/13

Adam Taggart
By Adam Taggart on Wed, Jul 31, 2013 - 10:28pm

The Gold & Silver Digest contains headlines of stories that members of this group deem relevant and/or interesting to precious metals enthusiasts.

If you have articles to submit for the next digest, please email them to me by clicking here.

7/31/13 9:13 PM EST US close metals price quotes from Finviz

Reuters: Gold down for day, but ends July with big monthly gain

Gold dropped in volatile trading on Wednesday, tumbling early on stronger-than-expected U.S. GDP data, then paring losses when traders were relieved after the U.S. Federal Reserve ended a policy meeting without any sign that its bond-buying program would end soon.

Bullion ended July with a monthly gain of more than 7 percent, its biggest since January 2012. The metal rebounded this monthly after three sharp monthly declines.

Bloomberg: India to Curtail Gold Imports to Ease Deficit Pressure on Rupee

India will contain gold imports below 845 metric tons this year as Asia’s third-biggest economy takes steps to curb a record current-account deficit and defend the currency, Finance Minister Palaniappan Chidambaram said.

Inbound shipments of bullion fell in June and July from a year earlier and the government is determined to limit imports below the amount bought in the year ended March, Chidambaram told reporters in New Delhi today. Imports between July 1 and July 25 were 45 tons, he said, without elaborating.

Kitco News: Comex Gold Choppy After FOMC ‘Opaque’ In Policy Statement

U.S. gold futures were choppy in the aftermath of a “deliberately opaque” Federal Open Market Committee statement Wednesday, said analysts.

Although traders and analysts were looking for some direction from policymakers, they didn’t hear anything to signal that the Fed is ready to start tapering its quantitative easing program. However, traders continue to expect this scenario as economic data has been improving.

“The end result of this is…there were not a lot of conclusions to draw,” said Bill O’Neill, one of the principals with LOGIC Advisors. “We’re in the (same position) as we were before the meeting.

Reuters: India hopes to contain gold imports below last year's level

India hopes to contain gold imports well below 845 tonnes that were shipped last year, Finance Minister P. Chidambaram said on Wednesday, a week after the central bank restricted imports further by tying imports to exports volumes.

"We hope to contain gold imports at a level well below last year's total imports of 845 metric tonnes and save considerable amount of foreign exchange, which will have a positive impact on the current account deficit," Chidambaram said.

Jesse's Café Américain: COMEX Registered Gold inventory Continues To Decline - A Litany in Time of Frauds

As a reminder of something we have discussed previously, the COMEX does not take legal responsibility for or audit the bullion inventories reported, as stated in the following disclaimer which they added to their records in June of this year.  They rely on the accuracy and integrity of the parties which report this and other information to them.

"The information in this report is taken from sources believed to be reliable; however, the Commodity Exchange, Inc. disclaims all liability whatsoever with regard to its accuracy or completeness.  This report is produced for information purposes only."

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