An interesting headline report earlier has yet to have an impact on Gold

Earlier this morning a report released across the wires, just as the European markets reopened was focused in Indian gold imports. That noted the amount of Gold imported into that country in November fell by some $5 billion. This news was delivered by Reuters and it cited Indian gold imports being revised down to $9.84 billion from a previously estimated $14.86 billion. There was no immediate impact on Gold from this headline, but it is rather interesting, especially if that is a trend that continues last month and beyond. Before you jump out of your chair, it should be noted; that at $2,650 per ounce that $5 billion equates to less than 2 million ounces and this is all about physical metal and not any kind of synthetic ownership. Gold has been nudging above that $2,652 level, but right now it is back underneath it, currently trading at $2,651.35