Gold is down $10 today after hitting a record high yesterday. Reuters is out with a report highlighting a drop in China gold and copper imports due to a potential tax change, citing four sources:Gold ore/concentrate imports to China fell 22.4% m/m in September to 201,004.9 MTChinese customs floating plan to put higher taxes on gold products with >58% iron/sulfur, taxing it as pyrite, which is subject to a 1% import tax and 13% VATProposal being fought by Chinese importers but customs not budgingSome traders already diverting shipments elsewhere to avoid retroactive tax riskThis isn't a negative for the gold market as it's more about refining and processing, though if there are local shortage
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