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by Stockwatch Business Reporter

New York spot gold closed up $10.20 to $1,240.90 Monday, despite comments from one Federal Reserve president, James Bullard of St. Louis. Mr. Bullard says he thinks the Fed should reduce its rate of money printing by at least a small amount this month. The Fed will hold a two-day meeting next week. Here in Canada, the TSX Venture Exchange dropped 14.58 points to 902.07, while the TSX Gold Index rose 3.15 points to 154.11.

Major Canadian gold miners ended the day mostly up. Yamana Gold Inc. (YRI) gained 27 cents to $9.34, Iamgold Corp. (IMG) rose four cents to $4.15 and Barrick Gold Corp. (ABX) rose 63 cents to $17.01, while Goldcorp Inc. (G) slipped four cents to $22.40.

Kitco Metals Inc. is defending itself from allegations made by the Quebec Revenue Agency, which is seeking jail time and up to $750-million in fines for participants in an alleged gold tax-fraud scheme. The agency claims that Kitco and 11 other companies avoided paying $350-million in taxes from 2008 to 2010. Kitco has a scrap metals purchasing business, but president Bart Kitner says it never made false statements in a return, nor has it attempted to obtain a rebate to which it was not entitled. It pays sales taxes on the scrap metal it purchases and then receives tax credits for the corresponding amounts. Kitco says it is then the vendor's responsibility to remit the taxes to the Quebec Revenue Agency. Kitco says the revenue agency is unjustly holding it responsible for the unremitted taxes. The revenue agency's pursuit, Kitco says, is an abuse of authority. Kitco sued the Quebec Revenue Agency in June, 2012. It is seeking $122-million in damages.

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