Changing or abolishing the collectibles rate itself would require an act of Congress. But the Trump administration could go around Congress by instructing the IRS to stop classifying non-collectible bullion products as “collectibles.” Doing so would get rid of an arbitrary tax code interpretation by IRS bureaucrats that makes no logical sense.
The total taxes collected on precious metals transactions in any given year are a tiny fraction of the capital gains taxes generated by conventional investments that are eligible for lower long-term rates.
Treating physical bullion the same as stocks for tax purposes wouldn’t have a meaningful impact on overall federal revenues. But doing so would be a huge gesture of fundamental fairness toward a community of investors that is often looked down upon by Wall Street and the political class. Full Story
Pretty good if you ask me. Most economic indicators this year have moved relentlessly in the direction of recession, and now the Cass Freight Index is saying a US recession may start in the 3rd quarter, fitting up nicely to my prediction that we would be entering recession this summer. Full Story
In this analysis we will explore how the world has changed, and why it is that many of the most sophisticated investors in the world have been lining up to pay the "stupidly high" prices, that have created such astonishing profits for them in the real world of 2019 - and the equal or larger profits that may yet still be on the way. There are seven key words that sophisticated investors are focusing upon - but none of them are part of the traditional financial education for individual investors. … Why are we seeing these extraordinary price movements, and why are they so different from what we have seen in the past?
Tuesday’s announcement by the Justice Department of a guilty plea by a long term former trader from JPMorgan for spoofing COMEX precious metal futures was the second such guilty plea since October. Both traders are cooperating in the DOJ’s ongoing investigation.
While it took way too long for the Justice Department and the CFTC to finally crack down on spoofing, I suppose it’s a case of better late than never. And there can be little doubt that the regulators have cracked down on the illegal practice, which involves the entry and immediate cancellation of large orders solely designed to manipulate prices in the short term. Full Story
To quote my late friend Jonathan Auerbach “It’s inflation all the way, baby!”
Stop hand wringing, tune down the noise and realize that the next inflation (or at least inflation attempt) will come. But it’s not going to come in real time with the president haranguing the Fed chief on Twitter and MBA economists writing open letters.
The next inflation will come or the coming steepening of the yield curve will be deflationary and then that’s all she wrote (and ate). Full Story
I would like to take an in-depth look at Sliver and show you the bottoming process that finally came to an end in late May of this year. There is no question that silver as been the laggard when it comes to the PM complex similar to what we saw back in the early 2000’s when gold led the way for the rest of the PM complex. Silver eventually caught fire and actually topped out in April of 2011 a full five months before gold and the PM stock indexes. If you’ve been trading silver for any length of time then you know when it moves it can make up lost ground in a hurry.
Since the early 2016 low SLV has been trying to bottom around the 13 area. Every time it would find support and rally higher SLV could never maintain its impulse move higher. Below is a one year daily chart for SLV which shows a small double bottom that formed late last year and after reaching the double bottom price objective at 15.00 the price action declined once again toward the bottom of the previous lows.
This time however SLV was able to find its low slightly above its 2018 double bottom low forming the blue bullish falling wedge. Full Story
I guarantee you, tax cuts will always bubble up to the higher strata of society more readily than they trickle down. Far too many filters stop up the channels on the way down for anything more than the slightest trickle to make it to the bottom tiers — not even enough to slake your thirst.
Don’t you find it contradictory that we consider the US economy’s greatest strength to be the consumer and, yet, we repeatedly make sure the consumer who drives the economy gets the least of the tax cuts? That strikes me as the kind of self-contradictory thinking that can only be explained by greed. Full Story
If the wealthy did not find great opportunities everywhere for their capital when it yielded nothing, they aren’t likely to suddenly find them now that central bankers are turning the screws on them another crank.
Central bankers may convince wealthy people to pull cash from the banks, but they aren’t necessarily going to go on the desired spending spree. Our bet is that, instead, they will seek other safe havens, including precious metals. Full Story
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