(From $203 to $93 Billion in Silver Liabilities?) Silver Stock Report by Jason Hommel, July 6th, 2011 The Bank of International Settlements (BIS) has changed, or revised, their silver derivatives data in their derivatives reports. The change took place between their June, 2010 report, and their December, 2010 report, for the period of June, 2009. The change was from $203 billion in "other precious metals" liabilities, changed down to $93 billion. The change took place, in Table 22A: Amounts … [Read more...] about BIS Changed Silver Data
Senator Jim DeMint of South Carolina has an interesting idea: what if silver and gold coins which are declared legal tender by the U.S. government and/or state governments were treated just like other "legal tender" and not taxed? Crazy, I know. And he's not alone as Senators Rand Paul of Kentucky and Mike Lee of Utah have co-sponsored S.1287. Mike Lee's support stands to reason as his state passed similar legislation and had it signed into law on March 25 of this year. In a statement issued … [Read more...] about Sound Money From D.C.?
In a segment I like to call, "How did I miss THAT story?"... In a statement released by the White House on April 14th, President Obama is quoted as saying “Today, I was pleased to take another step to relieve unnecessary burdens on small businesses by signing H.R. 4 into law. Small business owners are the engine of our economy and because Democrats and Republicans worked together, we can ensure they spend their time and resources creating jobs and growing their business, not filling out more … [Read more...] about 1099 Avalanche Averted
From the "Any News Is Good News" file comes a few stories today about the U.S. Mint, an organization which has provided more than enough work for any good publicist/spin master in the last year... First up is the announcement that today the US Mint would begin sales of the 2011 Silver Eagles Proofs. This is significant because last year the lack of silver supply forced the mint to suspend sales. The newly minted pieces are available for purchase at a premium of $59.95 each, limit 100. This … [Read more...] about Weighting On the Mint All Day
The Financial Times reports this morning that a survey of central bank managers shows a consensus that the USD (United States Dollar) will lose reserve status and is expected to be replaced by a basket of currencies in the years ahead. While this isn't news to many people, it is significant that it is being openly discussed by the central bankers themselves. The dollar continues to suffer hit after hit but struggles to hold on. This is due to the overwhelming amount of established trade already … [Read more...] about Dollar Versus Gold, Central Banks Weigh In
In a statement released yesterday, Kitco Metals, Inc. categorically denies all of Revenu Québec’s allegations that they are guilty of evading sales tax due on their purchases of precious metal scrap. The tax agency, Revenu Québec, has launched a massive investigation which is reported to involve 175 investigators utilizing 70 search warrants to scrutinize the activities of more than 125 companies including Kitco Metals, Incorporated. The "tax scheme" being investigated has reportedly cost the … [Read more...] about Kitco Denies Tax Fraud Charges, Receivership Approved