Showing posts with label gold. Show all posts
Showing posts with label gold. Show all posts

Tuesday, August 23, 2011

Chavez to move 12 Billion in Gold to Venezuela

MELISSA BLOCK, host: With gold trading at record prices, here's a new challenge for what's called the bullion logistics industry. That is, the people who move gold around. The challenge is how to send and insure a really big shipment.
Venezuela's president Hugo Chavez has announced that he wants all of the country's holdings in gold to be physically transferred to his country. That's more than $12 billion worth of gold. And the prospects for shipping it fill our heads with all kinds of James Bond-ish ideas.
Well, Jack Farchy wrote about this for the Financial Times. And, Jack, we're talking about 211 tons of Venezuelan gold. Where is it exactly?

Sunday, June 26, 2011

Kitco offices raided - 175 tax agents issue warrants, seize documents

Quebec tax authorities raided the offices of one of Canada's largest gold trading and research firms, Kitco Metals Inc., probing whether the company and several others may have illegally avoided paying more than C$150 million (US$154 million) in Quebec sales taxes.

Revenu Quebec hasn't pressed any charges. But in a statement, it said it had reason to believe that Kitco, a privately owned precious-metals trader and research firm based in Montreal, worked with several entities and individuals in a scheme involving gold-bullion and gold-scrap transactions that allowed them to inappropriately collect provincial tax credits.

The agency also said it had reason to believe another privately owned Montreal gold wholesaler, Carmen International Inc., was involved in a similar scheme, as well as 124 other scrap-gold and precious-metals companies that served as intermediaries, or were complicit in the alleged fraud.
The total value of the alleged illegal transactions amounted to a total of C$1.8 billion and allegedly defrauded the government of more than C$150 million in taxes, the agency said.
Kitco said in a statement that Revenu Quebec's claims are unfounded and that it intends to contest the allegations. Joseph Chesir, one of the founders of Carmen International, declined to comment when reached over the phone Friday.
Revenu Quebec said 175 tax agents issued warrants and seized documents at 70 businesses starting on Tuesday. A Revenu Quebec spokeswoman said the agency is reviewing the documents before deciding whether to press formal charges.

Friday, April 8, 2011

Gold & Silver now legal tender in Utah

With Gov. Gary Herbert’s signature on March 25, the state of Utah became the first in recent times to officially accept gold and silver coins as legal tender at their true value, prompting praise from sound-money advocates warning about the future of the Federal Reserve System and its fiat money. The "Utah Legal Tender Act," as the new law is known, “recognizes gold and silver coins that are issued by the federal government as legal tender in the state and exempts the exchange of the coins from certain types of state tax liability,” according to the bill. The law does not force anyone to accept or pay in precious metals, but rather provides the option for those who wish to do so voluntarily.

In essence, the bill legalizes currency competition in Utah by removing punitive state taxes on individuals and businesses trading in precious-metal coins. Among the taxes that federally minted gold and silver coins are now exempt from are state sales and capital gains. Federal taxes, however, still apply — despite the U.S. Constitution’s clear language stating that no state shall make anything except gold or silver a tender in payment of debts.