"For years, American manufacturers have faced one of the highest tax rates in the world. We want to reduce that by over 20%. We want to drop the rate, particularly, for high-tech manufacturers like you, Mr. President, even further than the 20%," Vice President Joe Biden said at a manufacturing plant in Davenport, Iowa this week.
"We want to create (what's called) a global minimum tax, because American taxpayers shouldn't be providing a larger subsidy for investing abroad than investing at home," Biden said at a campaign event.
Euro zone finance ministers need to impress finance markets with the size of their rescue fund for indebted countries when they meet later this week, the head of the OECD said on Tuesday, advocating “the mother of all firewalls.”
Investors and many European officials want ministers to agree a combination of the 17-nation currency area’s two rescue funds to nudge the International Monetary Fund into backing debt-stricken European economies, should they need help.
“When dealing with markets you must overshoot expectations,” said Angel Gurria, the secretary general of the Organization for Economic Co-operation and Development (OECD).
"In this week's interview with Ellis Martin, noted analyst and gold guru James Sinclair outlines not a scenario but a reality that is here now. The US has pulled the nuclear economic trigger on India and Japan in the interest of coercing them to cease trading for oil with Iran. The gun is actually pointed at ourselves. Listen and hear why the dollar is ultimately doomed as these countries now look to the Yuan and Euro as a trading tool instead of the dollar. That's India and Japan...Russia....China.....Europe....etc."
"Robert Mish has been a precious metals dealer for nearly 50 years and knows what a gold bubble mania looks like. We are nowhere near that stage, in his opinion.
Instead, he sees a US populace largely unappreciative of holding precious metal as a store of wealth, and engaged in a slow process of dis-hording their gold and silver to eager foreign buyers who are more than happy to take the bullion back to their shores.
In terms of where we are on the gold mania spectrum, he sees us at a "2" out of 10.
But he foresees a very rude awakening ahead as the populace eventually wakes up to the increasing damage our over-debted global economy is doing to the purchasing power of world currencies. Because when the general investor finally realizes the protection the precious metals offer against currency debasement, much of the retail supply will already be out of the system in very tight hands, and largely overseas.
Moreover, when supply gets tight, there will be more challenges to obtaining physical bullion during a buying mania than there were during the last one in 1980. There are many fewer local sources to exchange bullion these days as much of that business is now transacted by online vendors dependent mail delivery to ship product, which are more vulnerable to supply chain disruptions.
And be sure you're aware of how the form you hold your bullion in will affect the price you get during a buying frenzy, when refining capacity is overwhelmed. You may find you gold or silver sells at a hefty discount because it's not in a preferred format for trade."
“Yesterday when we dropped through $1,700, you would not believe the amount of physical tonnage orders that filled. US centric traders tend to concentrate on the COMEX, but the real market is made in London.
The commercials have been covering their short positions and the local traders are all short at this point. All of the guys who were long and vulnerable at the highs, are now short and vulnerable and this exactly what we need to make a bottom.
These momentum traders ran into a very large sovereign order near the $1,680 area. When gold broke through $1,680 there were layered physical orders. Over 40 tons of physical gold were filled below $1,680....
These physical orders increase exponentially in size going all the way down to $1,650. The bullion banks know that these orders are down there, but obviously it’s all about where the lines cross. So, as I said, these bullion banks are covering like crazy right now."
“This (manipulation) was 100% to protect resistance levels that were about to be breached. However, I don’t think for a minute this has fooled anybody. Anyone in the physical market was waiting for something like this. You only have to have enough of the weak money in there and sure enough they will flush it out.
They (commercials) have been meeting these guys (futures buyers) head on, one for one, short for long, for the last couple of weeks. We’ve been seeing it build up and all they (commercials) have done is cash it in....
We were seeing massive order flows. We were seeing every single bid being hit. The offers were just massive. I mean we were seeing 10’s and 20 thousand contracts at a time being unloaded by single individuals.
This would be the agents that control the markets. I don’t believe for a minute it was genuine selling. This was 100% paper orchestrated selling and it had nothing to do with the physical market whatsoever. They came in with massive sell orders, creating absolute panic in the marketplace.”
- Andrew Maguire via a recent King World News interview: