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Thanks Mr Bond,
It would be pretty naive really to think that Crypto Bitcoin was going to stay under the radar of the taxman.
All well and good being abler to claim looses against capital gains in the UK, that will be fun when submitting future tax returns!
US tax agency requests ‘clear dictate’ from Congress to collect cryptocurrency transfers data — RT USA News https://www.rt.com/usa/526034-us-tax-congress-authority-cryptocurrencies/
The US Treasury also said last month it plans to raise $700 billion over the next decade through new tax enforcement measures, including enhanced cryptocurrency reporting requirements, since it expects cryptocurrency to “rise in importance” in the near future.
The US government is not the only one that plans to cash in on cryptocurrency taxes. The Australian Tax Office requires local crypto traders to report their gains, as it says the nation’s capital-gains tax (CGT) applies to cryptocurrency.
Canada taxes selling crypto for fiat money, trading cryptocurrency or using it to pay for goods and services as well as even gifting it to someone. Ottawa sees it as either a capital gain or income, depending on whether the activity involving crypto is considered a business or not.
Her Majesty’s Revenue and Customs in the UK says that an individual who holds crypto assets as a personal investment has to pay a capital gains tax on overall gains from it above the annual exempt level. The UK taxes crypto received from mining, airdrop, and confirmation rewards as well as in salary from an employer.
On the other hand, capital losses from crypto can be deducted to reduce overall taxable capital gains in the UK.
I just dropped the Monthly Gold chart showing THAT massive +$600 Bull Flag breakout targeting c$2,500 - backtest already complete as shown:
https://twitter.com/bonker_99/status/1402574829673459713?s=20
Tornado Tony your one clever man :) your prediction of gap filling was spot on ;)
There is bound to be scheming going on, given the importance to the $ maintaining it's cofidence.
What little it has.
In many countries Worldwide.
According to reports in the US, Michael Bloomberg, a former mayor of New York whose tax details were among the documents, said the disclosure raised privacy concerns and he would use "legal means" to uncover the source of the leak.
A White House spokeswoman called the leak "illegal", and the FBI and tax authorities are investigating.
While the BBC has not been able to confirm the claims, the alleged leak comes at a time of growing debate about the amount of tax paid by the wealthy and widening inequality.
https://www.bbc.co.uk/news/business-57383869
The above seems reminiscent of UK central local government where they seem more interested if castigating those people that rock the boat by blowing the whistle!
The Conservative Mayor’s office has said his accounts are “the definition of value for money” and have pointed to investment the Mayor has attracted for the region.
The cost of expenses spread over the first term equaled more than £7,700 per year – much lower than the average amount claimed by members of Parliament on expenses and allowances at £157,747 per MP.!
https://www.msn.com/en-gb/news/newsbirmingham/west-midlands-mayor-andy-street-claimed-more-than-31-000-in-expenses-for-first-term-in-office/ar-AAKPjbS?ocid=msedgdhp
And Boris still had to put the begging bowl around to cover the cost of wallpaper for his Downing St flat!
I've been known to fling a few out, yes :)
GL
bonker99,
You're doing charts now as well then, Ok will take a look. Cheers
Dropped a chart - we ready?
https://twitter.com/bonker_99/status/1402562935692668931?s=20
MrBond46,
As we all know the Bull market doesn't like passengers so this could be a big shake out ( and big accumulation ) before the move over $2000
INDIA RAISES LOCAL RICE PURCHASE PRICE – MINISTER
There's a lot of this sorta stuff going on right now - inflation contagion .........
Two years to run at least IMO.
https//on.rt.com/b9w2
The shine and value gradually being eroded from unbacked cryptos.
Taxation on gains.
Its not Centamin specific, seems most PM miners down for example Poly, Fres, Hoc all been in a downward trend last few days.
Must be something market wide / technical like a gama flip into bonds or something like that.
Unless they all know Gold is about to tank which I don't think it is CFTC long numbers are high and inflation is due to be huge going forward.
Cryptos are looking a bit dangerous too.
Centamin is trying to close gaps in the chart. The big one closes at 109.6p. A small gap exists lower down and it is possible for that to close if Centamin plays out a 101p double bottom. The double bottom would need gold to retrace to around $1800 per ounce and form a June low price which gold physical traders need heading into India monsoon season etc. July would be a slow recovery and then we get a good H2 summer gold rally and Centamin has a high of near 132p for 2021. It then goes down hill after that until December and we see a big rally in 2022 when more gold is produced and Centamin demonstrates new Sukari underground mine reserves and resources.
The opposite scenario is rally to August in gold and gold miners and then a wash and repeat of what happened in 2020 on gold. I think it will rhyme Oct-Dec. and not be the same and hence why we have a dip in June and to a degree into July.
See what happens @ 108p I guess.
From what i can see, re Technical analysis ,(of which i am not an expert), Elliott wave wise.i can see a weak 5 wave rise since the low at circa 101 p,and are now in a small corrective wave.But at the moment it looks very weak,as if we may well retest the low,but not go any lower.Any help out there as to Elliott wave at the moment.Have i got it right ?.
What could save us obviously is a rise in the gold price.The question still needs to be answered as to really why S.P. is so low since the high of 234p.Many theories have been put forward by your good selves.But what is REALLY going on here.
I guess we will find out some time in the future ?.
So how do megabillionaires pay their megabills while opting for $1 salaries and hanging onto their stock? According to public documents and experts, the answer for some is borrowing money — lots of it.
For regular people, borrowing money is often something done out of necessity, say for a car or a home. But for the ultrawealthy, it can be a way to access billions without producing income, and thus, income tax.
The tax math provides a clear incentive for this. If you own a company and take a huge salary, you’ll pay 37 percent in income tax on the bulk of it. Sell stock and you’ll pay 20 percent in capital gains tax — and lose some control over your company. But take out a loan, and these days you’ll pay a single-digit interest rate and no tax; since loans must be paid back, the IRS doesn’t consider them income. Banks typically require collateral, but the wealthy have plenty of that.
The vast majority of the ultrawealthy’s loans do not appear in the tax records obtained by ProPublica since they are generally not disclosed to the IRS. But occasionally, the loans are disclosed in securities filings. In 2014, for example, Oracle revealed that its CEO, Ellison, had a credit line secured by about $10 billion of his shares.
Last year Tesla reported that Musk had pledged some 92 million shares, which were worth about $57.7 billion as of May 29, 2021, as collateral for personal loans.
With the exception of one year when he exercised more than a billion dollars in stock options, Musk’s tax bills in no way reflect the fortune he has at his disposal. In 2015, he paid $68,000 in federal income tax. In 2017, it was $65,000, and in 2018 he paid no federal income tax. Between 2014 and 2018, he had a true tax rate of 3.27 percent.
The IRS records provide glimpses of other massive loans. In both 2016 and 2017, investor Carl Icahn, who ranks as the 40th-wealthiest American on the Forbes list, paid no federal income taxes despite reporting a total of $544 million in adjusted gross income (which the IRS defines as earnings minus items like student loan interest payments or alimony). Icahn had an outstanding loan of $1.2 billion with Bank of America among other loans, according to the IRS data. It was technically a mortgage because it was secured, at least in part, by Manhattan penthouse apartments and other properties.
Borrowing offers multiple benefits to Icahn: He gets huge tranches of cash to turbocharge his investment returns. Then he gets to deduct the interest from his taxes. In an interview, Icahn explained that he reports the profits and losses of his business empire on his personal taxes.
Icahn acknowledged that he is a “big borrower. I do borrow a lot of money.” Asked if he takes out loans also to lower his tax bill, Icahn said: “No, not at all. My borrowing is to win. I enjoy the competition. I enjoy winning.”
https://www.mprnews.org/story/2021/06/08/the-secret-irs-files-propublica
Pretty much all PMs doing same as CEY- tomorrow's US CPI is one to watch this week.
Dropped a few more into the pot - huge buying here, we can't all be wrong :)
CHRI55, like you say prediction is pointless so why bother trying to predict CEY SP, if and when the Egypt licences are announced ?
As long as the FED and others like them can influence, .
But I suppose it is a distraction but break the boredom. ;-)
China producer prices beat @ a whopping 9% last night - US CPI tomorrow lunchtime, we're only a hundred bucks from it now and I'm near-certain it's going to $2,500 at some point this year so who knows.
US seizes 2.3 Million in Bitcoin paid to Colonial Hackers.
So now Bitcoin is not totally secure ?
Can only point doubt of the value, should help Gold price until the US Market opens. Then no doubt the price of AU will be "Adjusted". Ha Ha.
Equities in Europe traded mostly higher in the premarket session on Wednesday, with investors still looking at what the proposed European Union budget for 2022 would mean in terms of helping out the recovery. Meanwhile, the United Kingdom's Rishi Sunak is reportedly looking to exempt London from the global tax initiative, and negotiations between the UK and the EU continue today on the Northern Ireland protocol.
The DAX increased 0.13% at 7:44 am CET, while the CAC 40 was up 0.23% at the same time. Meanwhile, the FTSE 100 stood flat a minute later.
Both the euro and the pound stood flat against the dollar trading for $1.21784 and $1.41546 respectively at 7:46 am CET.
Breaking the News / OL
Happy hump y’al
Would very much like to see other Board Members thoughts and ideas on the impact of the announcement of new Egyptian Licenses if an when announced.
Many of us are eagerly awaiting an announcement of new licenses in an expectation the SP will rise, but is this expectation realistic?
We saw the SP plummet on announcement of the West African review which came as a surprise because on the whole the review outcome was measured, positive and value creative including a probable 200 oz per year mine.
However the way forward did involve a relatively small increase in expenditure (even if significant in terms of near future free cash flow) over the next few years prior to mine start up and the market seemed to focus on this but took no account of the potential future revenue streams.
Will it be similar for the Egyptian Licenses when announced? Will the market see an erosion of CEY's cash pile as a negative factor on SP until increased gold actually starts flowing?
I would…eat my hat at $2000 gold this week Bonker