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*FED SAYS A FEW ON FOMC WANTED QE UNTIL ABOUT THE END OF 2013
*FED: SEVERAL ON FOMC BACKED QE HALT OR CUT WELL BEFORE 2013 END
*ALMOST ALL FOMC MEMBERS SAW POTENTIAL QE COSTS AS INCREASING
Yeah 2013 might be the year all assets eat the proverbial fat one.
Oh it makes sense. The entire financial system is criminal.
Too manipulated for me. Not buying anymore.
Here are some tax implications that came out of deal:
Some specifics on the deal as follows. This is not all inclusive, text of the Bill: http://www.govtrack.us/congress/bills/112/hr8/text
Note that many provisions that were expired at the end of 2011 have been renewed for 2012 and continue through 2013 (such as $500k Section 179, R&D Credit)
Tax rates
Same as 2012, except:
1. New 39.6% for singles/couples starts at $400k/$450k
2. New cap gains and dividends rates at 20% for singles/couples starts at $400k/$450k. Below that threshold – 15% (or 0% if in the 15% bracket)
NOTE – At this point IC DISC planning opportunities continue though 2013 due to the continued top OI rate vs Div rate disparity. The disparity, however, is reduced from 20% (35% – 15%) in 2012 to approximately 16% in 2013 because of the 3.8% investment tax already in place under the ACA
Itemized deduction and exemption phaseouts
After a brief hiatus, they are back, starting for singles/ couples at $250k / $300k AGI.
They are familiar –
Personal exemption – 2% reduction for each $2500 of AGI over the threshold amount
Itemized deduction – 3% reduction based on amount of AGI over threshold amount, with a reduction limited to 80% of itemized deductions
AMT
Permanent patch, indexed for inflation. Exemption amounts for singles/ couples is $50,600/ $78,750 in 2012
Payroll taxes
2% cut is no more, so look for paychecks to go down starting with the next one
Depreciation
50% bonus depreciation for 2013
15 year qualified LI, restaurant buildings and improvements, retail improvements through 2013
Section 179 - $500,000 for 2012 and 2013 (note: the previous law was $125,000 for 2012, with the new law it is retroactive to 2012 at $500,000)
Section 179 phase out starts at $2m in purchases
Estate tax
$5m floor per individual/ $10m per couple (adjusted for inflation, these amounts are now slightly higher)
Max rate increased from 35% to 40%
Business Credits & provisions of note
Through 2013:
1. R&D Credit
2. New markets tax credit
3. Work opportunity tax credit
4. 5 year period for Built in Gains from an S-Corp
5. Energy Efficient new homes credit
Personal Credits
5 more years of:
1. American Opportunity Credit
2. Refundable child credit
3. Increased Earned Income Tax Credit
Other misc provisions of note extended through 2013
1. Teachers deduction on page 1 of 1040
2. Exclusion for debt discharge on principal residence
3. Deduction for mortgage insurance
4. Deduction for state sales taxes
5. Qualified tuition deduction
6. IRA distribution direct to charity
RSI really hasn't done much yet. Looks more like a head fake/trap to me.
As we wondered out loud yesterday, many have questioned the disconnect between increasingly burgeoning central bank balance sheets and money printing and the range-bound trading in Gold. It seems the first real hint of why is peeking through as the Economic Times reports the Indian government are growing increasingly concerned at the rate of gold imports. As the India Finance minister stated: "Demand for gold must be moderated... We may be left with no choice but to make it more expensive to import gold. The matter is under government consideration."
Gold imports are playing a major part in India's record high current-account deficit (at $20.2bn for the period April to September), down 30.3% YoY thanks to a doubling of the customs duty on standard gold bars (to 4%). It seems the Indian powers-that-be are learning from their US and European leaders that if something is happening in a free-market that threatens the status quo even modestly - crush it with regulation and centrally-planned control. As the article goes on to note, currently, the government is also making efforts to channelise investor money into equities and other financial instruments to reduce demand for the yellow metal.
http://www.zerohedge.com/news/2013-01-02/india-finmin-demand-gold-must-be-moderated
Not busting through. Not sure I like it.
FEW SPARED: Average tax increase will be $1,635...
http://www.bloomberg.com/news/2013-01-01/senate-passed-deal-means-higher-tax-on-77-of-households.html
Must go through the current level of resistance imo.
The deal does not keep taxes down for the middle class. It raises them for the majority of Americans and includes increased spending.
Anyone know when stock market futures open? I see silver trading.
This is absolutely insane. Are Democrats really that hell bent on power that they don't care what happens to the commoner? Does the commoner not care what the Democrats do to them as long as they get that couple extra hundred Benny Bucks per month?
No NJ relief, no farm bill...this has to be the most incompetent administration and Congress ever. I hope those who voted for Obama feel really good knowing that you helped bring down a once great and prideful nation.
More spending, no cuts, higher taxes...how does the market react to this?
Who has a copy of the script? Because this fiscal cliff at midnight on new years is so obvious, it is very insulting.
All of that selling and they can only smack the price down this much? LOL
Its not really revision. Hinch said he was gonna be short until end of month and then switch to long after the holidays.
Why would the dollar strengthen? Supply is not being removed, supply keeps being diluted. The changes that will occur under no deal will be offset in just 10 months of Fed printing and cuts are costed out over 10 years.
Small pop on the way here shortly imo
EUR can't find demand to purchase bonds. If the ECB starts just outright buying EUR bonds then we could really start to see inflation in 2013 hit as the printing will finally start picking up velocity into the consumer markets.
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The ECB's original bond monetization program (the SMP) may now be defunct, having been replaced with the mythical OMT which will work as long as it never has to be used (see Spain), but its aftereffects linger on. Specifically, the aftermath of the SMP manifests itself in the weekly sterilization of accrued SMP bond purchases, which at last check amounted to some €208.5 billion. Why do we bring this up? Because a few hours earlier, the ECB failed, for the first time, to find enough demand and interest to sterilize the full amount of rolling peripheral bond purchases, and was instead able to find only enough bidders, 43 of them or the lowest in a year, to "sterilize" just €197.6 billion of the total weekly allottment. The last time the ECB failed in a sterilization action? November 29, 2011, one day before the coordinated global central bank bailout of 2011.
In other words, just like last year when things were going from bad to worse in Europe, the old continent's banks are suddenly facing a major liquidity shortage, which however would not be news to anyone who read our piece from yesterday "Surge In Marginal Lending Facility Usage To One Year Highs Confirms Year End EUR Repatriation" in which we said that Europe's banks "suddenly find themselves needing gobs of liquidity - not USD-denominated liquidity, but domestic, EUR-based." Sure enough, today we just got confirmation of how truly bad this issue is.
http://www.zerohedge.com/news/2012-12-28/another-flashing-red-light-euro-liquidity-shortage-leads-first-ecb-sterilization-fai
As some others have said, I would try out your local coin shops. Eagles or bags of junk silver. Just make sure that when you buy, you know what the coins dimensions should be. I've seen people get ripped off by what they thought was .999 silver, but instead were counterfeit coins. No paper trail also means no capital gains.
Mmmmmhmmmm...
March $35s still look tasty. 3-5 bagger.
Time to go long.
"The bond market is the mother of all bubbles right now and I think when it bursts the losses will dwarf the combined losses of the stock market bubble and the real estate bubble. The problem is that there is no way for the government to pay things back, the only way they could do that would be tax increases which are horrendous and would never be accomplished..."
Read more: http://www.businessinsider.com/peter-schiff-bonds-mother-all-bubbles-2010-8#ixzz2GC7tyqRC
Who predicted a bond bubble? Thats right, Schiff and Paul...
Most likely light volume for rest of the week. Normal trading most likely won't resume until next Wed and maybe the week after.
Daily chart looks oversold, but weekly chart isn't quit there yet.
Might be time to add some March 13 $30s for $1!!!! 35s are .15!! Steal imo.
Cliff, longshoreman strike, decreasing global demand...All of these out weigh Ben's printing press for now.
The International Longshoremen's Association and the U.S. Maritime Alliance Ltd., a group of container companies and port associations, remain far apart in negotiations begun last March over a six-year contract covering container work at the ports.
Port authorities along the coast, which aren't part of the negotiations but would be effectively shut down by a strike, are bracing for a walkout by 14,650 longshoremen.
"It looks pretty likely at this point," said Curtis Foltz, executive director of the Georgia Ports Authority in Savannah. He said Georgia's ports would lose as much as 80% of their traffic if the strike goes ahead. "Everyone in the industry is very disappointed to be at the point where we are today," he said.
http://online.wsj.com/article/SB10001424127887324731304578191860597274482.html
This is worse than cliff. A port shut down is just one thing that could break the camels back.
If someone has a good chart showing VWAP on the daily that auto updates, I would love to put it into the ihub box for this board.
Yeah I know what VWAP is, I just dont have chart access that displays it.
I saw that last night and instantly thought algos. What is the VWAP for silver?
He passed the ball back into the Dems court by saying Obama and Reid have to work it out while him and the House go home for xmas.
Plan B is scraped. Boehner passes the ball so he can go home for xmas lol
It bottoms out when Hank stops selling.
I agree. I will be buying late next week hoping that $30 call premiums just get crushed.
I have no idea who is deleting your posts. I have tried restoring them. USLV is not spam, it is relevant to this board as well imo.