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Banking deposits taxed in Cyprus
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Thread: Banking deposits taxed in Cyprus

  1. #1
    Join Date
    Dec 2008
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    Michigan
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    Default Banking deposits taxed in Cyprus

    I came across this article

    http://mobile.bloomberg.com/news/201...s-bailout.html

    Basically all bank deposits will be taxed 6.75% and 9.9% for accounts with 100000 euros or more. No asset seems to safe anymore. Not that cash is safe, but at least nominally it was the only safe asset.

    I know that this news wont affect precious metals on monday but if many countries do this, is it bullish or bearish for silver in the short term?

  2. #2
    Join Date
    Apr 2009
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    5,003

    Default

    30% of Cyprus deposits are Russian.

    Would Putin launch a missile or two over a $2 billion "tax"?

    Who knows. Should be an interesting week.
    Caedite eos.

  3. #3
    Join Date
    Oct 2008
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    South Bend Indiana, home of the Fightin Irish of Notre Dame.
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    Default

    I think its bullish for gold n silver for two reasons. The Russians are pissed and will help push up the gold price for revenge. Check out this article on it. http://kingworldnews.com/kingworldne..._%26_Gold.html
    Reason number 2 if you live in the Eurozone and you just saw what happened in Cyprus and you have a lot of cash in the bank, you have to be wondering if your country is next. Those people will start pulling cash out of the bank, what do you think they will do with a lot of it? P.M. purchases are logical.

  4. #4
    Join Date
    Sep 2012
    Posts
    517

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    im on the edge of my seat waiting for the markets to open up this week lol, with this news and the FOMC meeting and announcement on wed we should see where the metals are going to be headed by the end of the week and i think if everything lines up bullish were going to be in for a nice rally keep stackin' buy now before the beast opens lol jk

  5. #5
    Join Date
    Dec 2008
    Location
    Michigan
    Posts
    823

    Default

    Quote Originally Posted by Irishfan1 View Post
    I think its bullish for gold n silver for two reasons. The Russians are pissed and will help push up the gold price for revenge. Check out this article on it. http://kingworldnews.com/kingworldne..._%26_Gold.html
    Reason number 2 if you live in the Eurozone and you just saw what happened in Cyprus and you have a lot of cash in the bank, you have to be wondering if your country is next. Those people will start pulling cash out of the bank, what do you think they will do with a lot of it? P.M. purchases are logical.
    Its logical of course but the market isn't logical in the short term and even the mid term. If there's a bank run, it would make sense that banks would have to sell all their assets including gold to pay out the ATMs as banks are only legally required to keep 10% the holdings in liquid form. I predict a surge in the Euro on Tuesday as banks scramble to make ends meet with the depositors withdrawing.

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