Month: March 2017

Idaho House of Reps Doesn’t Want to Tax Capital Gains on Gold

The Idaho House of Representatives voted by a 56-13 margin last week to cease Idaho taxation on precious metals, including gold and silver coins and bars.

Related: China and Russia are Stockpiling Gold

Bill Sponsor Representative Mike Moyle (R) and the entire Republican caucus voted in favor of the measure. Now the Republican-controlled Idaho Senate must also vote in favor of the bill and Governor Butch Otter (R) must sign the bill.


HB 206, backed by the Sound Money Defense, Idaho Freedom Foundation, Money Metals Exchange and grassroots activists builds on Idaho’s sales tax exemption on precious metals to end income taxation on the sales of “precious metals bullion” and “monetized bullion.”

Representative Ron Nate (R), said from the House floor: “According to the U.S. Constitution, Article I, Section 10, there is only one thing that a state can declare as currency if they think that our federal currency is going out of whack and some might argue that they think our federal currency is going out of whack already. If we are not going to allow people to declare capital losses on their Federal Reserve Notes or their dollar holdings, it would also be unfair to tax people for their gold and silver holdings. Gold and silver is an alternative to holding Federal Reserve Notes and it is the ONLY alternative that the U.S. Constitution says that the state can allow as another currency. It’s unfair to tax it just as [it’s unfair] to tax losses on Federal Reserve Notes.”

Taxpayers who sell their precious metals might be on the hook for capital gain taxes. “Policies that discourage precious metals ownership reduce the likelihood that Gem State citizens will take prudent steps to insulate themselves from the inflation and financial turmoil caused by the Federal Reserve System,” said Stefan Gleason, director of the Sound Money Defense League. “Precious metals bullion is already exempt from Idaho’s sales tax. HB 206 removes the final disincentive in Idaho tax law that stands against ownership of the monetary metals.”

Utah and Oklahoma have enacted similar income tax measures. Arizona is considering similar legislation, and states like Tennessee, Maine, and Alabama seek to remove precious metals from the sales tax.



Image: Shutterstock

24k! Adriana Lima Sports Gold Dress In Miami



Adriana Lima looks great. And especially, for goldbugs and silverbugs, in gold. The Victoria Secret model arrived at Ocean Drive Magazine’s celebration at Komodo in Miami Wednesday night.

Related: Bruno Mars Sparkles and Shines on 24K Magic

The party, planned to celebrate the magazine’s March issue with Adriana as the cover, featured Ms. Lima wearing a dress of gold fringe out of the Misha Collection.

AdrianaLima2

There model wore heels on the 5′ 10″ Ms. Lima. The mini dress made it clear the supermodel works out, too.

AdrianaLima3

Her gold hoop earrings capped off the gold-themed outfit. Ms. Lima posed next to her recent Ocean Drive Magazine cover, in which she wears a gold shirt and black shorts.



This $25,000 Taco is Laced with 24k Gold

We all know, deep down, the best taco are those $1 street tacos found long after the sun has gone down on a Mexico city over the weekend. One Mexican chef, Licerio, has taken this to a new extreme.

Related: A $40,000 Gold Bar Gets Crushed

Taco

The Grand Velas Los Cabos’, a luxury resort in Mexico, has combined – in one taco – shrimp, Kobe beef, caviar and…gold leaf. Combined, that brings the total price of the taco to a whopping $25,000.

The taco is made from only the high-end of food products, including corn tortilla with 24k gold flakes. The kobe beef in these tacos is known for its tenderness, fat and texture. Almas Beluga caviar are the eggs of sturgeon fish. The Langoustines are scampi – white shellfish – of high quality variety. Black truffle brie cheese is soft and white paste is smooth with a luscious buttery flavor concocted out of high-quality cow’s milk and layered with black truffles and rich aromatic tastes. Then, the taco is topped with a Morita chili salsa, añejo tequila (one of the finest in the world) and civet coffee.

Oh, yeah, then it’s topped with 24k gold leaf again.

“People are excited and a little surprised about how you can eat a taco for $25,000 when you can find one on the street for $0.5,” he said. “Then I explain the delicacy, the technique and the harmony that they will lift from the plate, and that it’s worth it.”

To be sure, the $25,000 feeds two. No one had ordered the menu one week after it had been concocted, which would entail a $12,500 deposit and a reservation in the presidential suite.

The dish is then presented in a desert encircled by motorcycles or during a marriage proposal.

Licerio recommends to complement the taco with the luxury tequila Pasion Azteca – $150,000 per bottle.

Man Stashes Cash & Gold Around Northern Colorado

A Colorado man has people in the Northern part of the state rushing to find the cash and gold he stashes around the area per a treasure hunt he conducts on social media.

Related: Treasure Hunter Who Stole Gold Bars Arrested in Florida 

Man Stashes Cash & Gold Around Northern Colorado

The man, who wants to only go by Matt, started a Facebook page last month called ‘Northern Colorado Treasure Hunters.’

He now has 4,000 followers. That might have something to do with his giving away gold.

“Quite honestly, it was just an idea I had. I started the page and it went from there, just snow balled out of control. It’s been fun,” Matt said.

During the week, Matt stashes either cash or gold somewhere in northern Colorado. After snapping a photo, and posting it on social media, people then must look for clues in markings and landmarks to track down the prize. This has led to people getting outside in parks and fields trying to find the hidden treasures.

“We try to do it every time. I have their text alerts so as soon as it hits, I get it,” Courtney Beers said.

“It’s a fun thing to be able to do as a family, especially with the weather being so nice,” Rebecca Garcia said.

Matt hopes to attract business as sponsors so he can offer bigger prizes.

“I plan on doing it for a long time,” Matt said. “It gets people out and about. They have fun and it gives families something to do. And there is incentive at the end of the tunnel. That’s what I like about it. To watch everyone get hyped up about it and run around the parks.” The activities have indeed brought families together.

“It’s just something to do with the kids and they like looking for things, kind of like Easter,” Colton Phelps said.

“I think it’s awesome. I think it’s a lot of fun. Gives people an excuse to get out and go find stuff, see new places,” Cameron Espinoza said.

NTR’s “Modern-day Pablo Escobar” Will Fight Laundering Case

Juan Pablo Granda was employed by NTR Metals to go into the Latin America jungle and buy gold. U.S. investigators eventually caught on that this practice could have been abetting cocaine traffickers turn their money into cash. NTR made efforts to evaluate their business practices, hiring Jones Day to review its business practices. Granda said he would help.

Related: NTR’s “Modern-day Pablo Escobar” Will Fight Laundering Case

NTR

When NTR flew him home last week, he didn’t exect to be fired. But that’s what happened. Then his mother called from the home they shared in Miami.

“Listen, I’ve got all these FBI agents here, they might want to arrest you,” she said. “So he got into his car and went to mom’s house and they arrested him.”

The 35-year old was arrested for conspiracy to commit money laundering per the network in which NTR helped launder international drug dealer funds.  Granda was denied bail on Monday.

“The scope of this is enormous, and right in the middle of it is Mr. Granda,” Assistant U.S. Attorney Frank Maderal told the judge.

Maderal says Granda has handled over $200 million in gold, and earned tens of thousands of dollars in kickbacks. NTR bought Peruvian gold from illegal mines, and thus supported human trafficking, forced labor and environmental destruction. NTR’s Miami office laundered billions for Peruvian narco-terrorists.

“Gold smuggling goes hand-in-hand with narcotics trafficking,” Maderal said.

U.S. Customers records show NTR likely began purchasing illegally mined gold in Peru starting in 2012, as Bloomberg reports.

The complaint, which suggests NTR imported $3.6 billion worth from 2012 to 2015, says the wholesale gold distributor started “smuggling illegal gold through a shifting array of Latin American countries.”

 

 

Silver Institute: Institutional Investors Pushing Silver Higher

Silver has increased in value 9 percent since the start of the year, largely due to improving sentiment among institutional investors. But, in the past couple weeks, many of the gains in 2017 have been erased. 

Related: How to Start Your Own Gold Dealer Website

“Changing expectations towards the outlook for U.S. interest rates and the proliferation of negative policy rates across other key reserve currencies has rekindled institutional investor interest in precious metals,” according to the Silver Institute. “Meanwhile, a marked improvement in silver industrial offtake, led by photovoltaics, which achieved a record high last year, is also helping.  All these factors in turn have fueled investment inflows into silver futures, options, exchange traded products (ETPs) and over-the-counter products.”

silverprice

A forthcoming U.S. Fed rate hike this month led to precious metals sales. 2016 marked silver’s first yearly rise in a 9 percent increase.

“Turning to physical investment, sales of silver bars and coins in 2016 fell from 2015’s record high, due to a downturn in U.S. and Indian demand, the world’s two largest markets, according to Metals Focus, the precious metals consultancy based in London,” writes the Silver Institute. “In part, this reflected some market saturation after several years of very strong demand. The price recovery also meant that 2016 saw no repeat of the surge in bargain hunting seen in 2015.”

Michael DiRienzo, Executive Director of the Silver Institute: “We expect that the factors that buoyed institutional silver investment over much of 2016, and have carried over into the early months of 2017, will remain relevant for the remainder of this year.”

If institutional demand can maintain silver’s gains on the year before March has yet to be seen. 

NTR Launders Money for “Modern-Day Pablo Escobar”




A conspiracy involving employees at NTR Metals was outlined in a criminal complaint against Juan Pablo Granda, 35, and implicates the North American precious metals refinery and trading company in a litany of serious actions.

The conspiracy involved the purchase of massive amounts of gold from illegal mines in Peru supporting human trafficking, forced labor and environmental devastation. The NTR Metals office in Miami laundered billions of dollars for criminal organizations like Peruvian narco-terrorists since it bought gold from their mines. It’s could be that the employees at the Miami office were not properly vetted by NTR’s corporate office, as no charges have been lodged against the company, a subsidiary of Elemetal. 

Related: Mergers In Precious Metals Market

The U.S. complaint, filed in Miami, is part of a U.S. crackdown on smugglers using gold mined in the Amazon basin illegal where laborers use fire hoses and mercury to extract the nearly pure precious metal.

Smugglers, refineries and traders supply gold  from illegal mines in Latin America, smuggling it into Miami and the international market.

A Bloomberg report outlined how one Chilean smuggler sold thousands of pounds contraband gold to NTR’s Miami office before being arrested in Santiago. NTR, based in Dallas, isn’t charged in the case. General counsel for parent company, Elemetal, did not comment.

NTR has likely been buying illegal gold since at least 2012.  The company allegedly started “smuggling illegal gold through a shifting array of Latin American countries.” The company eventually imported $3.6 billion worth from 2012 to 2015, according to the complaint.

“For all of the billions of dollars’ worth shipped from Latin America to NTR in Miami, NTR sent billions of dollars in wire payments to Latin America from the United States,” HSI agent Colberd Almeida wrote in an affidavit.

Chilean smuggler, Harold Vilches, told U.S. and Chilean prosecutors that he sold 4,000 pounds of illegal gold mostly to NTR Metals Miami. Mr. Vilches said two NTR employees in Miami knew his gold was illegal and even coached him on how to smuggle it into the U.S.

In 2013, Peru seized $18 million, including some headed for NTR financed by narcotics money laundering.

Several Latin America  countries have begun investigations, “many of which involve gold being sold to NTR,” Almeida wrote.

Ecuador arrested in a $400 million money laundering scheme involving gold mined in Peru and bound for NTR, the agent wrote. Chile arrested individuals regarding Peru and Argentina gold sold to NTR. NTR bought Peru, Ecuador, Bolivia, Chile, Guyana and the Caribbean from what the U.S. calls “highly suspicious gold imports.” One of these sellers refered to himself as a “modern-day Pablo Escobar.”  

According to the complaint, he said: “I’m like Pablo coming to Ecuador to get the coke.”