Gold Price Set For Shock & Awe

Obama is likely to tax banks to recoup $120 billion. Crude prices peek above $80 a barrel. And the dollar is showing signs of firming. What do these signs foretell for gold?

 

On Thursday morning, though gold price recovered to $1,138 in early trade, other issues came to the fore, vicious enough to rock the boat.

President Obama has decided to seek a tax on big banks to recoup up to $120 billion that the government expects to lose from bailing out the financial system.

The new tax on banks, insurance companies and brokerages with more than $50 billion in assets would start after June 30 and seek to collect $90 billion over 10 years, according to a report.

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