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 …
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.
MARKETS
COMMODITIES
| Commodities | |||
|---|---|---|---|
| Gold | 1883.86 | +0.34 | |
| Silver | 22.36 | +0.03 | |
| Copper | 4.25 | -0.04 | |
| Palladium | 2053.51 | +11.51 | |
| Platinum | 964.03 | +3.69 | |
| Oil | 110.61 | +2.35 | |
| Heating Oil | 4.00 | -0.04 | |
| Natural Gas | 7.98 | -0.80 | |