Advertise | Bookmark | Contact Us | E-Mail List |  | Update Page | UraniumSeek.com 

Commentary : Gold Review : Markets : News Wire : Quotes : Silver : Stocks - Main Page 

 GoldSeek.com >> News >> Story  Disclaimer 
 
Latest Headlines

Gold Seeker Weekly Wrap-Up: Gold and Silver Gain Over 1% and 2% on the Week
By: Chris Mullen, Gold Seeker Report

Ira Epstein's Metals Video 11 17 2017
By: Ira Epstein

Next-Generation Crazy: The Fed Plans For The Coming Recession
By: John Rubino

COT Gold, Silver and US Dollar Index Report - November 17, 2017
By: GoldSeek.com

Gold Miners’ Q3’17 Fundamentals
By: Adam Hamilton, CPA

Bonfire of the Absurdities
By: John Mauldin

The Social Security Inflation Lag Calendar - Partial Indexing Part 1
By: Daniel R. Amerman, CFA

Rob From The Middle Class Economics
By: Gary Christenson

GoldSeek Radio Nugget: John Williams and Chris Waltzek
By: radio.GoldSeek.com

The Metals Market Is A Mess And Will Likely Continue To Frustrate You
By: Avi Gilburt

 
Search

GoldSeek Web

 
UK Budget Allows Bank Accounts To Be Raided


 -- Published: Tuesday, 1 April 2014 | Print  | Disqus 

Today’s AM fix was USD 1,286.50, EUR 932.45 and GBP 772.67 per ounce.
Yesterday’s AM fix was USD 1,294.00, EUR 939.86 and GBP 777.78 per ounce.

Gold fell $9.40 or 0.73% yesterday to $1,283.30/oz. Silver remained unchanged at $19.79/oz.

Gold hovered near a 7 week low in London as investors await the jobs report Friday and clarification regarding the Fed’s policy stance after mixed signals from Yellen in recent days. While gold fell in March, it logged a 6.8% gain for the first quarter and is one of the best performing assets year to date.


Gold in U.S. Dollars. Q1, 2014 (Thomson Reuters)

Fed Chair Janet Yellen comments yesterday were dovish but failed to support gold. She said that the U.S. will need increased monetary stimulus for “some time” ahead of U.S. manufacturing data today.

The Fed Chair said March 19th that the central bank may start raising the benchmark interest rate about six months after terminating its bond-buying program later this year. However, many doubt if the struggling U.S. economy is robust enough to handle any more tapering and even mildly higher interest rates.


Silver in US Dollars. Q1, 2014 (Thomson Reuters)

Geo-political risk is, for the moment, again being ignored however the smart money is remaining diversified in anticipation of further tension between Russia and the West, in the Middle East and in the Far East.

UK Bank Accounts Can Be Raided After Budget
HM Revenue & Customs will be able to directly access taxpayers’ bank accounts in order to recover unpaid tax, under measures announced in this month’s Budget speech.

The little noticed move gives HMRC similar powers to raid bank accounts and recover tax and tax credit debts in excess of £1,000.

In the Budget Red Book, the measure is described as follows:

“The government will modernise and strengthen HMRC’s debt collection powers to recover financial assets from the bank accounts of debtors who owe over £1,000 of tax or tax credit debts, have the financial means to pay, and have been contacted multiple times by HMRC to pay.”

At the moment, if HMRC want to seize your property or cash, they have to take you to court, win and then get a court order. Now, after a couple of warning letters and a phone call, they can do it in conjunction with your bank, with a touch of a button.

Crucially, there’s no safeguard built into this system. There should be a transparent and fair process and an appeals process.

Now, if HMRC officials decide you owe them cash, they can just take it directly from your bank account. If you haven't managed to reach agreement with them, then you'll just wake up one morning, check your bank account, and find your cash is gone. No insolvency proceedings, asset freezes, debt collection agencies or court proceedings. Just the government taking out whatever it believes it is owed.

The significant HMRC legislation change was buried deep in the Budget document and comes amid preparations by international monetary and financial authorities and the Bank of England for bail-ins.

The UK government can now confiscate UK citizens money directly from bank accounts while it decides if you have broken the law or not. This is a significant power grab and this and the real risk of bail-ins are another reason to own physical gold outside the banking system, in jurisdictions that respect private property.

Webinar: Dr Marc Faber On Gold, Silver and Asset Allocation In An Uncertain World
This Friday only, April 4th, Dr Marc Faber will give insights into his strategies for protecting and growing wealth in 2014 and beyond.
Register today and don't miss this opportunity to hear one of the world's most respected investment experts.

In this webinar, some of the topics covered with Dr Faber include:

Asian Century? - Western collapse or stagnation?
Events in Ukraine - Allocations to precious metals?
How to own precious metals?
Dollar cost average or lump sum?
Take profits/ rebalance or buy and hold for long term?
When to sell?
Favoured asset allocation?
Other investment and business opportunities?

Please join us for Dr Faber’s webinar this Friday, April 4th, 2014, at 0900 BST.


| Digg This Article
 -- Published: Tuesday, 1 April 2014 | E-Mail  | Print  | Source: GoldSeek.com

comments powered by Disqus



 



Increase Text SizeDecrease Text SizeE-mail Link of Current PagePrinter Friendly PageReturn to GoldSeek.com

 news.goldseek.com >> Story

E-mail Page  | Print  | Disclaimer 


© 1995 - 2017



GoldSeek.com Supports Kiva.org

© GoldSeek.com, Gold Seek LLC

The content on this site is protected by U.S. and international copyright laws and is the property of GoldSeek.com and/or the providers of the content under license. By "content" we mean any information, mode of expression, or other materials and services found on GoldSeek.com. This includes editorials, news, our writings, graphics, and any and all other features found on the site. Please contact us for any further information.

Live GoldSeek Visitor Map | Disclaimer

The views contained here may not represent the views of GoldSeek.com, its affiliates or advertisers. GoldSeek.com makes no representation, warranty or guarantee as to the accuracy or completeness of the information (including news, editorials, prices, statistics, analyses and the like) provided through its service. Any copying, reproduction and/or redistribution of any of the documents, data, content or materials contained on or within this website, without the express written consent of GoldSeek.com, is strictly prohibited. In no event shall GoldSeek.com or its affiliates be liable to any person for any decision made or action taken in reliance upon the information provided herein.