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Surge Of Inexplicable After Hours Selling Takes Gold Volatility Index To All Time Low
In addition to the rout in the ES, VIX and GC which we pointed out earlier, there were some additional fireworks behind the scenes in today's after hours session. The CBOE Gold Volatility Index, the ^GVZ plunged by the most in over a year, as the index hit an all time low of 15.92 without the underlying making much of a notable move. The most curious aspect of the trade was that the entire dump occured in the AH session. Many were left scratching their heads over what caused this monstrous unwind in long vol positions: was this the unwind of a massive long ES/short GC arb? We don't know, although if rumors that a major fund is planning to stand for delivery of Dec gold turn out to be true, then obviously someone got confirmation today. Keep a close eye out on the GVZ. Should this price level persist on Monday, then the front futures contract will likely surge.
A trader whom we managed to reach late in the day had this to say on this stunning move:
Typical course of action for HFT and other commodity pranksters is to shake out new contract holders. They did it with absolute gusto today, shorting thousand of contracts into thin markets. That didn't work. Gold held up. Now, taking into account that peripheral EU spreads are hitting new highs, hedge funds are getting redemption requests etc, why would you go home long ES and short GC? So what they did is they sold ES into and after the close. After that ES/SPY close they can't run these 'start arb' HFT strategies any more that go long S&P and short Gold as well. Gold's closing time is 1:45pm. They had to cover shorts.
If the short covering in paper persists, perhaps the world won't even need the Krieger/Keiser physical PM campaign to destroy Blythe Masters.
And a bonus observation of the gold curve is the Gold February contract, where in the last minute someone bought 2k contracts, which represents 200,000 ounces or about $272MM worth of gold. Not a bad purchase for the last trade on the slowest day of the year.
As usual, we welcome our readers' perspectives on this largely unexpected move.
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gld does not = metal
Except for JPM, GS, and three or four other Majors.
I second what RockyRacoon asks. Why?
It was a rhetorical question actually. The reason is that gold is money, unlike fiat currency. It is held as a store of value and used when needed.
That's good, we want it to happen. They will play with paper and we just put few more chips in our cupboard. Then we wait to see what is better; piece of paper or metal.
Brilliantly put! In a high/hyperinflation scenario: SPY 20,000, gold infinite. Both will go up but gold and commodities become the currency.
Higher lows for gold
Lower highs for the DOW
Gold still moves higher.
You hath great pith.
"That's basically the way it has worked out so far."
You say that as if almost every call you've made in gold so far hasn't been wrong - the only utility you have is posting nice pics (not your joke charts)
You're a snarly little shit aren't you?
It's worked that way so far because when the Fed conjures money gold goes up on inflation fears, and the money goes into stocks, pushing them up. Other centra banks doing the same. The so far will end when the central banks stop printing. And that wont happen until the banks are sound, so the both will be going up for a long time, until something breaks.
In principle you are right, but your thinking is rather linear, and thus ignores what people likely do.
Which is as things get scarier with various currencies, they buy more gold. So your targets for equities are too high or not low enough, and the converse for gold. Think 14,000/2,500 or 8200/1250 DOW/gold.
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IMO, it will go down but not as much as in 2008. 200 days avg should support.
Take delivery of what? Hope they're not expecting a helicopter bearing gold...
What about silver, which has been nuked today?
3% is not nuked, it's a bulimic 500 calorie purge episode after a 5000 calorie meal.
http://www.zerohedge.com/article/chinese-exchanges-hike-margins-virtually-all-commodities-temporary-attempt-cool-surging-pric
I chose the wrong day to quit drinking.
There will be other days ;-)
http://www.youtube.com/watch?v=v46plhmxXU4
thats a lame excuse to get back to it.. :-)
Shit, I went other way, what's your motivation?
Someone else mentioned that AMPEX was out of stock on some of their gold bars.
And here's Harvey Organ's summary for Silver from last Wednesday:
"The total number of notices sent down this month totalled 902 notices or 4,510,000. Since no silver notices are left to be sent down, this should be the final number of silver oz that is standing for the options delivery month of November. This is some total. You could just imagine the quantity that will stand in December. It should break the bank!!"
+1 Krieger/Keiser so far.
I've got to wonder what kind of weekend that evil b*tch Blythe Masters is having.
Silver was nuked today. the front contract lost almost 1/3 of the open interest.
Well, duh. Everyone was expecting Blythe to pounce on low volume, like she always does. This is no surprise.
Remember: (per the latest Jim Willie):
"The Chicago Mercantile Exchange raised the margin requirements for silver on November 9th. It was highly motivated. They wanted to prevent a blowout upside move in silver past $30 before Christmas, and to relieve some of the pain to the Big Four US banks. Unlike gold & silver, no margin hikes were doled out for soybeans, corn, sugar, or cotton despite their concurrent price gains. The message is clear, that desperation has set in relative to precious metals, as conditions are breaking down badly. The CME sent out a memo raising the margin maintenance requirements for silver futures by up to 29%, from $5000 to $6500 per contract. Initial positions have a slightly higher margin. It is their right, being the market maker. Let not their fast disappearing silver inventory deter their path. Less than two weeks later, the CME raised the silver margin maintenance requirement another 11.5% to $7250 in a sign of desperation. "
Good points, but I think it is because PM's have the special status of being the canary in the mineshaft. They tell on the currency shenanigans more than rice or pork bellies. Energy might be a nice second. PM's have to be manipulated and any smart trader will try to play on that.
Take delivery!
i dont think she cares much...
i have a feeling smt big is going under...things might be out of control at this point. they would if they could had gold under at least 1350 for option expiration.
High volitility is expected as the game nears the end. An animal will struggle for it's life when first captured.
Per my Grade 7 English teacher:
"It's gross to watch a dog lick its balls!"
Ever since then, I have cringed at the improper use of the apostrophe with possessive pronouns.
I just remind myself that there's no apostrophe in the pronouns his or hers so there is none in its. But typos still happen.
Your Grade 7 English teacher notwithstanding:
Q: Why does a dog lick its balls?
A: Because it can.
That joke is older than my 7th grade teacher.
No, because it cannot make a little furry fist..
+
There, their, they’re, spdrdr. Your acting as if hour mistakes aren‘t you’re mistakes, when its clear where all human through and threw. Just kidding.
...and your mine!
+7
Chindit13, God knows that I have made my quota of errors and non-sequiturs in my time.
It still doesn't stop me cringing. No offence was intended, but it is a simple grammatical issue.
Every time you write "its", you just have to think whether you mean "it is" or not. If you mean "it is", then for God's sake put in the apostrophe as an abbreviation!
Alternatively, if you are not saying "it is", then don't put in the apostrophe abbreviation.
Simple.
If you want to see me go really postal, ask me about Quantitative Easing........
Cheers!
That reminds me - I've been meaning to ask you about Quantitative Easing. Whats it's all about?
Irregardless of your bad punctuation, you're response is highly inflammable! :>D
HighlyInflammable
Don't worry, he just got depressed and used a bit of ethanol. Me too btw. Any way grammar or not the THOUGHT is the more important.
no offense taken
Well said, spdrdr, well said.
Jim Sinclair says to expect and think nothing of $2-$300.00 swings a day, the closer we get to the end game.
That's because the bears are "all in." There aren't many that survived the PPT/FRB manipulated equity market, but if you still got the capital and you got the balls, you can make a mint short this BS (assuming you don't succumb to counterparty risk).
Excerpt from http://news.goldseek.com/GoldenJackass/1290632400.php :
The bad guys are getting whip-sawn by their own goofy paper!
I have been reading the GoldenJackass for three years and despite a bit of sensationalism at times I do agree with 99% of his stuff and he has been more right than anyone.
There are not many reasons why Gold/Silver would become a bad investment from current levels. Politics are fucked so there is no solution there. A total Euro meltdown would cause a temporary spike down in the paper price but I doubt that you would be able to get much physical at that point because it would become obvious that the system is done for and it would spike again soon after.
A total bond collapse in the US that sent interest rates quicly past current "real" inflation rates causeing positive real interest rates may cause paper prices to spike down but I would not want to have to try and buy physical at that time. I like Antal Fekete on the concept of Gold basis.
It would take three pages to list the reasons why i think PM's could go parabolic.
It all smacks of shaking out the little guy. Margin hikes on both sides of the planet, strange AH activity and I swear I saw an unusually high last minute volume for one of the PM contracts prior to this.
It all smacks of shaking out the little guy.
B I N G O!
I'm a little guy and I paid full price for my gold and silver and the reason why I did is because "I'm a little guy". LOL!
War?
No, thanks; we already have more than we can afford.
WRONG. We need war to boost our economy. John Maynard Keynes the homosexual socialist economist said so; and I learned that at Princeton when I got my PhD in economics with pudgy face Krugman. War and destruction create jobs and spur a faltering economy. When does the killing begin? /sarcasm
Please don't malign homosexuals by associating them with Keynes. Most would rather he was straight.
Flacon, as much as I like to route my fellow pole smoking amigo's for their self-destructive ways (as if I don't have any bullet to the head tendencies such as ballistic womanizing, swamp drinking, and half-cerebrum risk taking), don't you think that a persistent overuse of the descriptor is doing little for pointing out the most obvious of his truly rebellious manifestations?
That is...unless you are actually attempting to sabotage your own words...or the truth in your statements that meet some unannounced agenda?
Yep, just add "paedo" to the list of descriptors to round it out! Problem solved...
Princeton and killing only intersect at the Manhattan Project.
You could make the argument that WWII was what got us out of the Great Depression, but it wasn't so much the jobs making tanks and the debt of 120% of GDP as it was our being the only country left standing with a functioning economy (and that whole Marshall Plan / Bretton Woods thing that the aforementioned gay Lord devised).
Maybe Europe will go back to their old ways and pancake themselves again on our behalf.
War did not get us out of the GD1, the aftermath of it did, hundreds of thousands of Americans coming home to start their lives, and families, and buying homes did.
How bout we put the question back to the bernack.
Only this time the answer in 50 words or less.
...and the GI bill, and union jobs, and a steel industry.
Very bold calculated bet.
Here are my odds for gold next week:
=======
And here is Bernanke's playbook.
Oracle, favor enviarme un correo a mi nombre arriba arroba gmail punto com. Gracias!
He's speaking in tongues!
Ketchua!
Bless you.
Shuj, ishcai, quinza...
Runacuna!
/Quechua (because that's all I know)
Ud. tiene correo...
Oracle, if BenB continues with number 1, there is little that he can do to stop number 2.
BenB is backing the bullion shorts and they are getting their azzes handed to them.
How much of QE2 will be thrown down this deep well?
According to FOFOA: Until they drive the price off a cliff and gold drops again.... then silence...... shhhhhh........ GOLD RESURRECTS ON THE THIRD DAY WITH A VALUE OF $54,000 in today's purchasing power.
Think about it, there is no reason for PAPER gold price to rise once the jig is up.... it WILL COLLAPSE.... That is when gold enters hell and slays the dragon only to be resurrected in glory a short time later.
Here is FOFOA's chart explaining his gold price:
http://1.bp.blogspot.com/_cvdgPlEKW9k/TJ1k2Kw5ipI/AAAAAAAABcc/n8pY_udAeQE/s1600/Freegold_future_chart.jpg
Nice chart, especially that final gap.
My trader friend who tipped me into gold has always thought that there will come a time when you can't buy physical...he went all in when B of E sold.
So, over the last few months run up in gold GLD has not increased its holdings...just a little bit recently, and now sold a bit (1,285t I think).
This strikes me as significant. It indicates the buying was in bullion as opposed to paper....ties in with this chart.
Go ahead ya paper-trading idjuts, knock down the prices of PMs again so we can slurp up ALL the physical gold and silvery goodness! China may be leading the charge, but that doesn't mean the followers cannot collect a few scalps as well.
BenB is taking a number 2 on the US economy. It seems he only has the QE tool in his toolbox.
No, Ben B is destroying the nation,long term.
A #2 you get over, debt that is unrepayable is a generation to recover.
I hope I'm wrong, but I have a bad feeling that even the Irish understand that they are being shutout by the bondholders. This is probably not going to be looked back on as a good weekend to have been long euros or short PM.
The Metals are stagnant in terms of an investment class. Better off choosing a CDS contract if you're looking for return with alpha.
Bottom line is that the blue-blood bankers and Plutocrats always win.
Always. No exceptions.
Even the disgraced CEO's of 2008 like Fuld walked away with millions, free to do whatever they want with their lives.
"Tan Man" Mozillo obviously paid off the right people and he is now living a quiet life of luxury after battling attorneys for what, 2 years? He'll live like a king the rest of his days.
And in Europe, the "inbalances and injustices" between the "haves" and "have-nots" is even worse.
The "Pitchfork" crowd doesn't stand a chance.
THAT, Robot, is about as indisputable as it comes.
The Plutocrats always win. I will borrow that line for conversations I have next week!
I agree 100% with most here at ZH, that we need to see some Playahs and Bankstas going to jail. So far, not even one, with trillions of dollars lost.
...
OK, Pitchforks no. How about AK-47s?
Great for defense and use against "zombies". And like all great zombie movies it will be holding back the hoard or getting to a place of safety. But we can all rest assured that all but the dullest looter has an escape plan. How scared can they be when they won't even toss out a token sacrifice to appease the masses?
$ 12 Billion per month in foodstamps is a token sacrifice to appease the masses
Bah! That is just bread in the bread and circus game. In Rome at least they had the games, and people thrown to lions. Where are my junior bankers thrown to the lions? Or at least put up at club fed?
Hmmm I'm sensing a new reality show "Hard Time". Following the adventures of jr. bankers as they do hard time in prison. Gritty and real, like Oz, but with more crying...maybe less prison rape, depends on the network...maybe more if it's on cable. Hell can even spin the banker as a sympathetic character who got caught up in all the glamor of fraud, and is now a prison bitch. Tell me that would not only entertain but also sate the desire for bleed! Even has a moral message "Kids, don't do this at home" :)
http://www.dailymail.co.uk/news/article-1327421/Allen-Stanford-beaten-ja...
Thanks!
It's a start. Now imagine that scene on tv. Who wouldn't be watching?
"Honey, can you take out the trash?"
"Later! This fat cat banker is going to get beaten up any minute!"
But then maybe they don't want any of the masses to get any ideas. But then maybe watching it on the TV would be enough.
Stare like a junkie into the tv, stare like a zombie... http://www.youtube.com/watch?v=hii17sjSwfA
Sodomizing with the (Financial) Stars!
http://www.youtube.com/watch?v=F5sIXUbMgF0
We threw Patriots at Lions on thursday...does that count?
Absolutely BRILLIANT!! Kinda like my GITMO prisoners get sailing lessons and a sailboat from the US Govt reality show! Will Allah save the faithful, or let the sharks and/or Poseidon claim their unworthy hides -- tune in and find out!
As your attorney, I recommend going long RPG's and machine guns.
Wish I could buy an RPG. Would make me more, let's say, comfortable about everything.
Make that a double!
...
For anyone interested (Col. Cooper perhaps) I just finished reading The Gun, by C. J. Chivers (2010). It is a history of infantry automatic weapons, particularly the AK-47. I recommend it highly to those interested in the topic.
Col Cooper...good man.
I wish I had a couple of MG-42's on hand.More fun than an AK.
I like the H&K G3 more than the AK as well.Full power ammo lends more flexibility.
Yeah, well the Bearing is almost a neophyte when it comes to guns. After firing my first 200 rounds or so, I asked J. there at the store to show me how to field strip it so I could clean it.
OK, so I went home, stripped it, cleaned it, but, uh, had trouble putting it back together. Ah well. And that gun was MADE for teenage morons!
Don't feel bad, practice makes perfect.Spend lots of time on the range, and practice stripping and cleaning your gun.It just takes some time.The confidence you will have after you master it is truly priceless...then you can teach others.
AK's are very good guns....it is an excellent choice.
Good luck, and practice often!It pays!
All good CQB weapons, but I prefer Long Distance.
Give me an M40A1-2,and a couple of M4's for shorter engagements.
Dioxin.
http://www.youtube.com/watch?v=xWVxI6XZAuE
Sunday is Funday.
http://www.youtube.com/watch?v=GFUN_JX6qH4
Panther .308 LR w/ the 26" barrel & Leopold optics....
Ummm...that'd be 24", que no?
Hundreds of thousands of red blooded Americans and also many others from the various corners of the globe cornering the silver bullion market could do it, no?
No ... we have a chance once the USD is gone. And it will happen.
http://www.youtube.com/watch?v=zgal31ZDGd0&NR=1
Might want to start beefing up border security now. Got a feeling that when the USA slips under the waves some will make for the perceived island of safety. Among those coming will be the good, the bad, and the ugly.
"Border security"...what an oxymoron.
http://apne.ws/i8aEzU
That's just markets are work. If you take a cheap to make product, that is in high demand, and make it illegal then the market will find a way to get it in. Then add to it that the govs gain power by losing the war on drugs then it's a powerful incentive to fail. Sure everyone else must have noticed we are losing every war; on poverty, drugs, obesity, terror, unemployment, Iraq, Afghanistan. The list goes on and on, and with each failure more power is gained.
I was more talking about stopping a flood of economic refugees. Who might not have the time or resources to tunnel in. But would toss a lot of bodies at the Canada housing market. Bitter with the sweet.
You could be right about the border thing. Think of it as a dollar symbol: The dollar looks good compared to all the other currencies in the tank. The USA will look good to all the other countries under martial law. They'll pour in -- think buying dollars.
We have always been at war with Mary Jane.
We have never been at War w/Mary Jane, or any other drug.Just something to use for training.
It's all a freakin hoax, to use as a tool to Militarize the LE.
Joint training, and shared Ops,is like the real reasons for CQB in Iraq,and Somalia.(the only way to lear Urban warfare is get into it.)
Make a relevent comparison, like the Soviet Union.
Tell that to Nicholas Biddle.
Robot sucks compared to Banzai7. No talent. Soon to be no money. Whatcha gonna do when the trust fund runs out? Stop being a momo and develop a skill!
Usually, not always.
Totally agree with your statement. Nothing will change. I've come to the conclusion that it's not the politicians and corrupt banking oligarchy who bare all the blame, we as a population have 'enabled' all of this to occur in front of our very eyes, over and over again.
We will get raped again, and we will enjoy it. Good day!
The market shot up at the end of the day right before Thanksgiving, ending up in the green. The media hyping that the economy is recovering, "see the stock market is in the green, isn't it?!?" The media is also saturated with examples of the rich buying things they don't need as an example for sheeple to go out and buy shit they don't need with money they don't have. All this in preparation for Black Friday. All kinds of behind the curtain shit going on including this and huge insider trading, etc...
Sounds to me like they are sharpening the shears, lining the sheeple up and getting ready for one last great fleecing before the market crashes.....as they know it will! As for the guy making a reference to the "pitchfork people," you hit the nail on the head! Remember what Amschel Rothschild said when asked what he'd do about a group of people attacking the elite. His answer was, "I'd hire half to kill the other half."
what was the South Park episode with "the bouncing on their balls"? something about "gettin legal weed" or something, wasn't it? Perhaps they were simply inspired by Mssr's Rothshchild and his now called "World Bank."
US financier & railroad businessman (1836 - 1892)
http://www.quotationspage.com/quote/33148.html
He knows that he doesn't even need to hire the other half ... 95% of your fellow slaves will tell you to "hush up, in case the master hears you ... don't go making waves, now ... think of your family"!
They'll even physically restrain you ... and pass your name to "the authorities" to have you removed to a 're-education facility' just to maintain their "peace" (not that the authorities don't already have all our names).
One million secret police is a very powerful force. They don't even need guns to do their job ... just take you away from the mall or airport checkpoint.
$10 to the guy who correctly identifies the character representing Blythe:
http://www.youtube.com/watch?v=7KGRZuWXVhA
Senor 'Big Time'. Please use the sawbuck to short GS.
It's just volatility in the transition to freegold. Big moves, especially that large purchase tells you word leaked that freegold is on for winter. FOA always said when the going got tough in Europe they would run to freegold.
FOA 8/10/98:
"Basically, this is the direction the Euro group is taking us. This concept was born with little regard for the economic health of Europe. In the future, any countries money or economy can totally fail and the world currency operation will continue. What is being built is a new currency system, built on a world market price for gold."
Yes, and today Putin said in Berlin that he supports the euro/Freegold and wants to drop the dollar in russian/Eu energy trade.
good point, we need more FOFOA quotes when where talking about gold and the euro
+ $1350
Each day FOFOA's call for Freegold looks more and more like it's going to happen along those lines.
Credible explanations have been given in ZH comments early this week why "free gold" is unlikely to happen.
Can you explain why you spell freegold as one word?
Freegold is the way FOFOA refers to his concept of gold unshackled, floating against everything.
While I think very highly of FOFOA, I do not KNOW what the future will bring. But, it does seem wise to have some gold. If FOFOA is right, well then...
I take a macro view so I'm probably not much help. But the massive debt of the West, with the political and currency instability, says to me that any unusual activity in gold is bullish. So this action is more long term bullish.
Unusual short term action reflects accelerating interest in gold and draws more attention to it as an alternative currency. In Germany, safe deposit boxes are sold out and said to be stuffed with gold and silver, which is also unusual.
Even significant down moves are seen as manipulations by fiat clinging banks and considered smart buying opportunities.
Idea: Portugal gets told "we bail you out 100% ; in return, you sell all your gold all at once" ...
This doesn't make sense to me - their reserves amount to only $20Bn at current prices. If they could exchange their gold for enough money (or debt) to solve their problems they would have already done it, no?
Maybe the price is surpressed and should be higher, but ...
All these trades are connected, and suspicious. My bet; this is fat fingers and we hear about it on Monday.
Please elaborate Bruce.
Waddell & Reed hits (b) instead of (m) and the Treasury market collapses...
...or something intelligent like that.
Someone call me?
Waddell & Reed? A Foreign Central bank hit the (b) next to GOLD. It was not an accident.
he's being sarcastic. referencing the initial explanation of the may 2010 flash crash = "fat finger". gawd, they really think we are that stupid, don't they?
Oh my god!
Not the evil Waddell & Reed?!?!
Can't say I know what the 'gold volatility index' is but COMEX gold spreads remain in full contango. Not that COMEX is the be all & end all of the gold market.
Silver question....
Say you have 1964 or earlier half dollars. The silver content in these has a melt value, about $10.
You hire someone to do work, normally $1000 for a job (say home improvement or something). If you paid them in half dollars of say $50 (face value of still circulated coins) they tax you at $50, and get taxed at $50.
Wouldn't this be a legal loophole on tax?
Nice try. IIRC there was a group that did this in NV with gold eagles. If I remember right IRS said would tax at market price of gold not the legal tender stamp on it. Does not matter if it's legal tender, Uncle Sugar will not be denied his cut of your pie.
I guess would it be any different since it's a "common" and circulated coin like 1964 JFK half dollar. Anyone who didn't know what it was would only value it at face value like banks and stores. It's not really "collectible" in the sense of scarcity (other than hoarding).
Knowingly underpaying taxes is illegal, the means are irrelevant. That's why Geithner had to blame TurboTax.
Not entirely true. IIRC there were more facts to the case. For example, they readily converted the PM payments back into cash face value each time a worker asked. They were paying at face and cashing at melt value. IIRC this is what got them in trouble, not the fact that they paid in PM form. Moral of the story: Do one thing and do it right. Don't try to do more than what you are an expert at. I really need to go back and read that case...
Funny how that works, if they seize it, out out a decree, you think you will get spot prices for them?.
Hell no, you get face value.
This has been tried
http://www.dgcmagazine.com/blog/index.php/2009/05/27/robert-kahre-americ...
Redacted, Silver Serf provided a link. :-)
This guy tried something similar.
http://the-moneychanger.com/articles_files/dangerous.phtml
a) If you didn't 1099 the guy, how would the IRS know? Call it a really big tip.
b) Why would you give up your silver (or gold eagles) before your fiat?
Isn't the new obamao healthcare changes make everyone over $600 file 1099s?
Just a thought, it came up at dinner yesterday. Certain coins in circulation have melt down values far exceeding their worth. The point we were talking was not collectible money, but common circulated with high melt down value. A gold coin is obviously worth more than face, but a nickel could be worth $1.40.
Check out coinflation.com to see what I mean.
Melt values for a number of U.S. coins of certain dates well exceed their face value. It is also Fed-Illegal to melt them down but if you have a smelter handy in the backyard you can go for it.
If you bring me a ton of pre-1982 pennies I will give you 1/2 face value.
The new law, beginning in 2012, requires a 1099 for all transactions adding to $600 over the course of the whole year. And starting in 2011, all credit card transactions will be reported to the IRS also.
http://money.cnn.com/2010/05/21/smallbusiness/1099_deluge/index.htm
It is an outrage and no one is talking about it. It is the beginning of a cashless society.
Call me silly, but that's even less enforceable than our idiot drug laws...they'll need to really use the Jay Gould method (hire one half...) to even come close.
Ah hubris.
Look for that law to be overturned.
NO Way businesses can pay the prices to maintain these costs, and survive.
Already talk on the Hill about it.
As far as CC tracking?, it will only hurt the Bankstas.
I use CC's seldomly, cash for all else,when your counting out GREEN, you see the real costs of your transactions.
This is THE major reason folks are in hock to their arses.