Gold Drops, USD Pops As Mulvaney/Ryan Signals Tax Plan Coming September 25th

Tyler Durden's picture

OMB Director Mick Mulvaney told Fox Business this morning that the target date for the release of details around a renewed tax plan is September 25th (presumably 2017) and that has triggered USD-buying and gold-selling.

  • REVENUE NEUTRALITY `NOT ON THE TOP OF OUR LIST': MULVANEY
  • CAN'T BALANCE U.S. BUDGET LONG-TERM ON CURRENT GROWTH: MULVANEY
  • TRUMP'S FRUSTRATED WITH SLOW PACE OF WASHINGTON ON TAX:MULVANEY
  • TRUMP `ADAMANT' ABOUT GETTING CORPORATE RATE TO 15%: MULVANEY

These remarks follow Trump's meeting with Congressional leaders Tuesday evening on the subject. As Reuters reports:

  Trump met with six senators including three Democrats who set clear conditions for future cooperation with him on taxes... Also attending were Vice President Mike Pence, White House economic adviser Gary Cohn and Mnuchin."

As you know, House Speaker Paul Ryan has said that 15% is unrealistic. In his view, something closer to 22.5% is doable.  Paul Ryan has also confirmed that date:

  • *RYAN: OUTLINE OF TAX PLAN WILL BE RELEASED WEEK OF SEPT. 25
  • *RYAN SAYS CONFIDENT TRUMP TO PUSH FOR CONSERVATIVE TAX REFORM

Meanwhile, House Ways and Means Committee Chair Brady, a member of the "Big Six," has reiterated the target date while adding that he instructed House Republicans that the goal is for the House and Senate to complete the budget process by mid October and then take up the tax bill.

Gold down, USD suring as the "Trump trade", this time prompted by hopes of tax cuts, appears to be making a comeback.

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silverer's picture

OK everyone. Think up more shit to keep the Ponzi going. A fat reward to anyone who can add at least a month to the insanity!

tmosley's picture

More of the same will last as long as the dollar lasts.

NugginFuts's picture

It's a sale. Just say "Thank you" and BTFD on PMs.

JonNadler's picture

why did it take so long for them to smash it, haven't done it in weeks?

Mementoil's picture

Why should a tax plan be dollar possitive?
A tax reduction without equal cuts in government spending should increase the deficit and bring the dollar closer to its end.
Buy the dip in gold!

tmosley's picture

Hahahaha, when price goes down on PMs, it's a sale. When they go down on cryptos (from an all time high), it's the end of crypto.

Hilarious.

JonNadler's picture

5000 years of history vs. 1 year  hmmmmm

tmosley's picture

Said the buggy whip manufacturer.

JonNadler's picture

said a master of truth distortion. As if there's a comparison between something that has lasted as money for 5000 with something that just starting out

tmosley's picture

>As if there's a comparison between something that has lasted as transportation for 5000 with something that just starting out

JonNadler's picture

why don't you go and reinvent the wheel you are good at going in circles

Bill of Rights's picture

Funny back in the day at Turds your Cunt ass was All Silver, now your just arrogant.

tmosley's picture

Child, I was ALWAYS arrogant. It's what allows me to resist idiot groupthink and most other socially induced biases.

Silver was once the best bet. But crypto is fundamentally better. As shown by the fact that it is moving while silver flounders.

Mementoil's picture

Don't you get it?
You are supposed to buy low and sell high.
Gold is closer to its 2015 lows than to its all time high, or in other words it is still cheap, whereas BTC has gone up so much, that it is overdue for a painful correction (and one that lasts for a while, not just an overnight dip).

tmosley's picture

BTC is way above where I bought it, friendo. And I didn't buy it all that long ago.

Yes, this is a CORRECTION. BTC has them ALL THE TIME. But idiot oldbugs are dancing in the streets claiming the end is near for no reason.

It's extremely pathetic, and I'm not going to let any of you forget about it.

The Real Tony's picture

They still have endless helicopter money to kill the U.S. dollar, stoke inflation and inflate the stock market.

spastic_colon's picture

hahahahahahahahaha! ya sure...........notice how "they" banged UNH today until AAPL stabilized; "they" must have run out of digicash so they "they" ran this headline.

last chance for quarter end bonuses! plus janet on deck next week; then a phony tax plan the week after; then.............

record tax collections and money printing are all that is keeping this farce alive.........tax cuts will be an economic disaster and they know it.

*RYAN: OUTLINE OF TAX PLAN WILL BE RELEASED WEEK OF SEPT. 25

which will be dragged until midnite on sunday 10/1

MFL5591's picture

The fucking con game continues, where is McCain ?  No new conference to show the country more of his insanity?

Squid Viscous's picture

Paul Ryan also scheduled to reveal his vagina on Sept. 25th

what a co inky dink

spastic_colon's picture

there is a palpable sense of desperation in the indexes...........

Mike Masr's picture

McCain is getting transfusions of dead infant stem cells. A George Soros recommendation.

Rip van Wrinkle's picture

Thought McCain had been diagnosed with a 'fast acting brain tumour'.

 

More bullshit.

GodHelpAmerica's picture

Higher deficits as a result of massive tax cuts are dollar bullish and gold bearish?

Of course not.

Never mind the chances of a big bill making it through congress...

ejmoosa's picture

We are going to spend our way out of debt.

This is it's picture

Sept 23 tax plan hits a road block. Gold pops past $1400 and usd dives under 90.

Seasmoke's picture

Who keeps falling for this absolute farce.

Not My Real Name's picture

"Who keeps falling for this absolute farce?"

The media. Every. Stinking. Time.

shizzledizzle's picture

They're not falling for it, they're endorsing it. 

ejmoosa's picture

The media has been working over time to tell us everything is grand.

Total profit dollars for the Dow 30 fell during the years 2012-2016 80% of the amount that they fell during the "Great Recession"(2007-2009).

Anyone remember the lesser Recession being discussed during the Obama years?

QE and Fed policy, tied with the media, sure covered up a stinking economy.

And where are we today?

Profits for the Dow 30 in total dollars will be less in 2017 than they were in 2012.

How's that translate into economic growth?

It doesn't.

Squid Viscous's picture

Don I'm gay as a Lemon, Anderson Pooper, and "Jake" Jacob Tapper....

what did I win?

kavabanga's picture

anyway Trend on gold  is still bullish . Previous higher high of ~1325 level worked as a good support. 

1325 was the first possible dip level to place the first buy order. Next, I wait for EMA10-EMA25 cross above EMA50, which would be around 1335-1340. 
The target is still June.2016 high of 1375. But before the channel of (1325-1355) needs to be broken. 

In case of a daily close below 1325, the idea would not work. If 1325 broken, I will wait until 1295-1300 band to place the buy orders. 
Below 1295 would mean a reversal for me.

anyway

GodHelpAmerica's picture

Lines and channels created by a cartel. Sounds reliable...

Consuelo's picture

 

 

Since the farce of 2011, (paper) gold enthusiasts have divinated the charts about a $Trillion ways to Sunday, and the gains for all those chart gymnastics...?

Crumple them up a few times before wiping - they're softer on the anus...

c2nnib2l's picture

fuck this allice from wonderland market srsly people are fuckind mad 

 

chicken_goose's picture

Why is a tax plan which will increase deficits by a huge amount (given that there are no significant spending cuts planned concurrently) bullish for the dollar? Rhetorical question of course, the markets make no sense anymore due to the massive central bank intervention distorting everything.

DEMIZEN's picture

i am sure dimon can explain it

my new username's picture

Because high taxes are killing me.

BigCumulusClouds's picture

Actually the big tax cuts are for the corporations. Individuals get a small tax cut but they lose all their deductions -- so individuals might end up paying more. Surely as time passes and they raise tax rates into the future, after losing the deductions, you will very likely end up paying more. You

GunnerySgtHartman's picture

FAIRTAX.  That is all.

FreeShitter's picture

NOTAX...starve this fuckin beast

338's picture

 

NOTAX...starve this fuckin beast

 

 

 

EXACTLY THAT!!!!!

 

TAXATION IS THEFT

 

plain and simple theft.

 

They'll never starve themselves, although pixie dust encrusted skittles shit by a magic unicorn are what I'm going long right now.

DEMIZEN's picture

todays rally looks really pooped. ppt running out of ammunition?

FreeShitter's picture

Gold drops,  cryptos drop...yeah they really compete against eachother.......smdh

Manipuflation's picture

God damn it that will fuck up Canuck buck stash FX rate.  Who wants to go to Canada with me and get really fucking drunk?  Who hasn't been to Winnipeg?  We don't take any women or children with.  We go up to Canuckland and show that that we will win the next Olympic silver medal in hockey.

Ouagadoudou's picture

So we gonna price in the tax cut again ?

Manipuflation's picture

Who trades digital gold and are they insane?  Whatever.

Anteater's picture

Gold isn't 'down', it just came off the 'fire and frenzy'  hysteria

Trump created to keep Mueller's investigation of Kushner's

treason out of the limelight, since if Jared were to go to prison,

Trump loses his pay-for-play deposit money laundering partner,

and all his properties become at risk of foreclosure by his Soviet

Jew financiers, ... the same ones who sold Don Jr and Jared the

'highly sensitive and classified information' on Rodham, ha,ha,ha.

What a f'ked up 'election': ZioPigA mafiya versus ZioPigB mafiya,

and every one of their kids married to a Jew handler. Every one!!

That would be like the odds of the Cubs winning the World Series

five times in a row! We have to get dual-Israelis out of government!

KropDick's picture

Queue up tax plan to screw middle class. Swamp lines up in approval.