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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pluto the dog's picture

yer only google facebook and twitter + youtube get the tax cut - all ((( monopolies )))

Consuelo's picture

 

 

'Gold drops'.

 

What kind of 'gold'...?

therover's picture

what a crock of shit.

Conax's picture

Hot air.  They need metals to fall, too many scamps out there trying to get the phyzz. 24,000 heavy silver bars carried off this month and it ain't over yet.

Dow going up, gold going down, happy stories about taxes, all a cover for the raids they'll need to do until they finally get some results.

Sky flyer's picture

I'm not a rich man. I would love for them to smash silver down to about $12 right now. Provident metals has some nice trinkets I could better afford.

NEOSERF's picture

Another Obamacare Congress non-starter...nothing will get done 

GoldHermit's picture

I agree - I think the conservative Republicans are going to cause all kinds of trouble.

ET's picture

Hold cash, Gold and Silver in physical form.

When the dollar strengthens momentarily, buy hard assets, preferably productive assets, to preserve and grow your wealth. The crypto endgame has arrived and we are seeing the flight into physical Gold and Silver. Demand for physical Gold and Silver is rising.

Five to ten percent of whatever is in your bank account in physical Gold and Silver in private storage would be smart. The dollar will still be around and you can trade those in for bargain stocks when you see them. Have enough food, water and emergency supplies that can last a minimum of a couple of weeks.

tmosley's picture

>Hold cash

>But not crypto

What does Yellen's snatch taste like? Nevermind, I don't actually want to know.

GoldHermit's picture

OK they're going to decrease taxes in an increasing deficit environment – how is this bad for gold?

BigCumulusClouds's picture

Do you know that they are going to eliminate the State income tax deduction? This will cause a mass migration from high income tax states to those with none. Property values in FL and TX and SD will skyrocket.