Ecuador’s government wants the
nation’s banks to repatriate about one third of their foreign holdings
to support national growth, the head of the country’s tax agency said.
Carlos Carrasco, director of the tax agency known as the SRI, said today that Ecuador’s lenders could repatriate about $1.7 billion and still fulfill obligations to international clients. Carrasco spoke at a congressional hearing in Quito on a government proposal to raise taxes on banks to finance cash subsidies to the South American nation’s poor.
I recall that Venezuela repatriated their gold about a year ago. It seems that a few countries are waking up to the gaming going on in the gold market with their gold reserves.
ReplyDeleteMy best guess is gold will make a huge move up in the coming months.
All the best.
Agreed PW, I take today's Acton in the Metals pit as a Buying opportunity. Admittedly I was Short using the SLV Put to make some more of Xerox Ben's fiat too infinity program, to buy more Metal.
ReplyDeletePurchasing Physical Metal with Bens own money is sweet Justice.
Now I will flip my trade Into SLV calls, January's look ripe and await the markets next move.
Bottom line thanks Ben you're predictability in trading this market is getting easier by the day.
Be well PW