Gold: It's the end of the world as we know it
For now, investors are more concerned about taxes going up next year than they are about a potential doomsday on Dec. 21, 2012. "Not knowing what the tax landscape will be like next year is causing many investors to cash in now," said James Cordier, president of Liberty Trading Group. Gold prices have tumbled from a high near $1,800 an ounce in early October to below $1,700 an ounce last week. While most investors anticipate lawmakers will reach a compromise on the looming fiscal cliff, taxes on capital gains and dividend payments are widely expected to go up regardless. By exiting their gold positions this year, investors hope to avoid paying those taxes. But the fear of higher taxes is so powerful that investors are overlooking some positive fundamental factors, said Cordier. The depreciating U.S. dollar, for one, should be giving gold prices a boost.
People:
James Cordier
Overall Sentiment: 0.509336
Relevance: 0.872834
| Sentiment | Quote |
|---|---|
| 0 | "Not knowing what the tax landscape will be like next year is causing many investors to cash in now," said James Cordier, ... |
| 0.370005 | "When you're forgiving debt and printing money, that's wildly bullish for gold," he said. ... |
| 0.290203 | "When you're forgiving debt and printing money, that's wildly bullish for gold," he said. "For gold to hit new record highs in 2013 seems very possible." |
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President Obama
Overall Sentiment: -0.0870381
Relevance: 0.447837
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Additional Info:
Country: U.S.
Overall Sentiment: -0.0265964
Relevance: 0.645903
Disambiguation: Location | Region | AdministrativeDivision | GovernmentalJurisdiction | FilmEditorReferences:
Company: Goldman Sachs
Overall Sentiment: 0.215708
Relevance: 0.873665
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Company: Pavilion Global Markets
Overall Sentiment: 0.358985
Relevance: 0.48455
Company: Liberty Trading Group
Overall Sentiment: 0
Relevance: 0.456916
Organization: Federal Reserve
Overall Sentiment: 0.0680467
Relevance: 0.457317
Organization: European Central Bank
Overall Sentiment: -0.035281
Relevance: 0.447603
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Organization: Fed
Overall Sentiment: 0.668002
Relevance: 0.407162
Organization: Congress
Overall Sentiment: -0.0379747
Relevance: 0.391629
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Gold: It's the end of the world as we know it
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- CNNMoney
- commodities
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- gold
- gold investors
- gold prices
- goldman sachs
- inflation
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The end is nigh, according to the Mayan Calendar. That's bullish for gold, right?
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