Thursday, December 29, 2011
Mad Rush in Japan to SELL Bullion
SINGAPORE, Dec 29 (Reuters) - A new taxation law in
Japan has triggered a bullion sales spree among gold investors
at the end of the year despite sharp falls in gold prices,
From Jan. 1, bullion retailers are required to report to tax
authorities physical gold and platinum transactions of over 2
million yen ($25,700) with members of the general public, said a
senior official with a large bullion house in Tokyo.
Bullion houses stayed open on Thursday, even though it was a
public holiday in Japan, to receive investors who wanted to sell
their physical gold holdings or swap big chunks of gold for
smaller lots, such as coins.
"The general public does not want to pay additional tax on
their gold investment," said the official. "So even though
prices dropped sharply overnight many are coming to bullion
shops for liquidation."
Reuters Full Press Release>>
Posted by BullRun at 6:03 PM