Mad Rush in Japan to SELL Bullion

silverdoctors.blogspot.com

Well what was supposed to be an almost immediate tax implication for bullion transactions in Japan, left two days of freedom for interested buyers/sellers and has resulted in a MAD RUSH to sell their bullion. Bullion houses are staying open late due to huge demand from sellers who want to complete transactions before the new tax law takes effect January 1st.

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,
dealers said.

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