Archive

December 2024

Browsing

Australia announced a multimillion-dollar agreement with Nauru on Monday that gives Canberra a veto right over a range of pacts the tiny Pacific atoll might want to enter with third countries, including China.

Australia offered 140 million Australian dollars ($89 million) over five years to the remote nation’s population of 12,000 under the treaty to be implemented next year, including 40 million Australian dollars ($26 million) to enhance policing and security.

“Recognizing the security of one of us affects the security of both of us, the treaty provides that Nauru and Australia will jointly agree to any engagement by other countries in Nauru’s security, banking and telecommunications sectors,” Australian Prime Minister Anthony Albanese said in a joint statement with Nauru President David Adeang at Australia’s Parliament House.

Adeang said Nauru’s partnership with Australia, its former colonial master, is “vital” to his country.

The pact has some similarities to a deal a struck in May with Tuvalu, another tiny Pacific island nation with a similar-size population as Nauru, which also gave Australia veto power over third-country deals.

The Tuvalu deal followed a security agreement struck between China and the Solomon Islands in 2022 that has raised concerns over a Chinese naval base being established in the South Pacific.

Meg Keen, director of the Pacific Island Program at the Lowy Institute, a Sydney-based think tank on international policy, said Nauru had sacrificed its ability to strike security, banking and infrastructure deals with China and other third parties in return for a big increase in Australian funding.

“It is a move by Australia to limit Chinese reach and influence in the region,” Keen said in an email.

“The treaty allows Australia to strengthen regional ties and cement its leading role as the development and security partner of choice,” she said.

A key part of the deal is that Nauru will retain an Australian bank. The Commonwealth Bank of Australia will open a branch in Nauru next year after Australia’s Bendigo Bank withdraws from the country.

“This treaty strengthens our own economy, enhances also our mutual security and addresses critical challenges like debanking and ensuring inclusive growth and resilience for our own people,” Adeang said.

This post appeared first on cnn.com

Brazilian President Luiz Inacio Lula da Silva underwent surgery in Sao Paulo to drain a bleed on his brain linked to a fall at home in October, a medical note published by the government said on Tuesday.

The surgery was successful and the 79-year-old Lula is “well” and being monitored in the intensive care unit, the note said. Doctors will hold a press conference at 9 a.m. local time to provide details.

Lula underwent an MRI late on Monday in Brasilia after suffering a headache, which detected an intracranial hemorrhage. He was transferred to Sao Paulo for surgery at the Sirio Libanes hospital.

Lula fell at home in late October and suffered a small brain hemorrhage and trauma to the back of his head that required stitches. Tests in early November showed his condition had remained stable.

The president’s injury forced him to cancel a trip to Russia for a summit of the BRICS group of major emerging markets being held in Kazan, following medical advice to temporarily avoid long-haul flights.

This is a developing story. More to come.

This post appeared first on cnn.com

Israeli Prime Minister Benjamin Netanyahu took the witness for the first time on Tuesday in his long-running corruption trial to give testimony that will likely force him to juggle between the courtroom and war room for weeks.

Netanyahu, 75, is Israel’s first sitting prime minister to be charged with a crime. He is the country’s longest serving leader, having been in power almost consecutively since 2009.

“I have been waiting for eight years for this moment to tell the truth,” Netanyahu told the three judges hearing the case. “But I am also a prime minister … I am leading the country through a seven-front war. And I think the two can be done in parallel.”

He smiled confidently when he entered the Tel Aviv District Court around 10 a.m. (3 a.m. ET). The trial was moved from Jerusalem for undisclosed security reasons and convened in an underground courtroom, a 15-minute walk from the country’s defense headquarters.

Before Netanyahu took the stand, his lawyer Amit Hadad laid out for the judges what the defence maintains are fundamental flaws in the investigation. Prosecutors, Hadad said, “weren’t investigating a crime, they were going after a person.”

A few dozen protesters gathered outside the courthouse, some of them supporters and others demanding he do more to negotiate the release of some 100 hostages still held by Hamas in Gaza.

Israel has been waging war in Gaza against the Palestinian militant group for more than a year, during which Netanyahu had been granted a delay for the start of his court appearances. But last Thursday, judges ruled that he must start testifying.

Charged with bribery, fraud and breach of trust, Netanyahu will testify three times a week, the court said, despite the Gaza war and possible new threats posed by wider turmoil in the Middle East, including in neighboring Syria.

Netanyahu was indicted in 2019 in three cases involving gifts from millionaire friends and for allegedly seeking regulatory favors for media tycoons in return for favorable coverage. He denies any wrongdoing.

In the run-up to his court date, Netanyahu revived familiar pre-war rhetoric against law enforcement, describing investigations against him as a witch hunt. He denies the charges and has pleaded not guilty.

“The real threat to democracy in Israel is not posed by the public’s elected representatives, but by some among the law enforcement authorities who refuse to accept the voters’ choice and are trying to carry out a coup with rabid political investigations that are unacceptable in any democracy,” he said in a statement on Thursday.

At a Monday night press conference Netanyahu said he had waited eight years to be able to tell his story and expressed outrage at the way witnesses had been treated during investigations.

Before the war, Netanyahu’s legal troubles bitterly divided Israelis and shook Israeli politics through five rounds of elections. His government’s bid last year to curb the powers of the judiciary further polarized Israelis.

The shock Hamas attack on Israel on Oct. 7, 2023, and the ensuing Gaza war swept Netanyahu’s trial off the public agenda as Israelis came together in grief and trauma. But as the war dragged on, political unity crumbled.

In recent weeks, while fighting abated on one front after Israel reached a ceasefire with Hamas’ Lebanese ally Hezbollah, members of Netanyahu’s cabinet, including his justice and police ministers, have clashed with the judiciary.

In power almost consecutively since 2009, Netanyahu is Israel’s longest serving leader and its first sitting prime minister to be charged with a crime.

His domestic legal woes were compounded last month when the International Criminal Court (ICC) issued an arrest warrant for him and his former defense chief Yoav Gallant along with a Hamas leader, for alleged war crimes in the Gaza conflict.

This post appeared first on cnn.com

China has fielded its largest regional maritime deployment in decades, Taiwan’s Defense Ministry said Tuesday, as it monitors what it says is a surge of Chinese military activities in the Taiwan Strait and Western Pacific.

Taiwan has been on high alert since Monday as it braced for expected military drills after President Lai Ching-te sparked Beijing’s ire by making unofficial stops in Hawaii and the US territory of Guam earlier this month.

Taiwan on Monday said multiple formations of Chinese naval and coast guard vessels were moving in regional waters and around the Taiwan Strait. Beijing has not announced military drills or acknowledged the large-scale deployment cited by Taipei.

China’s ruling Communist Party claims the self-governing democracy of Taiwan as its own territory, despite never having controlled it, and has not ruled out taking the island by force. It views unofficial interactions between Washington and Taipei as a violation of its sovereignty. Taiwan’s leadership rejects China’s territorial claims over it.

An “astonishing” number of Chinese vessels have been deployed at a scale that “could block external forces,” Lt. Gen. Hsieh Jih-Sheng, deputy chief of the General Staff for Intelligence, said at a Taiwan Defense Ministry briefing Tuesday.

The People’s Liberation Army (PLA) naval deployment was not only targeting Taiwan, Hsieh said, adding that the geographic spread stretched into waters past the first island chain. The strategically significant chain of islands encompasses Japan, Taiwan, parts of the Philippines and Indonesia, and as long been a key plank in the US maintaining its position as the dominant power in the Pacific.

“The PLA’s recent activities not only exerted military pressure on Taiwan. Its naval forces, specifically, have significantly raised its posture around Taiwan and the Western Pacific,” Hsieh said.

China’s ability to block outside forces from entering the first island chain could pose a survival threat to Taiwan in the event of a Chinese invasion, potentially cutting off naval access by outside forces seeking to aid the island.

The maritime deployment was the largest since China began holding large-scale war games around Taiwan in the mid-1990s, according to the ministry.

Taiwan authorities also reported a significant increase in PLA aircraft operating around the island, detecting 47 such jets in the 24 hours before 6 a.m. Tuesday.

In a statement Monday, Taiwan authorities said the PLA had designated seven zones of reserved airspace to the east of its coastal Zhejiang and Fujian provinces.

No live-fire exercises had yet taken place in the zones which lie to the north and northwest of Taiwan respectively, the ministry said in its Tuesday briefing.

Visit to US

The Chinese military movement comes days after Lai made unofficial stops in Hawaii and Guam during a weeklong South Pacific tour, which wrapped Friday.

The visit was Lai’s first to the United States since becoming president in May. The leader, who has long faced Beijing’s wrath for championing Taiwan’s sovereignty, used his travel to tout solidarity with likeminded democracies.

Chinese authorities voiced firm opposition to Lai’s trip, referring to him as a “separatist.” His travel came after the US approved new arms sales to Taiwan, which prompted China to vow “strong countermeasures.”

Military drills have increasingly become one of Beijing’s go-to tools to voice dissatisfaction and visits by US or Taiwanese officials to each other’s soil have in the past sparked significant war games from China.

In May, days after Lai’s inauguration, China launched two days of large-scale military drills surrounding Taiwan in what it called “punishment” for so-called “separatist acts.” It called those drills “Joint Sword-2024A.”

China then conducted “Joint-Sword-2024B” drills in October, after Lai said during a National Day address that the island was “not subordinate” to China.

When asked about the military movements during a regular briefing Tuesday, Chinese Foreign Ministry spokesperson Mao Ning declined to comment directly but said, “the Taiwan issue is China’s internal affair, and China will firmly defend its national sovereignty.”

This story has been updated with additional information.

This post appeared first on cnn.com

Kennedy Johnson was 15 years old when she gave birth to a baby girl in a Detroit foster home for teen moms, in February 1996. Twenty-five years later, when Johnson found herself in northern Ghana being made a queen, she couldn’t quite believe where life had led her.

In front of an adoring crowd in Tamale, the largest city in northern Ghana, Johnson was given her honorary title of “Zosimli Naa” in October 2021. It was conferred on her by the Dakpema, Abdul-Razik Salifu, a local spiritual leader, with Zosimli Naa roughly translating as “Friendship Queen” — effectively making her the Dakpema’s head of development in the area.

Thousands of miles from home, riding on a horse and dressed in traditional royal attire, Johnson would have been forgiven for thinking she was in a dream.

‘I had to abandon a lot of my childhood goals’

Johnson’s journey began as a young mother in 1990s Detroit, a time she remembers as “a bit of a challenge.” It’s an understatement. She recalled a relative dropping her off, a pregnant 15-year-old, at the foster home, and promising to pick her up when the child was born. They never returned.

“I had to abandon a lot of my childhood goals,” she said. “I just had to dig deep and find some sort of strength.”

When her daughter D’Kiya was 11, Johnson started taking her on trips abroad — first to the Bahamas, then Hong Kong, then South America. The pair fell in love with seeing the world, and Johnson began documenting her trips online “to show people that minorities can travel.”

“I would meet other people in my age group, but not my demographic,” she said. “I was going places and people would stop me and be like: ‘Beyoncé!’ They would automatically assume I was in the entertainment industry and not taking a holiday, because people of color weren’t really traveling like that.”

Years later, once D’Kiya had left home, Johnson took a DNA test that determined that she had Nigerian and Ghanaian heritage. For the first time, her travels took her to West Africa. Her arrival there — which she describes as a “return” — “felt like a huge sigh of relief,” she said.

Soon after her first journey, Johnson founded Green Book Travel in 2018, a company that organizes trips to West Africa for members of the diaspora. Named after the annual travel guide that provided Black people with information to keep them safe in Jim Crow America, Green Book Travel takes people to historically significant locations including sites of deportation in the transatlantic slave trade.

The trips immediately attracted hundreds of people, Johnson said, and her travels to West Africa became more frequent. On one trip, she found herself physically compelled — her “body was on fire” — to visit northern Ghana.

On her second day in the region, she was asked to pay a customary visit to the Dakpema and his elders in Tamale. She quickly realized that this was no ordinary meeting.

“They started consulting amongst each other,” she said, “and then they said ‘we want you to go to prepare to be the Queen.’”

Becoming royalty

Initially, Johnson did not understand the significance of the offer. But when she recounted the meeting to a village elder, he nearly crashed his car.

Four months later, with her daughter and best friend alongside her, Johnson was “enskinned” in Tamale — officially recognized as Friendship Queen — before being introduced to the community in a parade at the annual Damba festival, in which she rode on a horse to cheers from the crowd.

“It was overwhelming because the crowd was so big,” said Kendall Jones, Johnson’s best friend who was by her side at the event. “It was my first time ever experiencing having people chase your car down as you’re driving away.”

The role of Friendship Queen comes with an elevated status and practical responsibilities to the community. Johnson works together with elders of the Dagbon Kingdom, which dates back to the 14th century and comprises around five million people, to run positive initiatives in Tamale, where she now lives. So far, together with her charitable foundation Kith and Kin, she has worked to provide clean water, sanitary products, and shoes to the community, and is working on a scheme to support orphans. Locally, she is revered.

“You are put on a pedestal,” she said, “There are all the formalities — the bowing, the ‘Her Royal Majesty,’ making sure that you’re taken care of.”

From Detroit to Tamale

It’s a difficult adjustment for someone unfamiliar with celebrity. But to Johnson, the role comes naturally. “She represents peace, unity, hope and the connection of our past to the future,” said the Dakpema, who was instantly impressed by Johnson upon her first visit to his palace. “She is very popular within Dagbon and highly respected. The people admire her.”

Kennedy Johnson is not the first Zosimli Naa to be enskinned by the Dakpema. Dr Susan Herlin, an academic from Kentucky, had her title conferred in 1995 and died in 2014. Seven years later, Johnson became the next person to receive the title from the Dakpema Palace.

“We felt she was the right choice based on her qualities and her connection to both the Dagbon Kingdom and the diaspora,” said the Dakpema. “By having a Queen who embodies both our rich cultural heritage and strong ties to the world, we open the door to cultural exchange, investment and global awareness.”

In November 2024, Johnson was granted full Ghanaian citizenship. In the same month, she was also included in the Most Influential People of African Descent (MIPAD) class of 2024 top 100 futurists and innovators.

“It just unfolded to something beyond my dreams,” she said.

‘Swagger Queen’

Johnson is especially popular with the young people of Tamale, who call her “The Swagger Queen,” due to her striking fashion sense that makes full use of colorful Ghanaian fabrics.

But no one admires her more than her own daughter, now 28. “It’s the story of a person with everything against them being blessed with everything from the universe,” D’Kiya said. “You can say you’ve seen everything when you’ve seen your mom grow up with a lack of family, and then grow to gain millions of people as her family.”

As daughter of the Zosimli Naa, D’Kiya is now considered a princess. “I remember growing up and thinking, maybe one day I’ll play a Disney princess,” recalled D’Kiya, known by her rapper name Stunna Dior. “It’s still a hard thing to conceptualize.”

And what would the teenage Kennedy Johnson in Detroit think of the current Queen in Tamale? “I think she would feel inspired,” Johnson said. “If the young version met the current me, she would know to keep going and to keep pushing.”

This post appeared first on cnn.com

Stock futures are trading slightly lower Monday morning as investors gear up for the final month of 2024. S&P 500 futures slipped 0.18%, alongside declines in Dow Jones Industrial Average futures and Nasdaq 100 futures, which dropped 0.13% and 0.17%, respectively. The market’s focus is shifting to upcoming economic data, particularly reports on manufacturing and construction spending, ahead of this week’s key labor data releases.

November was a standout month for equities, with the S&P 500 futures rallying to reflect the index’s best monthly performance of the year. Both the S&P 500 and Dow Jones Industrial Average achieved all-time highs during Friday’s shortened trading session, with the Dow briefly surpassing 45,000. Small-cap stocks also saw robust gains, with the Russell 2000 index surging over 10% in November, buoyed by optimism around potential tax cuts.

As trading kicks off in December, investors are keeping a close eye on geopolitical developments in Europe, where France’s CAC 40 index dropped 0.77% amid political concerns, while Germany’s DAX and the U.K.’s FTSE 100 showed smaller declines.

S&P 500 futures will likely continue to act as a key barometer for market sentiment, particularly as traders assess the impact of upcoming economic data and global market developments.

S&P 500 Index Chart Analysis

This 15-minute chart of the S&P 500 Index shows a recent trend where the index attempted to break above the resistance level near 6,044.17 but retraced slightly to close at 6,032.39, reflecting a minor decline of 0.03% in the session. The candlestick pattern indicates some indecisiveness after a steady upward momentum seen earlier in the day.

On the RSI (Relative Strength Index) indicator, the value sits at 62.07, having declined from the overbought zone above 70 earlier. This suggests that the bullish momentum might be cooling off, and traders could anticipate a short-term consolidation or slight pullback. However, with RSI above 50, the overall trend remains positive, favoring buyers.

The index’s recent low of 5,944.36 marks a key support level, while the high at 6,044.17 could act as resistance. If the price sustains above the 6,020 level and RSI stabilizes without breaking below 50, the index could attempt another rally. Conversely, a drop below 6,020 could indicate a bearish shift.

In conclusion, the index displays potential for continued gains, but traders should watch RSI levels and price action near the support and resistance zones for confirmation.

The post Stock Futures Lower after S&P 500 futures ticked down 0.18% appeared first on FinanceBrokerage.

Stock futures climbed on Wednesday, driven by strong performances from Salesforce and Marvell Technology, following upbeat quarterly earnings. Futures tied to the Dow Jones Industrial Average rose by 215 points (0.5%), while S&P 500 futures gained 0.3%, and Nasdaq-100 futures advanced by 0.7%.

Salesforce surged 12% after reporting fiscal third-quarter revenue that exceeded expectations, showcasing robust demand in the enterprise software sector. Meanwhile, chipmaker Marvell jumped 14% after surpassing earnings estimates and providing optimistic fourth-quarter guidance, indicating resilience in the semiconductor industry.

This movement follows a mixed session on Wall Street, where the S&P 500 and Nasdaq closed with small gains, while the Dow dipped slightly. The broader market has experienced a modest start to December, contrasting with November’s robust rally, but analysts anticipate a resurgence in momentum. LPL Financial’s George Smith pointed out that December historically sees strong market performance, particularly in the latter half of the month.

However, economic data introduced some caution. ADP’s report revealed that private payrolls grew by just 146,000 in November, missing estimates of 163,000. This signals potential softness in the labor market, with investors now awaiting Friday’s November jobs report for further clarity.

S&P 500 Index Chart Analysis

Based on the provided stock chart, which appears to be a 15-minute candlestick chart for the S&P 500 Index, here’s a brief analysis:

The chart shows a clear upward trend, with higher highs and higher lows indicating bullish momentum over the analyzed period. The index has steadily climbed from a low of approximately 5,855 to a recent high of 6,053.58, suggesting strong buying interest.

Key resistance is observed near 6,050-6,053 levels, as the price has struggled to break above this zone in the most recent sessions. If the index breaches this level with strong volume, it could lead to further upward movement. Conversely, failure to break out may lead to a pullback, with potential support around the 6,000 psychological level and 5,980, where consolidation occurred previously.

The candlestick patterns show relatively small wicks, indicating limited volatility, which could imply steady market confidence. However, the bullish rally could be overextended, warranting caution for traders, especially if any negative catalysts emerge.

In summary, the short-term trend is bullish, but traders should monitor resistance levels and volume for signs of a breakout or reversal. It’s also essential to watch broader market factors, as indices are often influenced by macroeconomic data and sentiment.

The post S&P 500 climbed 0.3%, and Nasdaq-100 futures jumped 0.7% appeared first on FinanceBrokerage.

As gold and silver continue to prove their worth as sound investments, market participants should know how precious metals investments are taxed in the US.

While the majority of gold and silver investing comes with a certain degree of taxation, there are different levels of tax based on how market participants decide to invest in these precious metals, how long the investments are held for and the investors individual tax bracket.

Read on for a breakdown of the taxes associated with investing in gold and silver bullion, ETFs and stocks, as well as the forms involved with reporting precious metals investments.

In this article

    How are physical gold and silver taxed?

    Gold and silver bullion, coins and bars are seen as collectibles by the Internal Revenue Service (IRS) in the US. Thus, physical gold and silver, no matter the form, are subject to a higher rate of capital gains tax when they are sold. The same is true for fellow precious metals platinum and palladium.

    While long-term capital gains would typically carry a top bracket of 20 percent, collectibles can be taxed at a higher 28 percent.

    The total an investor will owe in capital gains tax when selling physical gold and silver is based both on their income bracket and the length of time they held the asset.

    The long-term capital gains tax on physical gold and silver is equal to an investor’s marginal tax rate, up to a maximum of 28 percent due to their status as a collectible, meaning those in higher tax brackets still only have to pay 28 percent on long-term gains from physical precious metals sales.

    It is worth noting that the 28 percent maximum is only for long-term capital gains, which applies to metals that an investor has held for more than one year. Short-term capital gains on precious metals held for less than one year are taxed at ordinary income rates.

    For example, a person in the highest tax bracket purchased 100 ounces of physical gold at US$1,800 per ounce and two years later sold their holdings for US$2,000 per ounce. While they are in the 37 percent tax bracket, they would pay 28 percent tax on the capital gains made from these sales. As they earned US$20,000 in capital gains, that would translate to US$5,600 in income tax.

    However, if the investor sold the gold at the same gain just 11 months after they purchased it, it would count as short-term capital gains, and the investor would be taxed at 37 percent and owe US$7,400.

    Investors who are in one of the tax brackets below 28 percent are taxed at the standard rate of their bracket when selling their solid gold and silver assets, whether they are held short- or long-term.

    Similarly to other investments, precious metals sold at a loss can be used to offset capital gains.

    How are gold and silver ETFs taxed?

    Like all other exchange-traded funds (ETFs), gold ETFs and silver ETFs act in the same manner as individual stocks, meaning that investing in these ETFs is similar to trading a stock on an exchange. There are two main types of gold and silver ETFs: those that track the prices of those metals and those that track gold or silver stocks.

    ETFs that follow metals prices provide exposure to either physical gold or silver, or gold or silver futures contracts. It is important to keep in mind that investing in these ETF platforms does not allow investors to own any physical gold or silver — in general, even an investment in an ETF that tracks physical gold or silver cannot be redeemed for the tangible metal.

    ETFs that invest in gold or silver companies provide exposure to gold- and silver-mining stocks, as well as gold- or silver-streaming stocks.

    In terms of taxation, capital gain taxes from selling gold and silver ETFs is determined by the ETF’s holdings, the investors tax bracket and how long they held the asset for.

    Funds will often supply investors with tax forms that they can use to fill out their income tax. The webpage for a fund should have a document describing how income tax is handled for that fund, which is worth reading before investing in it.

    Long-term capital gains from selling shares of gold and silver ETFs are subject to a 28 percent maximum federal income tax rate if they hold physical precious metals and 20 percent if they hold stocks. While long-term capital gains would typically be capped at 20 percent maximum rate. This is because the holdings are considered collectibles, as described in the section above. Short-term gains made from selling gold or silver ETFs are subject to a maximum federal rate of 37 percent.

    Additionally, these gains could get slapped with a 3.8 percent net investment income tax for high net-worth investors, and a state income tax may also apply.

    Futures-based commodity ETFs can come with their own set of rules that you can learn about here. Briefly, they are often taxed in a 60/40 hybrid, with 60 percent treated as long-term gains and 40 percent treated as short-term gains. Additionally, this is calculated at the end of each tax year, whether a sale is made or not.

    ETFs that hold stocks are taxed in the same way as traditional securities, which you can read more about below.

    How are gold and silver stocks taxed?

    In terms of tax on gold and silver stocks, long-term gains from selling are subject to the standard 20 percent maximum federal rate, while short-term gains will face a maximum federal rate of 37 percent. For investors in higher income brackets, there is the potential for gold and silver stock investments to also be hit with the 3.8 percent net investment income tax as well as state income tax.

    Unlike physical precious metals and ETFs that hold them, precious metals stocks are not classified as collectibles, which is why the long-term capital gains tax is capped at 20 percent instead of 28 percent.

    Stocks sold at a loss are important as well as they can be used to offset capital gains when filing income tax.

    How to report taxes on physical gold and silver investments

    Market participants who sell precious metals in the US for a profit are required to report that profit on their income tax return, regardless of whether or not the dealer has any reporting obligation.

    When selling gold and silver investments in the US, there are two different sets of reporting guidelines — one applies to the dealer through which a person sells and the other applies to the investor who is selling the asset.

    It is important to note that taxes on the sale of gold and silver will not be due the moment that the sale is made, and the tax bill for all of these sales is due at the same time as a standard income tax bill.

    For investors selling precious metals, capital gains or losses need to be reported on Schedule D of Form 1040 when making a tax return.

    Investors will first need to detail their precious metals transactions on Form 8949, including the length of time the investments were held. This form must be filed alongside Schedule D. Investors then use this information alongside the 28% Rate Gain Worksheet included in the Schedule D instructions.

    Depending on the type of metal being sold, Form 1099-B may have to be submitted to the IRS by the broker when the sale closes, as such transactions are considered income. As for when a broker will need to file Form 1099-B, there are specific rules that determine which sales of precious metals require the dealer to file this form that apply to transactions over a 24 hours period.

    For gold sales, reportable items include specific gold coins, including the 1 ounce Canadian Gold Maple Leaf and Gold Kruggerand, and gold bars and rounds of at least 0.995 fineness. As for quantity, only sales of more than 25 gold coins and or more than 1 kilogram in gold bars and rounds will require the form.

    Sales of 0.999 fine silver bars and rounds totaling over 1,000 ounces qualify. For silver coins, US coins with above 90 percent silver are reportable, but Silver American Eagle coins are not. Sales of silver coins exceeding US$1,000 will require a form.

    When it comes to selling gold and silver overseas, market participants must follow the laws as they apply to the sale of gold and silver investments in that particular country.

    The information in this article does not constitute tax advice, and investors should work with a tax professional or program to help them make sure everything is reported accurately.

    Securities Disclosure: I, Lauren Kelly, currently hold no direct investment interest in any company mentioned in this article.

    This post appeared first on investingnews.com

    Rio Tinto ( ASX:RIO,NYSE:RIO,LSE:RIO) released an initial mineral resources and ore reserves report for its 100 percent owned Argentina-based Rincon project on Wednesday (December 4).

    Mineral resources inclusive of ore reserves comprise 1.54 million tonnes of lithium carbonate equivalent in the measured category, with 7.75 million tonnes in the indicated category and 2.29 million tonnes in the inferred category.

    Probable ore reserves are made up of 2.07 million tonnes of lithium carbonate equivalent.

    Rincon was acquired by Rio Tinto from Rincon Mining in March 2022. It is located in the Lithium Triangle of Argentina’s Salta province, which hosts more than half of the world’s lithium reserves.

    A feasibility study for the property outlines full-scale production of approximately 53,000 tonnes of battery-grade lithium carbonate annually over a 40 year mine life. Subject to permitting, Rio Tinto plans to expand production at the site to 60,000 tonnes per year via debottlenecking and improvement programs.

    The company expects to make a final investment decision on full-scale operations at Rincon toward the end of 2024.

    A pilot battery-grade lithium carbonate plant with a capacity of 3,000 tonnes is currently in development. According to the company, it is scheduled for completion in the first half of 2025.

    Argentina’s lithium reserves are the third largest in the world, standing at 3.6 million tonnes. The country is also the fourth largest lithium producer in the world, producing 9,600 tonnes of the metal in 2023.

    Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.

    This post appeared first on investingnews.com