February 21, 2024

Here are the latest news items and commentary on current economics news, market trends, stocks, investing opportunities, and the precious metals markets. In this column, JWR also covers hedges, derivatives, and various obscura. This column emphasizes JWR’s “tangibles heavy” investing strategy and contrarian perspective. Today, we look at the new FinCEN BOI database reporting requirements. (See the Regulation and Taxes section.)

Precious Metals:

Reuters: Gold to enter 2024 with sights set on record highs.

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Kelsey Williams, at Gold-Eagle.com: You May Get A Higher Gold Price, But…

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3 Promising Precious Metal Stocks Set to Shine Bright in 2024.

Economy & Finance:

H.L. sent us this: 4 in 10 Companies Anticipate Layoffs in 2024.

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Reported by the Whatfinger.com news aggregation site: Unveiling the Financial Enigma: Wolf Of Wall Street Nancy Pelosi’s Stock Market Triumphs.

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The government overinflated the initial jobs report every single month of 2023.

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At Zero Hedge: BRICS Expands Footprint In The Global South.

Commodities:

WSJ: Low Battery Metal Prices Set to Persist in 2024, Adding Friction to Energy Transition.

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Chinese Carmakers Launch Sodium-Ion Battery-Powered EVs.

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Nickel Price Forecast: Top Trends That Will Impact Nickel in 2024.

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From OilPrice News: Canada’s Oil Sands Set for Expansion as Pipeline Nears Completion.

Regulation and Taxes:

Toby sent us this news: Ostensibly to “combat money laundering”, FinCEN’s new Beneficial Ownership Information (BOI) Reporting requirement began January 1st, in the United States. JWR’s Comments: Boy, o BOI! Though it exempts banks and major corporations, just about every other business in the U.S. that has a Fictitious Name Statement or “DBA” on file at the state level, or that is a corporation of any type (including LLCs) will be required to file. Failure to file could result in a $500 per day fine! This is yet another paperwork burden for small businesses!  Once you have a Fictitious Name Statement or other business paperwork filed at the State level, then you’ll be required to file BOI paperwork. The “Catch-22” is that banks now require a Fictitious Name Statement or a business license, to be able to open a business checking account or to clear business checks through a personal account. (This is because banks are already under their own FinCen reporting regime.) FinCEN has estimated the new BOI database will be populated by initial filings from over 30 million businesses. Oh, and there is apparently no Grandfather Clause for BOI paperwork. See the details, here. The bureaucrats keep adding more Lilliputian lines of tyranny, with every passing year!

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Joshua Stein of Forbes had some pointed commentary on the new BOI database.

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What small businesses need to know about new regulations going into 2024.

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These 2024 IRS changes can increase paychecks, lower taxes.

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Ringing in 2024 with State Tax Law Changes.

Forex & Cryptos:

Dollar’s Best Start in Decade Falters Before Key Inflation Data.

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At Currency Thoughts: Investors Remained Worried about Chinese Economic Prospects.

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Coinbase Gains, Binance Struggles: How Evolving Regulations Impact Crypto.

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Bloomberg Analysts Predict Over 90% Chance of US Approval for Bitcoin ETF, Polymarket Trims Odds to 83%.

Tangibles Investing:

From Real Estate to Stocks, Here are Top 5 Lucrative Investment Options.

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And from my friend Commander Zero’s Notes From The Bunker blog: Why it pays to keep track of prices and stock up.

Provisos:

SurvivalBlog and its Editors are not paid investment counselors or advisers. Please see our Provisos page for our detailed disclaimers.

News Tips:

Please send your economics and investing news tips to JWR. (Either via e-mail or via our Contact form.) These are often especially relevant because they come from folks who closely watch specific markets. If you spot any news that would be of interest to SurvivalBlog readers, then please send it in. News items from local news outlets that are missed by the news wire services are especially appreciated. Thanks!