How the Govt Tracks Your Bullion and CashSubmitted by Charleston Voice on Mon, 06/18/2012 - 18:29
Revisiting Reportable Bullion & Cash Transactions
By Richard Schwary on June 18, 2012 1:20 PM
By Richard Schwary – California Numismatic Investments (www.golddealer.com)
It is hard to believe it has been a year (May 23, 2011) since my first comments about government reporting requirements within the coin business. I called this effort Rules for Reportable Bullion & Cash Transactions or Lack Thereof and it received comments which are included in this second attempt along with new information.
The subject of “reporting” has to be one of the most misunderstood and misrepresented in the trade today so I can’t figure out why you don’t see more about these rules? The reason might be that these mystical directions while holding sway over dealers are a poorly written mess which should have been avoided more than 30 years ago. And as the perceived need came and went these rules were asked to do more than intended without further oversight or revision. So in my opinion what we have today is a bottom up application of government thinking without the required rule maker and so disputes become a nightmare based on not understanding what is obscure.
And with gold reaching for new highs the mistrust of government and these famous reporting rules become more important for two new reasons:
First if you study this situation most will find the majority of Americans are looking for simple privacy and not trying to skirt the currency reporting laws. Gold has always been the most private investment and the use of “no-name” invoices and cash in smaller amounts is popular and legal. The quest for privacy is responsible for new books like How to Be Invisible: A Step-By-Step Guide To Protecting Your Assets, Your Identity, And Your Life by J.J. Luna. This type of read is on the front burner because people worry about identity theft and are looking at privacy especially as it relates to the Internet.
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