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Reporting on silver and gold

Since gold dropped today, I've been getting ready. I came across this helpful video on goldsilver.com by Mike Maloney.

http://goldsilver.com/what_to_buy.php?ss=227add2ae3864b0a723...

I bought a $1000 face value of 90% silver coins, and didn't know that it had to be reported to the IRS if I should sell it to a dealer in a currency crunch.

Also to be reported:

-Any 25 oz. Canadian Leaf, Mexican onza's?, or Kruggerands,

-1000 oz. or more silver, in any form EXCEPT US Eagles (he recommended buying these do the lack of reporting and recognizable since it's clearly 1 oz...the guy at the gas station will understand.

-32 oz. or a kilo or more of any form of gold.

Yes, better to buy locally with no paper trail....

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The article mentions sales under 10K are private

Was there not a move to change that recently such that all sales would be reported?

I talked to a dealer in my

I talked to a dealer in my area and he told me he was required to collect the names of ANYONE selling silver or gold. He said this was to help track thief's. I decided from that moment on that I would only barter my coins in a time of need or sell them on ebay when the time is right.

Hard to believe....

Every future invasion of privacy will be blamed on tracking terrorists or thieves...do you think a thief or a terrorist is going to give out viable information?

That's why he has to take my

That's why he has to take my drivers license.

Trust me, I didn't like the idea any more than you and I questioned him for several minutes. He said he was required by law

What selling amount was he requiring

information on you? Was this required when trying to sell any amount or did he give specifics?
Just wondering.

I wasn't selling. I was

I wasn't selling. I was just asking because I had heard people from this site and others that dealers took information when silver is being sold. So I asked. He confirmed.

He said he was required to collect information for even just 1oz of silver. I'm not sure about 90%.

Thanks...

interesting.

BS! Never has my dealer

BS! Never has my dealer done any reporting for the sell or purchase of a 90% face value silver bag... this guy is just trying to sell eagles! the only thing I know that requires a report is a 1 0z. gold coin.. I think these folks are full of crap!

as for me and my home, we shall worship the LORD

thanks, but

I thought this guy was on Ron Paul's side...he had a great interview with him a while back and gave RP so much time to explain the currency problems we are facing. He seemed like a trustworthy guy, but I suppose he is logically trying to sell his items....
I thought the 1 oz. gold eagles did not have to be reported if you sell it back.

When there comes a crisis, and we have to use silver for gasoline, food, etc....in general, most people who know little to nothing about silver and gold will just be looking at 1 oz. ...which like the video mentions, will be the amount reported for spot value in the media at the time. It will make for easier transactions. Do you suggest buying the silver and gold eagles then? It's a little more complicated to deal with the calculations of other amounts on a daily basis in the market, don't you think?

Don't think so

I just sold several one ounce gold maple leaves - no report to my knowledge. He took down my name for his check stub, but no address, no telephone number, no ss number. I know of no requirement for a report to the government.

In theory you have to pay capital gains tax if you sell gold for more than you bought it for.