Is the government going to be tracking gold purchases in 2013?

jmski52 · December 12, 2012 5:00AM

I was just making a run to the Post Office, and Glen Beck was saying that the government is going to be tracking gold purchases as part of the obamacare law starting in 2013. Does anyone know if this is accurate?

OperationButter · December 12, 2012 5:01AM

It wouldnt surprise me but that is very worrisome.

tneig · December 12, 2012 5:13AM

Get your "before tracking" stack now! First passive tracking, then transaction and holding taxation.

jmski52 · December 12, 2012 5:22AM

ICTA doesn't say anything about this on their website. I'm just trying to find out the facts. Being tracked is one thing, figuring out how to deal with it is another. Making sure that you know all of the rules is paramount.

derryb · December 12, 2012 5:24AM

Wholesalers would have been using that info to push sales in 2012. They haven't been doing so.

bestmr · December 12, 2012 5:45AM

<< Wholesalers would have been using that info to push sales in 2012. They haven't been doing so. >>

This. It would have been all over the news or something as well.

OPA · December 12, 2012 5:46AM

Perhaps Beck read it on the Internet & the Internet doesn't lie.

SilverBaron · December 12, 2012 5:57AM

Nothing that i can find .........

lots of DISINFORMATION that came from the now repealed 1099 ---- $600 reporting rule!!

CaptHenway · December 12, 2012 6:17AM

Doesn't Beck flack for Goldline? A little incentive (lie) to get people to buy before the end of the year, perhaps?

piecesofme · December 12, 2012 9:08AM

Glen Beck? Really? I guess i'll leave it at that.

Baley · December 12, 2012 11:06AM

Is the government going to be tracking gold purchases in 2013?

does it matter whether they do or they don't "track" anything? It's what they intend to DO with the information that matters?

Are they going to leave ordinary stackers alone and go after illegal money laundering and criminal-level tax evasion? then I'm probably for it.

are they going to make too low a threshold for metals tradings profit so it inconveniences medium sized traders and unfairly squeezes the little guys? then I'm probably against it

are they going to step on my neck and steal my gold? Then I'm definitely against it.

Spooly · December 12, 2012 11:12AM

Cash-Hungry Congress Eyes Levy on Gold Mining

jmski52 · December 12, 2012 12:05PM

The question wasn't about Glen Beck. Thanks to those who responded with some info.

DoubleEagle59 · December 12, 2012 12:53PM

<< Is the government going to be tracking gold purchases in 2013?

does it matter whether they do or they don't "track" anything? It's what they intend to DO with the information that matters?

Are they going to leave ordinary stackers alone and go after illegal money laundering and criminal-level tax evasion? then I'm probably for it.

are they going to make too low a threshold for metals tradings profit so it inconveniences medium sized traders and unfairly squeezes the little guys? then I'm probably against it

are they going to step on my neck and steal my gold? Then I'm definitely against it. >>

It does matter if they're going to track it or not.

If they do, we all know the gov't intentions won't be good for us.

renman95 · December 12, 2012 4:43PM

I guess I better get busy.

roadrunner · December 12, 2012 11:02PM

The govt created the regulations to initially go after money launderers such as in Patriot Act 2.

But the long term goal is to reign in the entire populace when it comes to trading/bartering precious metals. It wasn't like they couldn't see this coming down the road.
PA2 has a very stifling description of what bullion is. Today your MS66 Saint, MS65 $20 Lib, and MS64 $10 Indian qualify as bullion. So far, wheat cents with a 2.4X
value over spot would still be considered collectible. But a 17% drop in copper prices from here ($3/lb) would classify then as bullion per PA2. I guess that makes MS64 and
MS65 common date Morgan dollars as a potentially better game right now since they are quite a ways from the 2X spot level.

The IRS doesn't yet have such an onerous definition of bullion...but they know where they can get one if they need it.

OnlyGoldIsMoney · December 13, 2012 12:16AM

<< I was just making a run to the Post Office, and Glen Beck was saying that the government is going to be tracking gold purchases as part of the obamacare law starting in 2013. Does anyone know if this is accurate? >>

I have heard nothing about such tracking. If correct such tracking would already be a hot topic in PM circles.

Was any source cited in the broadcast?

CaptHenway · December 13, 2012 12:46AM

<< The question wasn't about Glen Beck. Thanks to those who responded with some info. >>

The source of a rumor is as relevant as the rumor itself.

pf70collector · December 13, 2012 4:13AM

So does that mean they will track all paper gold and silver that is supposedly backed up by physical. I would think JPM (the FED) would lobby against tracking gold.

Senex · December 13, 2012 4:19AM

<< I was just making a run to the Post Office, and Glen Beck was saying that the government is going to be tracking gold purchases as part of the obamacare law starting in 2013. Does anyone know if this is accurate? >>

Beck is a very disturbed individual, to the point of being a right-wing crank.
Doesn't he also flack for Goldline.
If Glen Becks told me the sun rises in the east and sets in the west, I'd still ask him for proof!

PerryHall · December 13, 2012 5:14AM

I don't trust our current government to have this information. There is a precedent for a democrat administration confiscating gold owned by private citizens. It happened in 1933.

johnny9434 · December 13, 2012 5:38AM

it wouldnt surprise me if they werent tracking it alreday. jmo

vibr0nic · December 13, 2012 7:25AM

They almost certainly have in the past and I would assume they collect it in some form today.

I agree with Baley otherwise.

It's hard to imagine that they would use that data to confiscate your gold, but it's also hard to ignore the fact that they've taken citizen's gold before.

derryb · December 13, 2012 8:03AM

don't fight the FED and don't test the IRS.

when they do catch an avoider they look into his past.

renman95 · December 13, 2012 10:25PM

<< it wouldnt surprise me if they werent tracking it alreday. jmo >>

Of course they are. I'm sure "they" are tracking these (all) threads now...Patriot Act 2. If need be a 2013 Executive Order can make the 1933 decision look like child's play, meaning all numismatic gold confiscated except for high end "museum" pieces.

jmski52 · December 13, 2012 10:29PM

except for high end "museum" pieces

Comrade, if they track everything - why do you think that they would consider "museum pieces" exempt from any confiscation order? I would think that some high-ranking facist bureaucrat would certainly want those for his own personal museum display. Don't you?

OPA · December 13, 2012 11:44PM

Some of you need to take anti paranoia medication. Reality check...Track every minor gold purchase? Not a realistic possibility...This ain't the 1930's, to much gold in individual holdings and the population has trippled.

renman95 · December 14, 2012 12:02AM

<< except for high end "museum" pieces

Comrade, if they track everything - why do you think that they would consider "museum pieces" exempt from any confiscation order? I would think that some high-ranking facist bureaucrat would certainly want those for his own personal museum display. Don't you? >>

Those "evil rich" in power will take care of their own.

Will they confiscate the likes of a Cardinal collection? I highly doubt it. Not being paranoid, just looking at history. And anything is possible now.

jmski52 · December 14, 2012 12:22AM

OPA, let's review - they wanted to track every $600 purchase, not just of gold but of everything - until the outcry overwhelmed them. Do you remember? The reporting requirements were about to strangle every small business out there. It wasn't that long ago.

The election's over now, so they have another 4 years in which to meddle. Like renman says, anything is possible, although they have bigger fish to fry at the moment.

roadrunner · December 14, 2012 12:36AM

<< Some of you need to take anti paranoia medication. Reality check...Track every minor gold purchase? Not a realistic possibility...This ain't the 1930's, to much gold in individual holdings and the population has trippled. >>

We have a thing called computers today. Most purchases and sales with leading bullion dealers and local shops going forward are quite traceable. If you buy a 1/10th AGE with cash
you probably could stay outside the radar...assuming you sell them for cash in 1 coin increments as well. But for most people doing 1 oz or more at a time, they can probably be traced.
Within the next couple of years there will be major oversight of the bullion market with a ton more paperwork. I don't think even the tiny purchases will go exempt unless it's new
jewelry purchases. My state requires all transactions to be recorded and held for X number of days to allow police to check for stolen merchandise if they so desire. This oversight isn't
being done to get your gold from you. But rather to keep as few people as possible from even thinking about investing in PMs. And it creates a nice trail for the tax man too.

OPA · December 14, 2012 12:45AM

<< OPA, let's review - they wanted to track every $600 purchase, not just of gold but of everything - until the outcry overwhelmed them. Do you remember? The reporting requirements were about to strangle every small business out there. It wasn't that long ago.

The election's over now, so they have another 4 years in which to meddle. Like renman says, anything is possible, although they have bigger fish to fry at the moment. >>

Yup, I remember....that would have been one gigantic clusterfurk..Worse than trying to enforce prohibition during the 20's, which wasn't successful either.

OPA · December 14, 2012 12:51AM

<< 

<< Some of you need to take anti paranoia medication. Reality check...Track every minor gold purchase? Not a realistic possibility...This ain't the 1930's, to much gold in individual holdings and the population has trippled. >>

We have a thing called computers today. Most purchases and sales with leading bullion dealers and local shops going forward are quite traceable. If you buy a 1/10th AGE with cash
you probably could stay outside the radar...assuming you sell them for cash in 1 coin increments as well. But for most people doing 1 oz or more at a time, they can probably be traced.
Within the next couple of years there will be major oversight of the bullion market with a ton more paperwork. I don't think even the tiny purchases will go exempt unless it's new
jewelry purchases. My state requires all transactions to be recorded and held for X number of days to allow police to check for stolen merchandise if they so desire. This oversight isn't
being done to get your gold from you. But rather to keep as few people as possible from even thinking about investing in PMs. And it creates a nice trail for the tax man too. >>

From what I understand, the waiting period applies to pawn shop transactions and not to licensed bullion dealers. If I'm wrong, I stand corrected.

streeter · December 15, 2012 6:28AM

OPA, in CAL.

all purchases by coin dealers are supposed to have your I.D. attached to the transaction. A DOJ reporting requirement with a special lic. in most cities.

Here's how I see the slippery slope. "They" don't care how much you buy, "they" want a report on when you sell and for how much.

No one has ever asked me for an I.D. when I buy. But they are supposed to get one when a person sells.

Frankcoins · December 15, 2012 7:14PM

<< I was just making a run to the Post Office, and Glen Beck was saying that the government is going to be tracking gold purchases as part of the obamacare law starting in 2013. Does anyone know if this is accurate? >>

No. Stop listening to Glen Beck.

renman95 · December 15, 2012 11:03PM

<< 

<< I was just making a run to the Post Office, and Glen Beck was saying that the government is going to be tracking gold purchases as part of the obamacare law starting in 2013. Does anyone know if this is accurate? >>

No. Stop listening to Glen Beck. >>

Yeah, it would be much wiser to listen to reputable and honest news stations like ABC, NBC, CBS, CNN, MSNBC, RT...

Baley · May 30, 2015 4:14AM

May be best of all to listen to all the voices with your ears, then filter the messages with the thing that's between them.

OPA · May 30, 2015 5:03AM

For those that are in the "dark" regarding the 1099-B requirements, which btw have been in place for years, click on the below link. (Compliments of JMBullion)
In addition, don't subscribe to all the paranoid conspiracy b.s. that has been posted by so called experts. A majority of time, it's a self serving philosophy.

reportable bullion transactions

TwoSides2aCoin · May 30, 2015 5:57AM

The government will always track you. The NSA , The FED, The IRS and the local sherif, police, FBI, CIA, etc., has every tool necessary.

Don't be afraid. You are not alone.

OPA · May 30, 2015 7:09AM

<< The government will always track you. The NSA , The FED, The IRS and the local sherif, police, FBI, CIA, etc., has every tool necessary.

Don't be afraid. You are not alone. >>

Yup with your mindset, they are probably tracking you as I type. I, for one, have nothing to hide and all those agencies would be wasting their funds in tracking me.

TwoSides2aCoin · May 30, 2015 7:19AM

<< 

<< The government will always track you. The NSA , The FED, The IRS and the local sherif, police, FBI, CIA, etc., has every tool necessary.

Don't be afraid. You are not alone. >>

Yup with your mindset, they are probably tracking you as I type. I, for one, have nothing to hide and all those agencies would be wasting their funds in tracking me.

>>

I had my information / handwriting, fingerprints, etc., listed with the INTERPOL, 20 + years ago when some jerk who I helped out , stole my identity. And with 8 years in the military, you can bet, I have a track record.
The only thing is, those agencies are on MY SIDE. It's good to be an American. With my mindset, even the Secret Service got involved

They caught that POW (piece of work)

Is the government going to be tracking gold purchases in 2013?

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