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U.S. Going to Track All Bullion Sales?
Coinosaurus
Posts: 9,615 ✭✭✭✭✭
A prominent CW advertiser just called and said that starting in 2006 the U.S. government was going to start tracking all bullion sales and require reporting for all dealers. As in, "so you better buy now......"
Any truth to this or just someone trying to pump up business?
Any truth to this or just someone trying to pump up business?
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I hope it is not true, but it wouldn't surprise me.
Freak
That would be onerous (sp?) paperwork. Imagine how many gold coins are sold in a day!
Ike Specialist
Finest Toned Ike I've Ever Seen, been looking since 1986
section 352 compliance gold
This will kill the gold trade...or we will have a bunch of law breaking coin collectors out there.
Ike Specialist
Finest Toned Ike I've Ever Seen, been looking since 1986
Krugerrands were ILLEGAL prior to 1975. You had to ASK for them to buy them.
I had been lead to believe that if the bullion content is a certain percentage of the final price--then the coin qualifies as bullion. Obviously a 65saint is not bullion but a 61saint might qualify.
I am searching for details.
Click on the Word or PDF link under the section titled "ICTA Compliance Seminar September 21 in Long Beach" for some additional information.
WH
Tom
Coin's for sale/trade.
Tom Pilitowski
US Rare Coin Investments
800-624-1870
man you guys are clueless and thick on these boards
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Example, if you sell or buy 12 MS-64 Saints $20's at $900 each which totals $10,800 the dealer MUST report this transaction since the bullion valuation of $460 plus per coin is more than 50% of the value of the transaction.
In effect, all sales/purchases of 90% silver coins will be subject to reporting if the total transaction amount exceeds $10,000.
In my opinion, even transactions UNDER $10,000 WILL ALSO BE SUBJECT TO REPORTING EVEN IT INVOLVES A SERIES OF TRANSACTIONS EXCEEDING $3,000 SO THAT THERE IS AN APPEARANCE OF SUCH SERIES OF TRANSACTIONS "STRUCTURED" (the government has designated this word as a dirty word which is almost as evil as "scheme") TO AVOID THE $10,000 REPORTING REQUIREMENT.
Example:
The same collector buys or sells or consigns 4 MS-64 Saints at $900 each on January 15th, 4 more February 10th and finally 5 more in June. The dealer or auction house will, in my opinion have to report the $10,000 which evolved over a 6 month period! Cute???????????????????????????????????????????????????
If the dealer or auction house, fails to report such transactions, they could be subject to penalties and fines!!
You realize the paperwork the dealer must engage in to keep track of all this? He or she has to have written documentation of daily bullion values, selling (or purchase price).
Now the interesting question is will ebay be responsible to keep track of their auctions?
My opinion? Paypal will have to be involved in reporting requirements.
<< <i>What are they worried Al-Qaida is going to try and build a gold bomb -or corner the market or ...what could possly be the rationale? >>
They aren't worried about anything. They will just rip us off and not get so much as an objection.
Why? Because they can.
Coin's for sale/trade.
Tom Pilitowski
US Rare Coin Investments
800-624-1870
This creates a conflict in that government slowly seeks more and more control over the citizenry who do not always want to be controlled.
Yet we all complain when the "government" didn't "control" the aftermath of Katrina and expect it to control yet even more!
Worry is the interest you pay on a debt you may not owe.