Buying gold: Does anything have to be reported to the IRS or other govt agency?
With all of the market crashes, bailouts and our “fiat” currency, it is common sense to see our dollar is becoming weaker and weaker.
If a person was to purchase 10 oz of gold, what would be the best type of purchase they should make?
I understand certain bullion and coinage can be obtained by the government during “bank holidays”.
What is your suggestion for buying gold that stays off the radar screen….so to speak?
Old coins, Kugerand, American Eagles?
Thanks!
Butler: LOL, I am not cheating the govt…..besides they hate competition
Commonsense: Thanks for the input. 10oz purchase would most likely put me under a $10K purchase. I didnt add how many times I would purchase 10 oz:)
Gold purchases do not have to be reported to the government unless you exhibit suspicious behavior in the eyes of the dealer. The one exception to that rule is if you purchase over $10,000 of gold with cash…but the same rule applies if you do anything with over $10,000 in cash (milk at the supermarket for example.)
I would not be all that concerned about confiscation. Just buy the coins/bars that make sense for your investment portfolio. I buy about half 1oz American Eagles (short term investment) and half pre-33 Saint Gaudens (long term investment) when I purchase gold.
If you are interested you can find more info on bullion here: http://www.superiorpreciousmetals.com/include/investing_in_gold_bullion_back_1.cfm
And more information on pre-33 Gold here: http://www.superiorpreciousmetals.com/include/investing_in_rare_coins.cfm
Good luck!
Pawning the IRS!!