The off-grid nature of physical gold and silver is one of the most attractive features of metals. They cannot be tracked electronically and, in this era of government surveillance, that is becoming increasingly important. Especially given our government's sordid record of misuse of data and attempts to confiscate gold. As explained in “Reportable purchases”, purchases of precious metals are not reported unless the cash reporting thresholds are exceeded.
Investors wishing to avoid reportable sales should buy American Eagles. Gold can be traced to a particular source mine through an analysis that identifies impurities. However, if gold has been refined, these trace elements and impurities can be removed through the refining process, making it almost impossible to trace the gold back to its original source. Production and availability of certain products are limited; consult your sales agent for more information on product availability and delays.
Myths, Misunderstandings & Blatant Lies By cultivating fears and expectation of higher price increases, unscrupulous companies can sell high-priced (and almost always overvalued) coins with higher profit margins. Investors who believe these stories invariably pay too much or buy the wrong coins. After reading this exhibition, you don't need to take advantage of any investor. The most commonly used technique to promote high-priced coins is to raise the issue of confiscation.
Many telemarketers tell investors that old U.S. Gold coins and old European gold coins are not “subject to confiscation”, leaving the impression that modern gold bullion coins do. Consequently, many investors buy old U, S. Gold coins at prices significantly higher than the value of their gold content.
The idea of buying “non-confiscable” gold sounds like a powerful argument, but it withers under scrutiny. Under current federal law, federal government can confiscate gold bars in times of national crisis. As collectibles, rare coins do not fall under the provisions that allow confiscation. No federal law or Treasury Department regulation supports these arguments.
The myth that certain types of gold coins “are not confiscable” stems from the Executive Order that President Roosevelt issued in 1933 asking for gold. The Executive Order exempted collectors of rare and unusual “gold” coins that had a recognized special value, but it did not define the special value or the collector and, of course, not the collectibles. Gold coins perpetuate this myth because it makes it easier to sell high-priced coins. Even if a law would exempt certain currencies from future confiscation, the government could change that law.
Unfortunately, the government often simply ignores laws. Traders who sell so-called “non-confiscable gold” have no basis for making such claims. Although Roosevelt's Executive Order required Americans to surrender their coins and gold bars, foreigners continued to exchange paper notes for gold until August 15, 1971, when President Nixon closed the golden window. From the end of World War II to 1971, our gold reserves fell by half.
It is generally believed that all gold coins given out under the Roosevelt call were melted or refined in. It was an advantage for the government to give foreigners gold coins instead of bullion. So, in view of the government's policy of handing over “confiscated gold coins” to foreign governments, how can a promoter of the former United States,. The gold coins claim to be selling “unconfiscable gold when the coins you deliver may have been claimed in 1933? Promoters of the former U, S.
Gold coins rarely reveal the origin of their coins. They encourage the idea that the coins they sell somehow survived the 1933 call. Probably, the coins being promoted have just arrived from Europe a few weeks earlier. Several large numismatic wholesale firms have offices in Europe to find treasures from the former United States,.
A company announces “Shipments arriving from Europe on a daily basis. Another firm has offices in Brussels, Paris and Zurich. As noted above, the premise of “non-confiscable gold” is found in Roosevelt's Executive Order that exempted gold coins that had recognized special value to collectors of rare and unusual coins. They're old U, S.
Gold coins “rare and unusual today? No, they're not. PCGS and NGC, the two dominant coin rating services, have rated and ranked hundreds of thousands of people. Because of all the old U, S. Gold coins in Europe and because of the huge premiums they carry, the old US coins.
As gold rises, European banks may become sellers, making the old United States,. Gold coins will fall in price as gold rises. Or, European banks may decide to increase their gold holdings by selling their old US premiums,. Coins and Using Profit to Buy Bullion.
Such a move would, of course, put downward pressure on the prices of the former United States,. For further discussion on why the former U, S. Gold coins are too expensive, visit our page on Old U, S. Gold coins.
The idea only lives because dealers continue to push it for their own benefit. Investors who don't know the facts can't know otherwise. The readers of this page, however, need not be victims of the hype and promotion so prevalent in the gold coin industry. Phone sellers are quick to claim that old US gold coins (or whatever they're promoting that day) have greater upside potential, citing several factors.
Old American gold coins, they say, are collectible and have always yielded greater gains in bull markets. This has been true in some cases, but it is not true at all when you pay a 20-30% premium on what the telemarketer paid. Decades ago, there was a widely distributed study showing how old American gold coins produced greater profits in the 1970s from precious metals. However, some honest traders analyzed the report and revealed that the currencies used in the study had been “hand-picked”.
Even so, that study is cited by telemarketers who promote so-called collectible coins. The arguments put forward by telemarketers have no merit. If the government acts against gold again, there will be no safe currencies, except those that are genuinely numismatic, currencies that are truly unique. European coin tubes sold with a 30% profit margin on gold content would be subject to confiscation.
Telemarketers have been very successful in selling old European coins. So successful that our Gold Special Offers page almost always has some for sale. Not at 20% and 30% premiums, but at bullion coin prices. After all, the European coins promoted by telemarketers are really bullion coins.
We have them for sale because seldom do telemarketers keep their promises to “buy back”. Therefore, we bought a lot of old European coins and placed them on our gold special offers page. Promoted European currencies are not worth the high prices demanded by promoters. Regardless of the dates on them, they are not “not confiscable”.
In addition, they have little numismatic potential, if any. It is a peculiarity of coin collecting that numismatists (coin collectors) appreciate coins only in their countries of origin. Coins; British collect coins from Great Britain; Japanese collect Japanese coins, etc. In addition, European currencies are often compared with old American, American currencies.
Gold coins, which can reach premiums and in fact sometimes do (see Old U, S. European coins, as a rule, are simply bullion coins and are almost never likely to reach genuine numismatic premiums. Some of the coins have been around for a hundred years and have always been sold at only a few dollars above the value of their gold content. That's why telemarketers promote them.
They buy European coins close to the price of bullion and mark them, guaranteeing great profits for themselves. This regulation applies to cash: green banknotes, paper money. Does not apply to personal checks, bank transfers or money market withdrawals. When it comes to cashier's checks or money orders, cash reports can be activated.
No one wants red flags in the IRS. Unscrupulous traders know this and use it to avoid clear thinking; they use the threat of “reporting” to increase investor fear. This allows them to sell overvalued coins. Investors Justify Higher Prices by Thinking They Get 'Unreportable' Gold.
No investor needs to be leveraged in this way. Customer sales to dealers of certain precious metals that exceed specified quantities require reporting to the IRS on Forms 1099B. Forms 1099B are similar to other 1099 forms that taxpayers commonly receive; the “B” means they were issued by a company that is not a financial institution. Reportable sales (again customer sales to dealers) apply to 1-ounce golden maple leaves, 1-oz Krugerrands and 1-oz Mexican ounces in quantities of twenty-five or more in one transaction.
Information requirements do not apply to American Gold Eagles, regardless of quantities. In addition, the reporting requirements do not apply to any fractional ounce gold coin. American Silver Eagles sales, privately minted 1 ounce silver cartridges and 100 oz silver bars are not reportable regardless of quantity. Other precious metal products are reportable, but are not covered here because the average investor does not trade them.
Most investors don't have first-hand knowledge of these matters; consequently, when precious metals traders talk about cash reports, forms 8300 or 1099, investors can't know that they might not be listening to the whole story. Wanting to prevent the government from knowing about their investments in precious metals, many investors are delighted to know that their purchases will not be reported and end up buying overvalued coins. The above discussions of cash reports, IRS Form 8300, and bank reports are for editorial purposes only and should not be considered final and final. Individuals involved in cash transactions should consult their lawyer or accountant.
Receive ITEMS OF INTEREST& SPECIAL OFFERS if you want. The government does not require you to report the purchase of gold and silver. But there is a way to buy gold so that the government can't track you. I've been doing it for years.
Is shopping at a locally-owned jewelry store. These stores receive some common gold coins every week. If you know what you're looking for, it's a good way to buy gold with money. .