Do gold and silver purchases get reported to the government?

Does Gold and silver Purchases reported to the government Q&A with Andy Schectman.

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[austinbar]

The economic crisis and downturn are all the signs of 2008 market-crash 2.0, so my question is do I still save in the US dollar or is it okay to move all emergency and savings to precious metals??

[dilligaf]

I keep the receipts for every ounce. I buy because I’m in rural area and have to do most of my purchasing online but I also give all my ounces away as birthday presents and anniversary gifts and things like that.

[kenpeters]

If youre paying by check, credit card or wire then consider it reported.

[JesusGonzalez-ohnh]

I buy my Precious Metals straight cash money it doesn’t matter One Ounce or One Thousand Ounces, there’s no paper trail or receipts. Especially if the LCS wants your license you walk away & go to another LCS. I have awesome Coin Dealer in my local area & always purchasing & trading my low cost silver, for Pre-33 Raw Gold & Mexico Gold Pesos for awesome deals & low premiums even almost spot price on Gold. I don’t need Big Brother watching my Transactions it’s not their business. I work hard for my money always purchasing precious metals each week.

[farmerdude]

Recently my son bought over 10, 000 in gold and had the money wired from his bank. He told me the bank was very nosy and almost would not do it. In the end they did the transaction. However it was not a pleasant experience. To me they could have just said no. It’s gotten that bad. Better get your metal before its turns to a No.

[chrisstorch]

No purchases in any form should ever be reported to any government it is a clear violation of the 4th amendment, it is disgusting, and it makes me absolutely hate the fellow citizens whose complacency has allowed this to occur.

[gregmccaslin]

No purchase reported on purchases under 10 g until it’s mandated by our govt . Online purchases with names and delivery address are traceable . Makes one wonder what Kamaltoewa has in mind with taxing un realized gains . Don’t leave a paper trail that can be confiscated or taxed . ✌️😎

[awakensoul]

Nope not all, i only pay with cash, no id or anything

[dlukton]

My concern is that the government could change the tax reporting rules at any time; the govt could lower the threshold reporting requirement. And let's say that gold goes to $5000.... or even $50, 000; in that event, the government would want to tax ALL gold sales; for any person who couldn't PROVE his basis cost, the IRS could just set the basis cost at zero.

[terryleo-fn]

Thank you for a great video. financial education is what the world needs most right now. I studied and researched about crypto, gold, silver, and stocks for a while and got stuck on the learning curve. Thanks to Loraine Souvenir program, i've grasped trading concepts, boosting my earnings through her daily signals and insights.

[friends-xufq]

Don't fool yourself, , there is a paper trail. If they want to know, they will know.

[SonnyCrocket-ph]

all you have to do is order it thru your local dealers, sub 10k at a time, and pick it up, paying only with cash. Dont let anyone at the shop see your car when you do so.. scatter bury it where only you know it is. Use a one time pad to encode the description of the locations and their GPS coordinates. destroy the original text. make copies of the encrypted info and leave them with several friends. they are given the book's title, edition number and page number, they can decode the info, go get the coins and bring them (or cash from their sale) to you

[Thededicatedfather]

Amazing info brother. Appreciate y'all!

[foreignerescapestothephi-ljls]

I’ve NEVER paid a dime in any kind of tax on Gold purchases or sales of gold or silver in hundreds of transactions over 35 years! Why? Because that is the way the super rich kind it and make sure it stays that way!

[theraptureisnearbelieveinj]

My local coin shop only allows $1000 in cash to buy your metals. Anything over $1k, and they write a check for the rest. (Even if it’s under 10k) So that makes sure the bank and the IRS know what you’re doing. :(

[ginon.]

Very informative video and will watch it again. Thanks for doing this one.

[paulmoore]

I buy most of my metal from the local coin shop. I use cash, and have never been asked for my name and address.

[therepairallguyssenderoplu]

Thanks for that information. I was always wondering about that

[billygerbilly]

The major PM dealer that I have purchased from will show me a concise record of my purchases if I log into my account. When some government agent who looks and talks like Biggy Rat shows up with a warrant, totally against the 4th Amendment, that dealer will cough up those records. At that point you can consider them reported and vulnerable to any "law" that has been ponied out by our distinguished leaders.

[willloudner]

The local dealer here only excepts cash and pays in cash, and like Andy says they do have to report purchases and sales of $10k or more. They dealer will explain that to you as you talk. They don't want the paperwork any more than you do!