Bought 4k more in gold and silver - feels good

[Original_Intent]

Thanks, Bern. I was thinking it went into effect in 2011; at least glad to know it's not until 2012.

I am pretty sure it is January 2011.

 

[Corto_Maltese]

I know the sweet feeling of buying gold I buy coins myself. Have about 115 grams now (almost 4 ounces). I buy silver coins too (1.2 kilo right now) but here there is VAT tax on silver. Only gold is exempt.

 

[Stary Hickory]

I am pretty sure it is January 2011.

No it is 2012 just checked to make sure

 

[pmbug]

... Would you explain this though. I don't get the rationale. If they're trying to track cash, why would they care about the 2 cashier's checks less than 10K, but not care about the one for 15K?

I don't know. I didn't make the law.

 

[erowe1]

Would you explain this though. I don't get the rationale. If they're trying to track cash, why would they care about the 2 cashier's checks less than 10K, but not care about the one for 15K?

That sounds like a good question for Live_Free_Or_Die. According to him, any time there's an inconsistency in the law, it results from a vast segment of society having some belief that that law codifies.
http://www.ronpaulforums.com/showthread.php?t=264098

So apparently there must be a vast segment of society that thinks the government needs to track single cashiers checks above $15k, but not pairs of cashiers checks of $10k each.

It's most likely the Christians who are behind this.

 

[ChaosControl]

I'm more into buying real estate than precious metals, but I'll probably buy a little bit in precious metals so as to have a more transferable item in the worst case scenario.

 

[Deborah K]

A provision in the Health Care bill will be requiring coin shops (et. al.) to issue (and report) 1099s for transactions over $600 in 2012, but it's not in effect at the moment.

Which is stupid because all anyone needs to do is buy in increments of 599.00 to avoid reporting. Yeah it's a hassle but whatever it takes to work around the tyranny.

We have our money in junk silver for trading purposes, and numismatic gold for wealth protection, because numismatic probably won't fall under any confiscation laws. Since we first bought, our coins have gone up almost 400.00 a coin.

 

[pmbug]

Which is stupid because all anyone needs to do is buy in increments of 599.00 to avoid reporting. Yeah it's a hassle but whatever it takes to work around the tyranny.
...

I'm not an expert on this subject, but I believe that the 600 threshold isn't limited to a single transaction. It might be the sum total over the course of a month, for example - requiring the shop owner to keep records on practically every sale. Again, I'm not entirely sure about that.

 

[Original_Intent]

Which is stupid because all anyone needs to do is buy in increments of 599.00 to avoid reporting. Yeah it's a hassle but whatever it takes to work around the tyranny.

We have our money in junk silver for trading purposes, and numismatic gold for wealth protection, because numismatic probably won't fall under any confiscation laws. Since we first bought, our coins have gone up almost 400.00 a coin.

I'm going to retract this until I find a good source to back up my statement.

 

[Deborah K]

I'm going to retract this until I find a good source to back up my statement.

Well, at least PM me and tell me what you wrote. I'm curious.

 

[LibertyEagle]

It's most like the Christians who are behind this.

What?

Actually, I was hoping for someone who had worked in the banking industry, or a gold dealer to explain.

 

[tangent4ronpaul]

Reading the stuff over at CATO, it looks like there is no recording for buying gold ( < 10,000 within 24 hours), so long as you are not a business. Selling your gold to a business, however, would get recorded as you would be acting as their supplier. Selling to an individual would be no problem - but finding individuals wishing to buy, especially in 1 oz+ quantities could be problematic.

-t

 

[Seraphim]

I got in coming in mail physical. I don't think I will buy more. This in addition to what I already have is like 40% of my savings. I will wait and see what happens next. I have been living very frugaly saving for a house, and now I am worried it will get wiped out. Really sucks.

This is EXACTLY my sentiment.

My extra savings is going into PM's because they are being re-valued and housing is coming down. I figure at this point in history saving in dollars (CAD for me) is just DUMB.

I figure this time next year housing prices will be lower, and my PM's will be higher. Down payment achieved. Even if either of those 2 things don't happen I'll still have a good down payement...if they do... WOOOHOOO

 

[-C-]

Isn't there something in the health care bill that says all gold purchases have to be reported to the government starting soon (date?)

Seems like history is getting ready to repeat itself with gold confiscation.



-t

Maybe they know they're going to have to revalue it to $5k/ounce to stop a currency war, and after doing so, want a way to recoup some of the extraordinary gains a lot of mundanes may realize from it via taxation?

This is entirely wrong, I think. The circumstances under which the gold was "confiscated," as you so often like to put it, was out of reaction of a run on the commercial banking system all the while gold was literally being loaded by the tons onto boats and fleeing the country. FDR stopped this with Glass-Steagall, and he actually used the authority of the "trading with the enemy act" to stop the Nazi financiers from essentially taking our gold. Which is exactly what we need right the fuck now. How is that so hard to understand? Really. Do you guys understand economic warfare at all? Apparently not. You guys act like he stole gold from desperate old ladies. Unless you are talking about JP Morgan, Chase, Harrimans(Prescott bush), Melons, Duponts...figuratively as said old ladies....then your argument is not real. Furthermore, to try and compare this mockery of a President to that of FDR is absolutely fail.

It doesn't take a rocket scientist to figure out that in November when the FOMC prints another trill into MBS garbage- PMs will go up. Hurray for you all accepting hyper inflationary doom with no policy to speak of to halt it.

 

[erowe1]

What?

Actually, I was hoping for someone who had worked in the banking industry, or a gold dealer to explain.

Did you not get the connection between my remark and the thread I linked.

 

[Sonny Burnett]

We are not on a gold standard so the government cannot revalue gold against the dollar!

 

[Fredom101]

Those who can't afford to buy gold coins just buy silver coins, they're about to explode in value.

 

[Fredom101]

This is EXACTLY my sentiment.

My extra savings is going into PM's because they are being re-valued and housing is coming down. I figure at this point in history saving in dollars (CAD for me) is just DUMB.

I figure this time next year housing prices will be lower, and my PM's will be higher. Down payment achieved. Even if either of those 2 things don't happen I'll still have a good down payement...if they do... WOOOHOOO

If we have hyperinflation housing will be HIGHER actually. Everything will be higher.

 

[Danke]

Those who can't afford to buy gold coins just buy silver coins, they're about to explode in value.

About to?!?!

 

[pmbug]

If we have hyperinflation housing will be HIGHER actually. Everything will be higher.

Housing market still faces a lot of credit destruction. With "foreclosuregate" in progress, it's going to be a long time before the housing market has a chance to bottom out. There is an oversupply.

We are going to see deflationary pressures in housing and most other things bought with credit and (hyper?)inflationary pressures on commodities, food, etc. that are commonly bought with cash.

$.02