How to Buy Silver without the Government knowing?

[NoOneButPaul]

I want to start to invest in Silver very heavily but I'm still unsure how I should go about getting it without the government ever knowing I got it.

I want to go around and clear out pawnshops but I fear that's a surefire way to get screwed into fake silver.

Does anyone have any recommendations? Thanks.

 

[Dr.3D]

I want to start to invest in Silver very heavily but I'm still unsure how I should go about getting it without the government ever knowing I got it.

I want to go around and clear out pawnshops but I fear that's a surefire way to get screwed into fake silver.

Does anyone have any recommendations? Thanks.

Go you your nearest coin shop and buy some silver. Pay cash.

 

[oyarde]

Go you your nearest coin shop and buy some silver. Pay cash.

Absolutely , the Dr is correct , I have been doing same , off and on all my life , especially, past 15 years , by some, sell some buy some, all , cash. I also do not keep it all in the same place, even though it is insured. If you are located , anywhere near the midwest, shoot me a PM and I can give you a few places to consider.

 

[Zippyjuan]

There are limits which have to be exceeded before a dealer is supposed to file a report on purchases. Article is from 2010 but data is probably not out of date.
http://news.coinupdate.com/irs-and-...quirements-for-coin-and-bullion-dealers-0353/

Here are the only items listed by the IRS in Rev. Proc. 92-103 as requiring submission for Form 1099-B, and the minimum threshold quantities that must be sold in a single or related transactions before the form must be filed:

Item
Minimum Fineness
Minimum Reportable Amount


Gold Bars
0.995
Any size bars totaling 1 kilogram (32.15 troy oz.) or more

Silver Bars
0.999
Any size bars totaling 1,000 troy oz. or more

Platinum Bar
0.9995
Any size bars totaling 25 troy oz. or more

Palladium Bars
0.9995
Any size bars totaling 100 troy oz. or more



1 oz. Gold Maple Leaf
as minted
25 1-oz. coins

1 oz. Gold Krugerrand
as minted
25 1-oz. coins

1 oz. Gold Mexican Onza
as minted
25 1-oz. coins

US 90% Silver Coins
as minted
Any combination of dimes, quarters, or half dollars totaling $1,000 face value or more

If an item is not on this list, sales of it does not need a Form 1099-B to be filed, no matter how large the quantity!

So according to this, in junk silver you can pick up up to $1000 face value worth in a day (that would be 10,000 dimes or 4,000 quarters for example). In bars, you could spend up to $35,000 in a day (at $35 an ounce) without worrying about it.

 

[KevinR]

Step 1: Don't post a thread like this.
Step 2: Oh, wait...

 

[jclay2]

I want to start to invest in Silver very heavily but I'm still unsure how I should go about getting it without the government ever knowing I got it.

I want to go around and clear out pawnshops but I fear that's a surefire way to get screwed into fake silver.

Does anyone have any recommendations? Thanks.

As others have said, pay cash with a local dealer. The most important thing, though, is knowing how to unload without being noticed.

 

[oyarde]

There are limits which have to be exceeded before a dealer is supposed to file a report on purchases. Article is from 2010 but data is probably not out of date.
http://news.coinupdate.com/irs-and-...quirements-for-coin-and-bullion-dealers-0353/


So according to this, in junk silver you can pick up up to $1000 face value worth in a day (that would be 10,000 dimes or 4,000 quarters for example). In bars, you could spend up to $35,000 in a day (at $35 an ounce) without worrying about it.

35 % silver ( war nickels ) , Canadian 80 % silver and US 40 % silver are not on the list , looks like.

 

[PaulStandsTall]

Craigslist.org

For anyone that has concerns about fraud, now is a good chance to exercise your personal responsibility and learn how to tell fake from the real thing. Lest you desire a government agency to help you with it?

 

[Arklatex]

Over $500 in business transactions at my dealer requires police notifiy

that's why you should do business with private citizens

 

[Tinnuhana]

How to Buy Silver without the Government knowing?

Come here

 

[LibertyRevolution]

Local dealer, pay cash, and don't buy more than $500 at a time.
There is no paper record of the silver I am holding.

 

[idiom]

Step 1: Don't post a thread like this.
Step 2: Oh, wait...

This.

 

[Seraphim]

Fantastic way: don't talk about it. 2nd fantastic way. Physical cash.

 

[Mundane]

Over $500 in business transactions at my dealer requires police notifiy

Wow. Whose law is that? That could end up being very costly in terms of paperwork for the dealer.

 

[Mundane]

Fantastic way: don't talk about it. 2nd fantastic way. Physical cash.

For us in Canada, the government is notified at the $3000 level. Anytime i buy its always below that threshold as a result.