Question about Healthcare Legislation regarding buying bullion.

[Mapleton]

So I understand we are now required to file tax forms when buying more than $600 of bullion starting Jan 1st, 2012. I personally think this is a outrage.

My question is, will this be if we buy more than $600 in one year or any individual purchase of $600 or more? I mean a person could make just a bunch of small purchases.

 

[bobbyw24]

So every time a member of the public sells more than $600 worth of gold to a dealer, Piret said, the transaction will have to be reported to the government by the buyer.

http://abcnews.go.com/Business/gold-coin-dealers-decry-tax-law/story?id=11211611

 

[psi2941]

don't worry about it too much by 2016 you will be bartering with gold or silver

 

[Mapleton]

So every time a member of the public sells more than $600 worth of gold to a dealer, Piret said, the transaction will have to be reported to the government by the buyer.

http://abcnews.go.com/Business/gold-coin-dealers-decry-tax-law/story?id=11211611

I must have had it confused, so it has nothing to do with buying gold or silver?

Will our gold and silver purchases over $600 be reported to the government by the dealer then?

 

[Mapleton]

don't worry about it too much by 2016 you will be bartering with gold or silver

It won't happen that soon, but I agree it will happen.

I've been buying Silver Eagles. I think only Gold and Silver Eagles will be accepted as currency if such a collapse happens.

 

[Seraphim]

It won't happen that soon, but I agree it will happen.

I've been buying Silver Eagles. I think only Gold and Silver Eagles will be accepted as currency if such a collapse happens.

Not ONLY but in the USA the PM market will be dominated by those. Any internationally known bullion mint will be accepted. =)