wha is the point of buying gold bullion if...

[decatren]

1. It is confiscateable
2. When you sell it, and one day you probably will, you have to report ssn to the dealer

Am I missing something?

 

[gls]

I doubt there will be gold confiscation. At least not on the small scale most of us are dealing with. Just in case I’m wrong and the feds show up at my door…I lost it all to compulsive gambling and rampant drug abuse.

I don’t know about that SSN thing. I’m pretty sure they only have to report very large transactions. Besides, there’s always Ebay/Craigslist/bullion direct/etc. if you want to avoid coin dealers.

 

[tonesforjonesbones]

Yep...i'd go to the flea market or something. tones

 

[LibertyEagle]

I doubt there will be gold confiscation. At least not on the small scale most of us are dealing with. Just in case I’m wrong and the feds show up at my door…I lost it all to compulsive gambling and rampant drug abuse.

I don’t know about that SSN thing. I’m pretty sure they only have to report very large transactions. Besides, there’s always Ebay/Craigslist/bullion direct/etc. if you want to avoid coin dealers.

When you sell back bullion to a dealer, it is a taxable event and is reported.

 

[the count]

1. It is confiscateable
2. When you sell it, and one day you probably will, you have to report ssn to the dealer

Am I missing something?

if our country gets to this point we will have a long more serious problems than that!

 

[tmosley]

When you sell back bullion to a dealer, it is a taxable event and is reported.

I think that depends on the value of the transaction.

In any event, if it were illegal to own gold, it's value on the black market would go WAYYY up, even higher than it's real value today, simply because of the added risk in transactions.

 

[gls]

When you sell back bullion to a dealer, it is a taxable event and is reported.

Does this apply to "legal tender" coins like AGE/ASE as well? Also, what type of taxaton are you talking about -- is it some sort of reverse sales tax or "capital gains" BS? I'm just happy to be mostly out of fiat; I still have a lot to learn when it comes to the precious metals market.

 

[LibertyEagle]

1. It is confiscateable

That's one of the arguments for having semi-numismatic coins.

2. When you sell it, and one day you probably will, you have to report ssn to the dealer

Not if it is semi-numismatic.

 

[Acala]

Huh?

Tell me what is NOT confiscatable?

Gold in hand is less easily confiscated than your house, your car, your 401k, your bank account, your pension, your salary, or just about anything else I can think of. Why? Because you can easily hide gold or flee with it in your pocket. Try doing that with the other things I mentioned. So the risk of government confiscation is actually LESS of a threat with gold than most assets.

I sold several ounce gold maple leaves a few months ago and the only information the coin dealer took was my name for the check he wrote me. So I am not sure what you are talking about with collecting ssns. Maybe there is a dollar threshhold for reporting. But if there is, it is more than $3000. Yes, if you sell gold at a gain the gain is taxable as income. But the same is true with anything you sell, not just gold. But the sale of gold is much less regulated than the sale of other things of comparable value. Sell your car or your house and the government oversees the title transfer. Sell your stock and the broker sends a form to the IRS. Any gain on your CDs or other bank deposits are duly noted for the IRS. Gold can be bought and sold entirely without government involvement.

So exactly what store of value is less regulated, leaves less of a paper trail, and is more easily hidden from a rapacious government?

None.

 

[LibertyEagle]

I think that depends on the value of the transaction.

That's not my understanding.

In any event, if it were illegal to own gold, it's value on the black market would go WAYYY up, even higher than it's real value today, simply because of the added risk in transactions.

True.

 

[decatren]

I was just looking to get some maples and did some reading on confiscatable coins. so I wanted to get some input from you guys. I really have no local dealers here that have bullions, so I'd have to do it via cert check. I just read that maples fall into cofiscatable and when sold back to a official dealer, they have to ask for ssn.

 

[theoakman]

1. It is confiscateable
2. When you sell it, and one day you probably will, you have to report ssn to the dealer

Am I missing something?

1. Don't turn it in.
2. Don't report it.

 

[Razmear]

Yep...i'd go to the flea market or something. tones

I'm in shock
I agree with tones 100% (never thought i'd say that)
Once the economy collapses black markets and flea markets will be the standard method of exchanging goods.

I'm also considering buy bulk tobacco here:
http://www.smokersoutletonline.com/bulk-tobacco-c-21.html
as a medium of trade.

eb

 

[decatren]

makes sense

 

[Josh_LA]

1. It is confiscateable
2. When you sell it, and one day you probably will, you have to report ssn to the dealer

Am I missing something?

correct

consfiscatable if you can't hide it

and you have to report if it you're stupid enough to sell it to a dealer.

 

[Josh_LA]

I was just looking to get some maples and did some reading on confiscatable coins. so I wanted to get some input from you guys. I really have no local dealers here that have bullions, so I'd have to do it via cert check. I just read that maples fall into cofiscatable and when sold back to a official dealer, they have to ask for ssn.

they scare you about confiscation (which is possible) to make you buy expensive coins,

JUST TELL YOURSELF ONE THING : having something is better than nothing. If you're worried about confiscation, you should worry about losing your house, your guns first.

 

[Dr.3D]

they scare you about confiscation (which is possible) to make you buy expensive coins,

JUST TELL YOURSELF ONE THING : having something is better than nothing. If you're worried about confiscation, you should worry about losing your house, your guns first.

Exactly. There is nothing that says they can't change the laws and confiscate numismatic coins too.

 

[fj45lvr]

1. It is confiscateable
2. When you sell it, and one day you probably will, you have to report ssn to the dealer

Am I missing something?

alot of folks like you are so beholden to the "state" .....

leave the state behind and welcome in LIBERTY....


1. ever heard of a "black market"??? The first confiscation didn't go so well either though the GOV tries to tell everyone what a great "deal" they are going to get converting their precious metals for paper.

2. Legally you don't have to devulge a SSN to anyone. I also am confident that there are plenty of "dealers" willing to take bullion off your hands without paperwork.

 

[StilesBC]

It is my understanding that the income tax is voluntary in the US, so even if there was a capital gain from the sale of your bullion, why would you report it?

 

[gls]

It is my understanding that the income tax is voluntary in the US

Not quite...you can either "volunteer" to pay it or thugs with guns will come and put you in a cage.