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Your Precious Metals "Checking Account"

It is smart to diversify your precious metals into two categories. The first category is your "checking account," which is bullion that hasn't been certified to have any unique numismatic value. This part of your portfolio can be accessed more quickly than your savings account items by selling it for a value linked to the current spot price. The value of this portion of your portfolio will rise and fall with the current market price of the metal, and offers you diversification from your Dollar-based investments.

Your precious metals "checking account" works like an insurance policy. Should the stock market or the Dollar face a crash, the value of your precious metals will increase to help compensate you for your losses in your Dollar-based investments. Because gold and silver have been accepted as having value for thousands of years, this is an "insurance policy" that you can cash out of at any time.

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Your Precious Metals "Savings Account"

Your precious metals "savings account" consists of investment-grade rare coins that have been certified to have numismatic value above and beyond their metal melt value. Because they have value as rare coins, they are not affected by changes in the spot price of gold and silver to the extent that bullion (your precious metals "checking account") is. This offers you further diversification both from the ups and downs of the traditional markets and from the ups and downs of the precious metals markets.

While investment-grade coins are more stable than bullion, they can take longer to liquidate. As a result, they should be considered part of a long-term buy-and-hold strategy.

Contact us now so that we can advise you on which coins are most likely to increase in numismatic value. Don't be taken advantage of by unscrupulous coin dealers. Go with a dealer you can trust -- one with an A+ BBB rating. Call now 800-257-3253.

GOLD:   1253.93  -7.68 

   SILVER:   17.11  -0.07

   PLATINUM:   953.14  +5.07

   PALLADIUM:   772.13  +4.15

Call Now! 800-257-3253

Precious Metals Educational Articles 
Before You Buy Gold Read This
Bullion vs Rare Coins
Non-Correlated Portfolios
Not All Gold Is Created Equal
Silver as an Investment
Declining Value of Dollar
Historical Charts
Precious Metals Reporting Requirements
Grading of Coins
How Rare is Your Gold Eagle?
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How Rare is your Silver Eagle?
Gold Commemorative Rarity
Precious Metals Market News
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Government Sets It's Sights on Private Retirement Accounts

The Dollar as the Reserve Currency
The U.S. (and World) Debt Crisis
The Cycle of U.S. Economic Crashes
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Precious Metals Reporting Requirements
(Gold, Silver, Platinum, and Palladium)

In many ways precious metals can offer privacy not available in other investments. Precious metals can be held privately and passed on privately to heirs. Wanting to hold your assets privately is not criminal, immoral, or unpatriotic. Wanting to be private about your precious metals holdings is actually prudent when you consider the possibility of theft.

What follows are some of the laws regarding the reporting of precious metals transactions.

Cash Reporting

If you purchase precious metals using a wire transfer, check, or credit card there is no reporting requirement because there is already a bank record of this transaction. You can place an order for any amount using a wire and there is no specific reporting requirement. Due to anti-money laundering laws, any cash purchase (including money orders and cashier's checks) of $10,000 or more must be reported by the precious metals dealer with IRS Form 8300.

The defined time window of this $10,000 sale is 24 hours. Under the letter of the law, if a customer purchased $9,000 in precious metals with cash and then, 48 hours later, purchased another $9,000 with cash there would not be a reporting requirement. Even so, while this is technically legal, the U.S. government looks at these types of transactions with suspicion and expects precious metals dealers to report them as suspicious activity.

This type of attitude by the government makes it difficult for Americans to know how to conduct their affairs. The vast majority of Americans looking for privacy are simply being prudent and are not trying to launder money or sponsor terrorism. Also, it is a basic principle of law is that laws determine where the line of activity should be drawn. Laws should tell a law abiding citizen to know how far they can go and still be conducting their affairs in a legal manner.

In this case it is vague what type of activity could prompt prosecution. The U.S. government has prosecuted many businesses and individuals for repeatedly conducting cash transactions under the $10,000 reporting requirement. For this reason some precious metals dealers and brokerage companies do not accept deposits of less than $10,000.

Be aware that a husband and wife are considered the same person for these transactions, so they could not split up a purchase between them to avoid reporting requirements.

Bullion Products Reporting

The reporting of bullion sales only occurs in certain circumstances when a customer is selling product to a dealer. When certain bullion products are purchased the dealer is required to report the purchase on Form 1099B.

The fine for failing to file a 1099B form is $50 and the fine for failing to file a Form 8300 is $25,000, so based on this the government sees the reporting of cash transactions as far more important. The law on the reporting of bullion products predates many of the most popular products and has not been updated. If the government was specifically interested in tracking precious metals sales we would expect that more recent laws would have been passed.

BULLION PRODUCTS WITH SPECIFIC REPORTING REQUIREMENTS

  • Gold bars of 1 kilo (32.15 oz) or more
  • $1000 face value 90% silver bags
  • 25 or more ounces of platinum or palladium coins or bars (see exceptions below)
  • 1000 ounce silver bars
  • 25 or more one-ounce gold South African Krugerrands, Canadian Maple Leafs, or Mexican Gold Onzas within a 24-hour time frame.

BULLION PRODUCTS WITHOUT SPECIFIC REPORTING REQUIREMENTS

  • Silver 1 ounce, 10 ounce, and 100 ounce bars and coins as long as the total does not exceed 1000 ounces
  • Platinum U.S. Eagles, Canadian Maple Leafs, Australian Platypus, and Australian Koalas
  • Palladium Canadian Maple Leafs, Russian Ballerinas
  • Gold U.S. Eagles, Australian Kangaroos, Austrian Philharmonics, Chinese Pandas, British Britannias, Australian Lunars, and any fractional bullion coins in 1/10, 1/4, or 1/2 ounce sizes.