ECON Gold Silver Buy Sell Info

RCSAR

RCSAR

Veteran Member
I'm in Texas, But this is kinda a fed question.

What are the reporting required when buying or selling?

Is there a $ limit before some form has to be filled out?

With gold as high as it is just buying 10ozs is about $13k. I'm sure there is some reporting done somewhere when someone walks in with 13 grand in cash and buys some bullion coins.

Can someone educate me on this topic?
If there is reporting then is it the same for gold and silver rounds?

Off Topic kinda but what about diamonds and gems if in jewelery form?
 
T

Theophilus

Theophilus
No, at least in Ohio, you walk in with the cash, you walk out with the gold/silver coins. The dealer will make an internal report for his records [inventory], and you will get a receipt, but not a report to the govt.

On the other hand, if you go to the bank with that kind of cash, a report will be made.
 
D

Dozdoats

On TB every waking moment
The banksters have this 'know your customer' thing going on...

With PMs it's important to KNOW YOUR DEALER... which is why it's important to find a good local dealer if at all possible...
 
Dex

Dex

Constitutional Patriot
If you are paying cash you may not even have to deal with it but a dealer that is "keeping his books straight" for inquiries would tell you $10,000 I believe.

When I got certified for money laundering awareness in financial markets, 10k seemed to be the hot number. Apparently this is the magic number that makes IRS auditors get aroused.

In any transfer of 10k in most transfer scenarios, that number is supposed to raise the red flag.
 
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