[Atlas Sneezed]

I think gold is already unaffordable. You can not buy it economically in a small enough quantity that you can dispose of it without having a report of the transaction sent to the IRS.

I own some gold, but I will not be able to sell it, and can not trade it for groceries.

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I think owning silver as you do is wise, but I think you’re wrong about gold. There is a reporting requirement for cash transactions over $10,000, but an ounce of gold isn’t quite there yet. Over $10k, there is no reporting if you pay by check or credit card.

When you sell, the dealer must report only if you are selling more than 24 Krugerrands or Maple Leafs, but not Eagles.

If you have gold and need groceries, you can always make change with someone who has silver.

[cornfedcowboy]

If you have gold and need groceries, you can always make change with someone who has silver.

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If it gets to the point where you can only buy food with silver, you had best have plenty of lead and brass. I just don’t see a day when the only way to purchase items will be with minerals.

[tdscpa]

http://www.google.com/url?sa=t&source=web&cd=5&sqi=2&ved=0CD8QFjAE&url=http%3A%2F%2Fabcnews.go.com%2FBusiness%2Fgold-coin-dealers-decry-tax-law%2Fstory%3Fid%3D11211611&rct=j&q=IRS%20reporting%20precious%20metal&ei=TSVCTtmIKKXgsQKB3fHLCQ&usg=AFQjCNGBUWw3FgXn83bAJeYnc5RGL4Bz5Q&cad=rja

Sorry I could not send a link that filled several more pages.

Laws already in effect are actually unclear. I have no experience in selling gold or silver, or anything else other than stocks or mutual funds.

In my 30 years in public accounting I, or my employees, filed thousands of 1099’s, but never filed one for a sale of gold or silver. Also never had a client tell me he had sold any.

If you can get obamacare repealed, we probably will not have to deal with IRS reporting of G & S sales over $600, but under the laws as they stand today, beginning in 2012, it will be required.