What good is gold? When you sell it you have to pay tax on the “profit!” Goldsellers are required to issue a 1099 when you sell gold back to them. Then you pay tax on the “appreciated value.”
http://www.accountingtoday.com/news/Congress-Votes-Repeal-1099-Requirements-57922-1.html
Congress repealed the 1099 provision in April of 2011 with large majorities. I’m guessing that bozo signed it, but no 100% sure.
>> Then you pay tax on the “appreciated value.” <<
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Only if you are foolish enough to sell it. Your gold is for the time that the revenoors have abandoned ship.
He did sign it, but there are some restrictions.....
“The question we are always asked is ... Are my transactions private? When I sell my gold bullion or silver bullion, is it a private transaction, or is it reported to the IRS?
First, when a customer buys from our dealership, the transaction is private. There are no forms we are required to fill out when you buy.
Secondly, when an investor sells their gold bullion or silver bullion to a dealer, some of these trades are private, some are not. Depending upon what you are selling will depend upon whether the powers that be require us as a dealer to fill out something called an IRS 1099 B Form.
When you sell your bullion back to a dealer, the pertinent questions are:
1) What form of gold and or silver bullion you are selling?
2) What amount of silver bullion and or gold bullion are you selling?
Remember, this is for private investor sales (your sale) of gold and or silver bullion to dealers.” (snip)
http://goldsilver.com/article/privacy-facts-on-selling-gold-silver-irs-1099-form/
There’s some good info in the whole article.
As of now, no 1099 for selling gold coins, just bullion.
Bear in mind, however, central banks are the tool of new world order, lesser known as international banking.
International banking/nwo/globalists are financial firms; they deal in gold and other commodities; in fact, they deal in most everything that is traded.
If a government had to “back” their currency with a precious metal like gold, that would be a profit bonanza for international banking, since the government has to come to bankers to buy gold for every new dollar they issue. It’s just a variant on what the Treasury does now; they pledge to pay back the Fed for every dollar the Fed creates and gives to them in exchange for the “IOU” Treasury debt instrument. In either case, the Treasury goes to the bankers for money instead of just creating money itself.
It’s one thing to have some gold or precious metal as an investment, but the best investment one can have is one’s own productive business(es). In them, one can be astute, not wasting when investing in it, knowing when to shut down an operation, continually reinvesting profits and diversifying. Inside a corporation one can conduct any business activity, even investing, yet not have any personal income from it until one decides to. No special magic, just the way things work.