Relying on information from other people, I inadvertently published incorrect information on precious metals reporting requirements. We at Miles Franklin are not providing tax advice. What I am providing is what we (or any Precious Metals Broker) are required to report on as of today’s IRS regulations. Each Individual is responsible for their own tax reporting obligations and should seek advice from a licensed tax professional.
Here is what We are required to report and file a 1099, per ICTA and our primary wholesalers.
- 1000 oz. of any size .999 silver bars.
- A full bag of junk ($1000 Face Value).
- Any sale of gold bars totaling a kilo (32.15 troy ounces – or more).
- 25 oz. or more of Gold Canadian Maple Leafs, Gold Austrian Krugerrands, or Gold Mexican Onzas.
- 25 oz or more of Platinum bars.
- 100 ounces or more of Palladium bars.
Bill Holter was at the New Orleans Investment Conference this week as the guest of Chris Powell and Bill Murphy. They hope to be able to get Alan Greenspan to answer some of GATA’s questions on the Fed and the manipulation of gold’s price. I’m sure Bill Holter will have much to say about this on Monday.
In today’s newsletter, I suggest that you read the following speech from GATA’s Chris Powell, as presented at the New Orleans Investment Conference yesterday. It should open your eyes “wide” about the Federal Reserve’s participation in the manipulation of gold and silver in the futures market.
I will follow this up on Monday with Bill Murphy’s (LeMetropole Café) speech on the same topic. I hope you find the time to read BOTH Murphy and Holter’s articles on Monday and Powell’s article today.
Also, in harmony with Powell’s presentation, don’t miss today’s presentation by Alasdair Mcleod in the Peak Prosperity article below. Here is a quote from that article:
Key market valuations are totally screwed up in a world of 0% interest rates and manipulated markets. If gold was alone in its extreme undervaluation, without a counterbalancing overvaluation in fiat-currency bond markets, something would probably be wrong with our analysis. The fact that this is not the case offers confirmation that gold is mis-priced and incorrectly valued in markets that have become divorced from reality.
–Peak Prosperity, October 22, 2014
I have a question regarding what your required to report. In the above list you state full bag of junk (I’m assuming this is silver) with a $1,000 value. Is this a typo ? Everything else seems to be worth more than $10,000. Curious Steve
I think he means $1,000 face value 90% silver coins