Find out if and when you can buy. The precious metals experts at First National Bullion, the gold dealers trusted by San Diego collectors for their high-quality service and industry knowledge, have the answers you're looking for. Once you hold a real gold coin in your hand and feel its weight and density, you realize that gold is simply difficult to imitate. At the beginning of the gold movement, there was talk of storage outside the bank, and even pioneers such as Harry Brown included ideas about storage outside the country. If you're looking to set up a Gold IRA, First National Bullion can help you with that too. They have the expertise to guide you through the process and help you set up a Gold IRA.
But if you sell nine 100-ounce bars in January and six in February, you're not reported under the 24-hour rule. No, there is no branch of the federal, state, or local government that is interested in how much gold you may own. You can find out if buying gold anonymously is an option, as well as other benefits and buying tips that apply to owning gold. Mint, a division of the Department of the Treasury, mines gold coins in Eagle ingots and supports their sale with national advertising, sales brochures, gift boxes, etc., but in the fifteen years that we have been selling their product, we have never been asked to keep track of who buys it.
Certain forms of gold that were traded as commodity contracts in 1982 are governed by the Broker Information Act of 1982. They are specifically referred to as South African Krugerrands, Canadian maple leaves and ounces of Mexican gold in quantities of 25 ounces (a “contract”) or more. Citizens were once again free to own gold in any form, including ingots, and in any amount they could afford, without restrictions or any federal “report” on those stocks. Reportable sales (again, customer sales to dealers) apply to 1-ounce Gold Maple Leafs, 1-ounce Krugerrands, and 1-ounce Mexican ounce in quantities of twenty-five or more in a single transaction. Gold has always been the most private investment and the use of “nameless bills” and cash in smaller amounts is popular and legal.
If you have gold as an investment and then sell it at a profit, you'll make a taxable profit in the long or short term, just like you would with any other investment. In most cases, you don't have to report a purchase of gold, even if you intend to sell the items online or through your physical store.