How does the government know if you have gold?

The government does not require you to report the purchase of gold and silver. Are gold bullion coins legal tender? Yes, most of them are. This nominal value allows them to travel across national borders without the taxes or fees that many countries impose on the ingot itself. .

In fact, the ingot itself has its own “certificate” issued by the Mint or the refinery that produced it. Fortunately, gold is an element with a unique specific gravity and other attributes that make it very easy to verify its authenticity. The ancient Egyptians pioneered the “litmus test” to detect gold, and any jeweler, pawn shop, or high school chemistry teacher can demonstrate the basics of gold. Are there counterfeit gold coins? Yes, over the centuries, rough copies of gold coins have been manufactured.

But because of the unique density of gold (only platinum is so heavy), these copies aren't very convincing. 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. Of course, we recommend that you know your supplier when buying gold, just like you would with anything of real value. Was it ever illegal to own gold? Yes, in this country, from 1933 to 1974 it was illegal for the United States.

UU. Citizens will be able to own gold in the form of gold ingots, without a special license. On January 1, 1975, these restrictions were lifted and gold can now be held freely in the U.S. No licenses or restrictions of any kind.

When were the restrictions on gold lifted? Are there any limits to the amount of gold I can own? No, there are no restrictions on private ownership of gold in the United States. You are only limited by your budget and your common sense. Do you report my gold purchases to the Government or to anyone else? If I sell you gold, is it reported? Do I have to report my purchases of gold coins to the Government? No, there is no branch of the federal, state or local government that is interested in how much gold you may own. Mint, a division of the Department of the Treasury, minted 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, they have never asked us to keep track of who buys it.

Do I have to pay taxes if I sell my gold bullion coins for profit? If you hold gold as an investment and then sell it at a profit, you'll earn a taxable profit in the long or short term, just like you would with any other investment. Get spot prices and special offers by email every day. Monday to Thursday from 7 to. M.

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A graduate of Linfield College in Oregon, Siegner dedicates his experience in business management, along with his passion for personal freedom, limited government and honest money, to developing the brand and reach of Money Metals. To stop the fall of the British pound, in 1966 the government banned private citizens from owning more than four precious metal coins. Just as important, during the modern “bailouts” we've seen in debt-ridden countries, banks used to work hand in hand with governments to confiscate assets long before citizens knew what was happening. No, there is no branch of the federal, state or local government that is interested in how much gold you may own.

Storing gold and silver where the government is least likely to be able to reach them quickly and easily is a smart solution. As investors using private banking services in Switzerland have discovered in recent years, the threat of being excluded from banking activity in the US. UU. will quickly convince a company, or its host government, to comply with a forfeiture order, at least by stating their shares.

When the gold investor considers the number of ways in which a confiscation could be carried out, how long it could last, the ease with which the government could change the rules and how far it could reach everyone in a context of economic or monetary crisis, it underlines the need to establish a viable strategy. “It encouraged the public to “voluntarily donate” their gold rings, necklaces and other forms of gold to the government. The law, which was part of the Banking Act of 1959, allowed private citizens to seize gold if the governor determined that it was “appropriate” to do so, to protect the Commonwealth's currency or public credit. .