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buying and selling bullion
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Thread: buying and selling bullion

  1. #1
    Join Date
    Mar 2008
    Posts
    101

    Default buying and selling bullion

    my local dealer sells engelhard 100 ounce bars at .25 over spot. and buys back at 25 under. seems reasonable to me. one interesting thing is if you buy over $1000 worth of bullion he says he has to take your liscense information - what is this for? what happens to the information? under $1000 and there is sales tax. obviously i wouldn't deal with buying over $10k. does selling over 10k also produce the government tax report?

    ooooo good day to buy!

  2. #2
    chux03 Guest

    Default

    "under $1000 and there is sales tax."

    Boy, there's a RIP-OFF having to pay sales tax on bullion purchases. I live in a state that collects a hefty 9% on state sales tax on just about everything (and pretty soon they'll try taxing our air!!) HOWEVER they listened to the bullion, coin dealers in that this state EXEMPTS collection of state sales tax on bullion and precious metal purchases.
    Make no bones about this...this is simply another hefty premium on purchasing precious metals, no matter what else they call it. I would encourage making a trip outside their "sphere of influence" and either purchase silver etc off Ebay or to a neighboring state. Personally, they already get quite enough of my money via the state sales tax and anytime I can, I make purchases elsewhere specifically to avoid paying such...royalties.

    I can't help it either. Must be that Austrian economic influence on me again...

    http://www.mises.org/

  3. #3
    Join Date
    Mar 2008
    Location
    Huron National forest, MI
    Posts
    41

    Default

    Quote Originally Posted by pbmaxb View Post
    my local dealer sells engelhard 100 ounce bars at .25 over spot. and buys back at 25 under. seems reasonable to me. one interesting thing is if you buy over $1000 worth of bullion he says he has to take your liscense information - what is this for? what happens to the information? under $1000 and there is sales tax. obviously i wouldn't deal with buying over $10k. does selling over 10k also produce the government tax report?

    ooooo good day to buy!
    pbmaxb, unfortunately,YES to your reporting question,it sucks,Uncle George(i wont insult Uncle sam,they have him in GITMO or somewhere)in the Patriot act unleashed the treasury whores upon us in the guise of national security,they believe most of us dont have $10,000 in cash laying around so they ASSUME your trying to launder drug money, Al Quaeda cash or otherwise stiff the IRS.my advice is Eagles from a guerilla capitalist (they have an IRA exemption as well!) who accepts CASH,gives a handshake and says "Thanks!,see you son!" also if your really in a jam, when filling out the intrusive form, you might consider using a name from your family past, like a great grandparent, you know, to honor him or such,terrible you left your drivers license at home.....

  4. #4
    Join Date
    Mar 2008
    Posts
    101

    Default

    can't get it without the liscence. what im saying is over $1k and they take your liscense info. over 10k they make you fill out a form...

  5. #5
    Join Date
    Mar 2008
    Posts
    78

    Default

    ..why would they take your license info? Be careful they don't take down your address info...then kick in your door!!!

  6. #6
    Join Date
    Mar 2008
    Posts
    101

    Default

    true that. im on the bay, **** the local shops

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