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 (Jun 29 2010) - $600 Sale of Gold and Silver ? Get Ready for Tax Form WASH D.C. -- A blizzard of paperwork could be about to hit numismatics. Passage by Congress of the national health care legislation has had an unintended consequence to the nation’s coin collectors, vest-pocket dealers who buy and sell coins, and larger dealers who are frequent buyers of coins that collectors periodically liquidate as they trade up their collections for better coins, or simply sell to take a small profit or loss. What has happened is that effective Jan. 1, 2012, the whole system of giving and receiving Internal Revenue Service 1099 forms will be turned on its head and all persons (including corporations) who are in business will now have to give 1099 tax reporting forms for coins and other goods that they sell as well as buy. The responsibility for issuing forms kicks in at $600 for coins or bullion – not a very high level and one that has already started sounding alarm bells. It doesn’t matter in what form payment is made, whether cash, check, credit card, or Yap stone money, the $600 threshold applies. (Mar 25 2010) - Central Banks Stashing Away Gold at Brisk Pace IMF -- Central banks around the world added 425.4 metric tons of gold to their reserves last year, the biggest increase since 1964, according to the World Gold Council. That represents a 1.4 percent gain to put their holdings at 30,116.9 tons in total. The increase was the first since 1988. Central banks in India, Russia and China were among those boosting their gold reserves last year, as the precious metal jumped 24 percent, hitting a record of $1,226 an ounce in December. Central banks now possess 18 percent of all gold ever mined. "There's clearly been a renaissance of gold in central bankers' minds," Nick Moore, an analyst at Royal Bank of Scotland, told Bloomberg. "It's not just been central banks taking on gold, but a general shift for physical gold in the investment sector." (Mar 02 2010) - Largest Private Refinery Discovers Gold-Plated Tungsten Bar GERMANY -- Recently, the German television station ProSieben ran a news story covering W. C. Heraeus in Hanau, Germany, the world�s largest privately owned refinery. In the story, Wilfried H�rner, the head of the gold foundry, shows a 500 gram bar (16.0755 troy ounces) received from an unidentified bank. The bar had the right physical dimensions to be an authentic gold bar, but one of the Heraeus employees suspected something funny. After the bar was cut in half, you can see that the inside is tungsten, with only a coating of gold on the outside. Last fall, Rob Kirby of Kirby Analytics in Toronto reported that China�s central bank had discovered some 400-ounce gold-plated tungsten bars among those it had recently received from bonded warehouses. It was later learned that at least four counterfeit bars were found and that all had come from sources in the United States. (Jan 30 2010) - Chinese say they received bogus bars of gold traced to U.S. U.S.A. -- Could over 1 million bars of gold, much of which is still held in Fort Knox, Ky., be counterfeit? An October 2009 discovery that suggests this may be true has been suppressed by the mainstream media but has been circulating among the �big money� brokers and financial kingpins. It is just now being revealed to the public. Gold is regularly exchanged between countries to pay debts and to settle the so-called balance of trade. It is often also used as a hedge against a falling currency. Gold is regularly traded and stored in vaults under the strict supervision of a special organization based in London, known as the London Bullion Market Association (LBMA). That�s why news of counterfeit gold bars was a surprise to many experts. In October 2009, China reportedly received a large shipment of gold, containing some 6,000 bars, weighing 400 ounces each. When it was received, the Chinese government asked that tests be performed to guarantee the purity and weight of the gold bars. In this test, four small holes were drilled into the bars, and the metal was analyzed. Officials were shocked to find the bars were bogus. (Jan 11 2010) - FAKE GOLD BARS IN BANK OF ENGLAND AND FORT KNOX U.S.A. -- A recent discovery � in October of 2009 � has been suppressed by the main stream media but has been circulating among the �big money� brokers and financial kingpins and is just now being revealed to the public. It involves the gold in Fort Knox � the US Treasury gold � that is the equity of our national wealth. In short, millions (with an �m�) of gold bars are fake! Who did this ? Apparently our own government. In October of 2009 the Chinese received a shipment of gold bars. Gold is regularly exchanges between countries to pay debts and to settle the so-called balance of trade. Most gold is exchanged and stored in vaults under the supervision of a special organization based in London, the London Bullion Market Association (or LBMA). When the shipment was received, the Chinese government asked that special tests be performed to guarantee the purity and weight of the gold bars. In this test, four small holed are drilled into the gold bars and the metal is then analyzed. Officials were shocked to learn that the bars were fake. They contained cores of tungsten with only a outer coating of real gold. What�s more, these gold bars, containing serial numbers for tracking, originated in the US and had been stored in Fort Knox for years. There were reportedly between 5,600 to 5,700 bars, weighing 400 oz. each, in the shipment! (Dec 21 2009) IMF Sells Tungsten Gold Bars to India ?Bad Credit Advisor gives an update : Probably the only way to discover a fake without scratching your bar or coin or without performing some chemical analysis, is to drop suspicious gold object against a solid hardwood desk, as long as you do not mind having some nicks and small dents on it. Dropping a real gold coin will produce a very particular ringing sound quite different from the one that tungsten counterfeit coin makes. Before you panic and start dropping your gold, understand that tungsten is the metal which is extremely difficult to work with. Besides being brittle, it has the highest known melting point of any non alloyed metal at 3,422�C or almost 6,192�F. So such counterfeit gold requires quite a bit of investment and knowledge, which both of course are available our there. So it is important to buy your gold bullion from reputable dealers, but even they can make a mistake and unknowingly sell you something else. (Nov 19 2009) THIS IS SERIOUS : GOLD MARKET BREAKDOWNNEW YORK � $$$ THE BIGGEST GOLD CRIME STORY OF THE CENTURY MIGHT BE SOON COMING TO FULL LIGHT. EVIDENCE IS BEING ACCUMULATING THAT THE CLINTON ADMIN WITH RUBIN AT USDEPT TREASURY REPLACED PERHAPS THE ENTIRE CONTENTS OF THE FORT KNOX GOLD WITH TUNGSTEN BARS PLATED BY GOLD. THE SALTED GOLD BARS ARE FASTING BECOMING A GLOBAL CRIME ISSUE. HONG KONG DISCOVERED THEM, AND NOW ASSAYERS ARE TRYING TO AUTHENTICATE MOST OF THE GLOBAL GOLD HELD IN BANKS. ENTIRE NATIONS ARE AT RISK. BEFORE LONG THE USGOVT COULD BE DECLARED A ROGUE NATION INTERNATIONALLY. $$$ (Nov 12 2009) Gold Finger - A New Take On Operation Grand Slam With A Tungsten TwistNEW YORK � I�ve already reported on irregular physical gold settlements which occurred in London, England back in the first week of October, 2009. Specifically, these settlements involved the intermediation of at least one Central Bank [The Bank of England] to resolve allocated settlements on behalf of J.P. Morgan and Deutsche Bank � who DID NOT have the gold bullion that they had sold short and were contracted to deliver. At the same time I reported on two other unusual occurrences: Unfortunately, there are now more sordid details to report. When the news of tungsten �salted� gold bars in Hong Kong first surfaced, many people who I am acquainted with automatically assumed that these bars were manufactured in China � because China is generally viewed as �the knock-off capital of the world�. Here�s what I now understand really happened ... (Oct 07 2009) U.S. Mint suspends production of 2009 Gold and Silver Bullion Coins
WASHINGTON � The United States Mint will not offer the following products in 2009: the one-ounce American Eagle Silver Proof Coin; the one-ounce American Eagle Silver Uncirculated Coin; the American Eagle Gold Proof Coins (all weights, as well as the four-coin set); the one-ounce American Eagle Gold Uncirculated Coin; the United States Mint Annual Uncirculated Dollar Coin SetTM, which also includes a one-ounce American Eagle Silver Uncirculated Coin; and the American Eagle Platinum Bullion Coins (all weights).
Because of unprecedented demand for American Eagle Gold and Silver Bullion Coins, the United States Mint suspended production of 2009 proof and uncirculated versions of these coins. All available 22-karat gold and silver bullion blanks are being allocated to the American Eagle Gold and American Eagle Silver Bullion Coin Programs, as mandated by Public Law 99-185 and Public Law 99-61, respectively. Both laws direct the agency to produce these coins in quantities sufficient to meet public demand. The proof and uncirculated versions of the American Eagle Gold and Silver Proof Coins are not mandated by law.
The United States Mint is working diligently with current and potential blank suppliers to increase the supply of bullion coin blanks, so it can offer to the public the proof and uncirculated versions of American Eagle silver, gold, and platinum coins in 2010.
(Aug 29 2009) Why Did the U.S. Government Confiscate Gold in 1933 and Can it Happen Again ?We previously stated that gold ownership was made illegal on 1st May 1933. What we did not tell you and we correct now, was that U.S. citizens, under Order 6102, were to own up to $100 in gold coin [�5 ounces]. Today that would be worth under $5,000 a mere token gesture to real gold owners. It acted as a tiny 'escape valve' to the general body of citizens and did not detract from the fact that effective gold ownership was abolished. So that we fully understand the attitude of governments to gold we add this paragraph -- Congress could easily revoke the privilege again ? In fact, at no time during this century has the U.S. government recognized the right of private gold ownership. The Trading with the Enemy Act, which President Roosevelt invoked in 1933 to restrict private gold transactions, remains law. Although private ownership of gold in the United States was legalized on August 15, 1974, the power to confiscate gold remains in the hands of the President. The President still retains the right, under the Emergency Banking Relief Act, to "investigate, regulate or prohibit... the importing, exporting, hoarding, melting or earmarking of gold" in times of a declared national emergency. It is highly unlikely that either the Courts or Congress would successfully argue that confiscatory powers are not implicit in the Emergency Banking Relief Act if a currency crisis or other fiscal emergency prompted the President to, once again, nationalize gold. (Dec 22 1983) Austrians Seize False Gold Tied to London Bullion TheftVIENNA � The Austrian police announced the arrest today of 5 men and the discovery of 10 counterfeit gold bars stamped with numbers and refiner's name to match 6,000 real bars stolen in Britain last month. The police said the five arrested in Vienna on Tuesday night apparently planned to sell the counterfeit gold, passing it off as part of the haul of three tons of bullion stolen by masked gunmen from a warehouse near London's Heathrow Airport on Nov. 26. A police spokesman said the police did not know how the men had discovered the numbers stamped on the stolen bars. The police at first suspected the counterfeit bars were part of the Heathrow booty, but the spokesman said tests showed the bars were made of tungsten and only coated with gold. (Apr 02 1792) The Coinage Act of April 2, 1792SECTION 19 � Penalty on de-basing the coins : And be it further enacted, That if any of the gold or silver coins which shall be struck or coined at the said mint shall be debased or made worse as to the proportion of the fine gold or fine silver therein contained, or shall be of less weight or value than the same out to be pursuant to the directions of this act, through the default or with the connivance of any of the officers or persons who shall be employed at the said mint, for the purpose of profit or gain, or otherwise with a fraudulent intent, and if any of the said officers or persons shall embezzle any of the metals which shall at any time be committed to their charge for the purpose of being coined, or any of the coins which shall be struck or coined at the said mint, every such officer or person who shall commit any or either of the said offenses, shall be deemed guilty of felony, and shall suffer death. | |||||
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