I just received the latest issue of Greg Mccoach's Mining Speculator newsletter. In this Nov 2011 issue Greg Mccoach addressed the confusion many US citizens have in regards to Bullion Purchase/Sell requirement. Mccoach himself owned and operate gold/silver bullion company called "AmeriGold". Mccoach had given permission to re-produce this "part" of article in his newsletter. Hopefully this article will help those of us who buys and sells bullion in USA. PS. I got a feeling that "one of the largest gold dealers in the United States" Greg mentioned about in his article is our infamous GoldLine.
So he's saying a wire transfer for ten million bucks isn't going to be flagged and recorded somewhere like, maybe, the bank that processes it?
10 million bucks sounds alot for us, but if look at the larger picture. People around the world engage in 10 million bucks transactions all the time... Companies buying companies, some rich guy buying 10 million bucks mansion, a private jet, yatch, expensive painting, diamond, etc... If you are the like who would spend $10 million to buy bullion you're probably some stickin' rich guy who has the multiple of 10 millions in your bank account and probably do million dollars transaction all the time too! If you think about it, million dollars bank wire transfers are happening all the time and not all that uncommon, I don't think million dollars CASH transaction happening as often. 10 million dollars CASH transaction however... have been heavily portrayed as briefcase drugs transaction by hollywood movies.
Yeah, I get that, but he's saying you can avoid having a report filed by the dealer if you use a wire transfer. That makes perfect sense because the transaction is recorded by the bank that processes the wire transfer so a report generated by the dealer isn't necessary. That is, $10,000 is sent from your account to the bullion dealer's account. It shows up in your bank's logs as leaving your account and it shows up in the dealer's bank's logs as arriving in their account. Presumably the payment will be able to be reconciled against an invoice for your purchase if anyone wanted to check (and if it doesn't the bullion dealer is going to get in trouble with the tax man), so the transaction is traceable. In fact, its probably very easy to trace since it's all logged electronically. The only function performed when the dealer records cash transactions is capturing those transactions that aren't already traceable through the banking system. Unless I'm reading this guy wrong, he's saying you can write a personal cheque to a dealer and nobody is ever going to be able to figure out that money came from you. That's just flat out wrong.
I dont think that's what he means... what I think Mccoach trying to say is, if u're buying bullion to the tune of $10,000+ you better of paying by bank wire transfer than paying in CASH. Because paying $10,000 in cash will straight away raise a reg flag to IRS. The likelyhood for IRS to take a look at the transaction is pretty high. Whereas if u're paying by wire transfer, there is a good chance your transaction get passed by IRS as something that is not suspicious. People are making big transactions over the wire all the time, be it buying a car, a house, a brand new plasma TV or a kilo gold bullion... your "bullion" purchase bank wire transaction will probably get buried along side with millions other non-bullion transactions.
I think what is already in the banking system are inside money, in the system, so long as no red flag of funds being suspicious the bank does not make a report. the suspicious transactions are on small terrorists, such as activist who carry 2.4k on the plane within US domestic flights. something like 30k and small fries with 100 to less than 500. anything more, say above 300 millions then will be watched also as this kind of amount can change a government in a country. so CIA will not be very happy for people like Sad Dam and Qad a Defy trying to buy a safe heaven for back door run away from the enemies.
