# Gold hit another all-time high today. **URL:** \ **Category:** Misc. Discussion\ **Created:** [November 4, 2010, 10:30pm UTC](https://forum.nachi.org/t/gold-hit-another-all-time-high-today/53902 "2010-11-04T22:30:21Z")\ **Posts on this page:** 20\ **Page:** 2
**Author:** ![mlarson](https://sea2.discourse-cdn.com/internachi/user_avatar/forum.nachi.org/mlarson/32/89225_2.png) [@mlarson](https://forum.nachi.org/u/mlarson)\ **Post date:** [November 5, 2010, 1:24am UTC](https://forum.nachi.org/t/gold-hit-another-all-time-high-today/53902/21 "2010-11-05T01:24:10Z")
> [@bsmith2](#): > > Nick is Right…also my gold buyer takes my gold gives me cash and I walk out no 1099, no names ect…move on with life! And your admitting tax fraud on an open board. Wow! ---
**Author:** ![gromicko](https://sea2.discourse-cdn.com/internachi/user_avatar/forum.nachi.org/gromicko/32/58172_2.png) [@gromicko](https://forum.nachi.org/u/gromicko)\ **Post date:** [November 5, 2010, 1:26am UTC](https://forum.nachi.org/t/gold-hit-another-all-time-high-today/53902/22 "2010-11-05T01:26:49Z")
Michael, You are free to buy gold anonymously (and not report the transaction to anyone) and hoard it anonymously (and not report the ownership to anyone) regardless of how much it goes up. All perfectly legal. I can explain it to you over and over, but I can’t understand it for you. ---
**Author:** ![ccurrins](https://sea2.discourse-cdn.com/internachi/user_avatar/forum.nachi.org/ccurrins/32/225758_2.png) [@ccurrins](https://forum.nachi.org/u/ccurrins)\ **Post date:** [November 5, 2010, 1:31am UTC](https://forum.nachi.org/t/gold-hit-another-all-time-high-today/53902/23 "2010-11-05T01:31:05Z")
> [@gromicko](#): > > Michael, You are free to buy gold anonymously (and not report the transaction to anyone) and hoard it anonymously (and not report the ownership to anyone) regardless of how much it goes up. All perfectly legal. > > I can explain it to you over and over, but I can’t understand it for you. So when you deposit 10,000, or more, into your account, where do you tell the IRS it came from? ---
**Author:** ![mlarson](https://sea2.discourse-cdn.com/internachi/user_avatar/forum.nachi.org/mlarson/32/89225_2.png) [@mlarson](https://forum.nachi.org/u/mlarson)\ **Post date:** [November 5, 2010, 1:31am UTC](https://forum.nachi.org/t/gold-hit-another-all-time-high-today/53902/24 "2010-11-05T01:31:31Z")
> [@gromicko](#): > > Michael, You are free to buy gold anonymously (and not report the transaction to anyone) and hoard it anonymously (and not report the ownership to anyone) regardless of how much it goes up. All perfectly legal. > > I can explain it to you over and over, but I can’t understand it for you. Not if you are caught. And since you are not ignorant of the law, well you know… Unreported income is just that. Now I am all for starving the beast but it dangerous. ---
**Author:** ![gromicko](https://sea2.discourse-cdn.com/internachi/user_avatar/forum.nachi.org/gromicko/32/58172_2.png) [@gromicko](https://forum.nachi.org/u/gromicko)\ **Post date:** [November 5, 2010, 1:32am UTC](https://forum.nachi.org/t/gold-hit-another-all-time-high-today/53902/25 "2010-11-05T01:32:35Z")
ccurrins asks: > [@](#): > > So when you deposit 10,000, or more into your account, where do you tell the IRS it came from? What does that have to do with this conversation? There are lots of reportable events. Buying gold and hoarding it aren’t two of them. ---
**Author:** ![gromicko](https://sea2.discourse-cdn.com/internachi/user_avatar/forum.nachi.org/gromicko/32/58172_2.png) [@gromicko](https://forum.nachi.org/u/gromicko)\ **Post date:** [November 5, 2010, 1:34am UTC](https://forum.nachi.org/t/gold-hit-another-all-time-high-today/53902/26 "2010-11-05T01:34:01Z")
> [@](#): > > Not if you are caught. > > And since you are not ignorant of the law, well you know… > > Unreported income is just that. Buying gold and hoarding it is not income (and so need not be reported), even if the price of gold goes to $100,000.000.00/ounce. ---
**Author:** ![mlarson](https://sea2.discourse-cdn.com/internachi/user_avatar/forum.nachi.org/mlarson/32/89225_2.png) [@mlarson](https://forum.nachi.org/u/mlarson)\ **Post date:** [November 5, 2010, 1:34am UTC](https://forum.nachi.org/t/gold-hit-another-all-time-high-today/53902/27 "2010-11-05T01:34:12Z")
> [@gromicko](#): > > What does that have to do with this conversation? There are lots of reportable events. Buying gold or hoarding gold aren’t two of them. As I said earlier. “until you go to sell it” :roll: ---
**Author:** ![gromicko](https://sea2.discourse-cdn.com/internachi/user_avatar/forum.nachi.org/gromicko/32/58172_2.png) [@gromicko](https://forum.nachi.org/u/gromicko)\ **Post date:** [November 5, 2010, 1:43am UTC](https://forum.nachi.org/t/gold-hit-another-all-time-high-today/53902/28 "2010-11-05T01:43:30Z")
> [@](#): > > “until you go to sell it” Then you agree? There is no duty to report the purchase or ownership of gold and no tax is levied on it as it goes up in value inside your wall safe. ---
**Author:** ![mlarson](https://sea2.discourse-cdn.com/internachi/user_avatar/forum.nachi.org/mlarson/32/89225_2.png) [@mlarson](https://forum.nachi.org/u/mlarson)\ **Post date:** [November 5, 2010, 1:46am UTC](https://forum.nachi.org/t/gold-hit-another-all-time-high-today/53902/29 "2010-11-05T01:46:36Z")
> [@gromicko](#): > > Then you agree? **There is no duty to report the purchase or ownership of gold** and no tax is levied on it as it goes up in value inside your wall safe. Never said there wa. Teh problem is when you try to used the gold to buy something. It is a taxable event. If all you are going to do is hoard it you would be better off stocking beans and franks or something useful like a machine tool. ---
**Author:** ![bkelly2](https://sea2.discourse-cdn.com/internachi/user_avatar/forum.nachi.org/bkelly2/32/58257_2.png) [@bkelly2](https://forum.nachi.org/u/bkelly2)\ **Post date:** [November 5, 2010, 2:00am UTC](https://forum.nachi.org/t/gold-hit-another-all-time-high-today/53902/30 "2010-11-05T02:00:57Z")
> [@gromicko](#): > > Then you agree? There is no duty to report the purchase or ownership of gold and no tax is levied on it as it goes up in value inside your wall safe. I agree Nick. But I am not hoarding anything at this time. 🙂 ---
**Author:** ![ccurrins](https://sea2.discourse-cdn.com/internachi/user_avatar/forum.nachi.org/ccurrins/32/225758_2.png) [@ccurrins](https://forum.nachi.org/u/ccurrins)\ **Post date:** [November 5, 2010, 2:18am UTC](https://forum.nachi.org/t/gold-hit-another-all-time-high-today/53902/31 "2010-11-05T02:18:01Z")
> [@](#): > > So when you deposit 10,000, or more into your account, where do you tell the IRS it came from? > [@gromicko](#): > > What does that have to do with this conversation? There are lots of reportable events. Buying gold and hoarding it aren’t two of them. I had a wild idea that maybe someday you were going to sell it, my bad. ---
**Author:** ![gromicko](https://sea2.discourse-cdn.com/internachi/user_avatar/forum.nachi.org/gromicko/32/58172_2.png) [@gromicko](https://forum.nachi.org/u/gromicko)\ **Post date:** [November 5, 2010, 2:21am UTC](https://forum.nachi.org/t/gold-hit-another-all-time-high-today/53902/32 "2010-11-05T02:21:00Z")
I’d say hoard guns and ammo first. ---
**Author:** ![mlarson](https://sea2.discourse-cdn.com/internachi/user_avatar/forum.nachi.org/mlarson/32/89225_2.png) [@mlarson](https://forum.nachi.org/u/mlarson)\ **Post date:** [November 5, 2010, 2:55am UTC](https://forum.nachi.org/t/gold-hit-another-all-time-high-today/53902/33 "2010-11-05T02:55:45Z")
> [@gromicko](#): > > I’d say hoard guns and ammo first. You’ll need th guns to protect the gold. ---
**Author:** ![gromicko](https://sea2.discourse-cdn.com/internachi/user_avatar/forum.nachi.org/gromicko/32/58172_2.png) [@gromicko](https://forum.nachi.org/u/gromicko)\ **Post date:** [November 5, 2010, 2:58am UTC](https://forum.nachi.org/t/gold-hit-another-all-time-high-today/53902/34 "2010-11-05T02:58:04Z")
… or to protect your wife and daughters from mobs on shtf day. ---
**Author:** ![jcohen2](https://sea2.discourse-cdn.com/internachi/user_avatar/forum.nachi.org/jcohen2/32/179212_2.png) [@jcohen2](https://forum.nachi.org/u/jcohen2)\ **Post date:** [November 5, 2010, 3:23am UTC](https://forum.nachi.org/t/gold-hit-another-all-time-high-today/53902/35 "2010-11-05T03:23:29Z")
Most people are not buying physical gold. Thats a lot of gold coins to buy to make real money. ---
**Author:** ![mlarson](https://sea2.discourse-cdn.com/internachi/user_avatar/forum.nachi.org/mlarson/32/89225_2.png) [@mlarson](https://forum.nachi.org/u/mlarson)\ **Post date:** [November 5, 2010, 3:32am UTC](https://forum.nachi.org/t/gold-hit-another-all-time-high-today/53902/36 "2010-11-05T03:32:08Z")
> [@jcohen2](#): > > Most people are not buying physical gold. Thats a lot of gold coins to buy to make real money. FYI - The same tax rules apply to paper gold such as gold funds. ---
**Author:** ![gromicko](https://sea2.discourse-cdn.com/internachi/user_avatar/forum.nachi.org/gromicko/32/58172_2.png) [@gromicko](https://forum.nachi.org/u/gromicko)\ **Post date:** [November 5, 2010, 3:33am UTC](https://forum.nachi.org/t/gold-hit-another-all-time-high-today/53902/37 "2010-11-05T03:33:30Z")
> [@](#): > > Most people are not buying physical gold. And that is risky IMHO because I don’t believe these gold funds have as much gold as they claim. I think it is a big Bernie Madoff-type scheme. ---
**Author:** ![jfunderburk](https://sea2.discourse-cdn.com/internachi/user_avatar/forum.nachi.org/jfunderburk/32/187920_2.png) [@jfunderburk](https://forum.nachi.org/u/jfunderburk)\ **Post date:** [November 5, 2010, 4:09am UTC](https://forum.nachi.org/t/gold-hit-another-all-time-high-today/53902/38 "2010-11-05T04:09:56Z")
> [@gromicko](#): > > And that is risky IMHO because I don’t believe these gold funds have as much gold as they claim. I think it is a big Bernie Madoff-type scheme. There is another alternative: [www.goldmoney.com](http://www.goldmoney.com) That’s what I do with 20% of my retirement portfolio. ---
**Author:** ![belliott](https://sea2.discourse-cdn.com/internachi/user_avatar/forum.nachi.org/belliott/32/57038_2.png) [@belliott](https://forum.nachi.org/u/belliott)\ **Post date:** [November 5, 2010, 5:01am UTC](https://forum.nachi.org/t/gold-hit-another-all-time-high-today/53902/39 "2010-11-05T05:01:12Z")
> [@gromicko](#): > > And that is risky IMHO because I don’t believe these gold funds have as much gold as they claim. I think it is a big Bernie Madoff-type scheme. Now I comment. To agree. ---
**Author:** ![bsmith2](https://sea2.discourse-cdn.com/internachi/user_avatar/forum.nachi.org/bsmith2/32/1329_2.png) [@bsmith2](https://forum.nachi.org/u/bsmith2)\ **Post date:** [November 5, 2010, 11:14pm UTC](https://forum.nachi.org/t/gold-hit-another-all-time-high-today/53902/40 "2010-11-05T23:14:02Z")
> [@jcohen2](#): > > Most people are not buying physical gold. Thats a lot of gold coins to buy to make real money. COINS ARE A SCAM…imo people need to do there home work if they are buying gold! [Previous page](https://forum.nachi.org/t/gold-hit-another-all-time-high-today/53902.md?page=1) [Next page](https://forum.nachi.org/t/gold-hit-another-all-time-high-today/53902.md?page=3)