Interesting........Gold is up 30% so far this year.

[BT]

And still no reference to the section of the bill that specifically regulates gold sales.

Your deflection speaks volumes.

[sirs]

I see...so I'm required to go thru the 2000 pages, and paste the specific text in questio.  The plethora of posts that have consistently reference the egregious Federal trampling is all just a conspiracy.

Gotcha

Oh, speaking of deflections, you can quit with the continued flawed application of inquiring as to specifically regulate gold sales.  Its very unbecomming a normally objective poster, since that's never been the issue, from my end of things.  Here's a hint....it's that part in red again and/or bold......the part I actually emphasized from Sowell's post

[BT]

I think that if you are going to post an opinion post and go to the trouble of highlighting, bolding and color coding passages from it, you should at least make sure that the contents are accurate.

They aren't.

[sirs]

What part of the Fed installing non-healthcare regulations mandating the tracking of gold, buried in Healthcare legislation, is inaccurate?

Oh that's right, all of those plethora of links indicating such are simply a VRWC, facilitating yet another of their devious conspiracies.  Sorry, my bad

[BT]

What part of the Fed installing non-healthcare regulations mandating the tracking of gold, buried in Healthcare legislation, is inaccurate?

Still waiting for you to show where the fed mandates the tracking of gold.

[Christians4LessGvt]

Still waiting for you to show where the fed mandates the tracking of gold.

It will in effect be "tracking gold" because most investments in gold are over $600,
so every transaction over $600 the Feds will be tracking that gold purchase.
And even further the scumbag leftist Congressman Anthony "Weener the" Weiner, D-N.Y
scheduled a hearing for legislation that would regulate gold.

[BT]

The legislation does not affect transactions between individuals.

Like i said, i could sell you great grand pappies gold coins and not have to fill out any 1099's. That gold is not tracked.

This provision of the bill does not put a greater burden on gold dealers than it does office supply dealers, tire stores, lumber yards or fuel dealers. That is why the Sowell article is misleading.

If you buy more than $600.00 a year in goods from a vendor you need to file the 1099.

But just to be clear. I don't think this additional burden is the right thing to do, nor do i think burying it in a larger bill is the right thing to do.

But it would be nice i9f respected columnists like Sowell would at least provide accurate information.

And it would be nice if we didn't take the word of columnists, whether we usually agree with them or not, as gospel.

Trust but verify.

[Christians4LessGvt]

The legislation does not affect transactions between individuals.

Never said it did....but I doubt I will be buying $50K worth a gold from an individual....would you?

This provision of the bill does not put a greater burden on gold dealers than it does office supply dealers,
tire stores, lumber yards or fuel dealers. That is why the Sowell article is misleading.

No it's not.....Gold has not been included in that list before...now it will be.
Misery loves company?

And it would be nice if we didn't take the word of columnists, whether we usually agree with them or not, as gospel.

I see nothing Sowell wrote that was incorrect....can you provide specific examples of what he wrote that was incorrect?

[BT]

The desire to restrain or control the buying and selling of gold is just one of the many signs of the inherent conflict between the freedom of the individual and the left's attempts to control our lives.

Sneaking a provision on gold purchases and sales into massive legislation that is supposedly about medical care is just one of the many cynical tricks used to circumvent the public's right to know how they are being governed. The Constitution begins, "We the people" but, to the left, both the people and the Constitution are just things to circumvent in order to carry out their agenda.

Individuals are not required to file the 1099's no matter who they purchase gold from. I'm not sure how this would affect your freedoms. Now if you purchase the gold under a corporate shield yes you would have to file, but how is that different than filing a 1099 on a contract employee?

[Christians4LessGvt]

Individuals are not required to file the 1099's no matter who they purchase gold from. I'm not sure how this would affect your freedoms.
 Now if you purchase the gold under a corporate shield yes you would have to file, but how is that different than filing a 1099 on a contract employee?

Right BT but my understanding is the company I buy from will be now be required to tell the Federal bureaucrats.
The company or companies I buy gold from will have to tell the gvt to who, when, & the amount they sold me.
Tuh-dah....the gvt knows I am buying gold.....thus they will be now tracking my gold purchases.

[BT]

Right BT but my understanding is the company I buy from will be now be required to tell the Federal bureaucrats.

Just the opposite, if you were in the business of buying gold on a normal basis, you would be required to issue a 1099 to the company you purchase from as well as send a copy to the feds. In your particular business, my guess is come 2012, you will be issuing the 1099 to your fuel vendor, if that provision is not repealed.

[Christians4LessGvt]

Just the opposite, if you were in the business of buying gold on a normal basis,
you would be required to issue a 1099 to the company you purchase from as well as send a copy to the feds.
In your particular business, my guess is come 2012, you will be issuing the 1099 to your fuel vendor, if that provision
 is not repealed.

BT no it is not just the opposite.
As an individual citizen I have bought $50K worth of gold let say in 2005.
That was a "clean" transaction.
I did not report the details of that transaction to the Feds & neither did the gold dealer except as his gross sales.
Now with the new law the gold dealer will have to fill out a form & send the details of that transaction to the Feds.
The Feds will be tracking gold transactions with a much closer magnifying glass.

[Xavier_Onassis]

If you buy more than $600.00 a year in goods from a vendor you need to file the 1099.

==========================================
This ONLY applies to corporations. Most corporations have no use for gold coins or ingots, and of course, this does not apply to gold funds, such as GLD.

Any individual can buy all the gold he wishes without reporting it at all, unless he sells at a profit, and then it is a capital gain, just as a stock or a bond.

I fail to see how this is depriving any individual of his freedom. Sowell's post is misleading, and sirs is simply inane, as ever.

[Christians4LessGvt]

Any individual can buy all the gold he wishes without reporting it at all

I will say it again.
Yes the individual does not report it, but the business, the seller will now be required to.
So every purchase of gold over $600 (which is almost any) the gvt will now get the details.
It doesn't matter if I as an individual have to fill out the new form or the business selling it.
The gvt still finds finds out the specific details of that transaction.

[Christians4LessGvt]

and with that said...I am off to Chicago for some unconventional medical treatment
I will continue this dicscussion Tues if there is further comment.
adios...over and out