Thursday, July 22, 2010

A Blow To Financial Privacy

An issue that has had the gold community up in arms made the mainstream media, as noticed by Kurt Brouwer's "Fundmastery" blog. It deals with the previously little-known provision requiring any business transactions worth more than $600 to be reported to the IRS. Gold coins, buying or selling, are included. There's already a movement to get it repealed, and even the IRS doesn't seem to like it all that much because the form-work will be incredible.

American goldbugs are only part of the repeal movement, so it's hard to gauge their influence, but they are in the swim of things on this issue. Maybe, in a distant day, the goldbug worldview will be mainstreamed. [Admittedly, it would be a bit of a shock...]


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