Does anyone (read ‘Big Brother’) know that you have gold and silver???
Short answer – only if you have revealed your social security number as a part of your transaction. Many people choose to pay in cash up to the non-reportable, non-structuring limit of $10,000. Others will use a personal check or bank wire transfer. Yes, the bank will know that you paid some entity, but any wire or check does not automatically associate itself with a precious metals dealer. Our business names ‘Fisher PM’ or “’The Liberation Group, Inc.’ are very benign. We get hundreds of checks and wires each year and over time they just disappear into the ether.
As for online dealers and other marketing firms, I can’t speak to the amount of information they gather on you, but they love to “open accounts” and have you fill out account paperwork. We don’t require any account paperwork as we are not obligated to. PRIVACY is one of the greatest benefits of owning Precious Metals. Think of another financial asset that does not require the recording of your social security number? Granted, precious metals IRA’s do not have this same benefit, but no IRA’s are exempt from this information. If it is at all possible, MAINTAIN YOUR PRIVACY! Sooner or later the government will require us to collect this information, but right now you can still take advantage of this benefit.
Check out this chart to see how gold and silver outperform the Dow Jones over the past 5 years!
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