Silver Is SELLING OUT? ‘Get It While You Still Can’, Some Are Saying

Silver Is SELLING OUT. ‘Get It While You Still Can’ Some Are Saying

Of course, this could be a rumor to provoke the sell. Who knows…. “It’s Been Nuts”: Silver Surges Most Since Lehman Bankruptcy; Hits 7-Year High Over $30

Silver Futures Soar 8%, Rise Above $29 As Reddit Hordes Pile In

I like listening to Jeremiah Babe. Nice, calm, to the point:

Epic Economist, the Darth Vader of economics..

Peter Smith11 ‘This Global Silver Shortage will be more severe and last longer than the Global Toilet Paper Shortage of 2020 !’

Bill RobertsThe Fed is going to be on hyperdrive. They will not be able to print it ‘fast enough.

Terry HarrisThe Elite of the world don’t want the peasants to have gold or silver’

Adam FerraroDoesn’t matter!!! We been telling these people for the last year every day to buy silver!!! WAKE UP‼️’

Gold & Silver To Be Illegal Starting On July 15th? Must Read

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QV brought this to our attention, you had better read it. If you do not have gold or silver-buy food, asap.  They did this in the early 1930’s, crippling this country; They took gold from gold owners.  This is why I don’t do ‘silver or gold’. FOOD, people, food.  During the Holodomor/Ukraine they put out pamphlets that read “FOOD IS YOUR WEAPON!”  -Food is your weapon now, as well.

12 Things That The Mainstream Media Is Being Strangely Quiet About Right Now

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Thanks to the Dodd-Frank Act, over the counter trading of gold and silver is going to be illegal starting on July 15th.  Or at least that is what some companies apparently now believe.  The following is an excerpt from an email that Forex.com recently sent out to their customers….

Important Account Notice Re: Metals Trading

We wanted to make you aware of some upcoming changes to FOREX.com’s product offering. As a result of the Dodd-Frank Act enacted by US Congress, a new regulation prohibiting US residents from trading over the counter precious metals, including gold and silver, will go into effect on Friday, July 15, 2011.

In conjunction with this new regulation, FOREX.com must discontinue metals trading for US residents on Friday, July 15, 2011 at the close of trading at 5pm ET. As a result, all open metals positions must be closed by July 15, 2011 at 5pm ET.

We encourage you to wind down your trading activity in these products over the next month in anticipation of the new rule, as any open XAU or XAG positions that remain open prior to July 15, 2011 at approximately 5:00 pm ET will be automatically liquidated.

We sincerely regret any inconvenience complying with the new U.S. regulation may cause you. Should you have any questions, please feel free to contact our customer service team.

Sincerely,
The Team at FOREX.com

ABC: YOUR Gold Under Attack By Progressive CIC, Prez Hussein O.

Go to fullsize imageI am glad that many liberals are POOR, living off the gubment cheese…  Contrary to popular belief; Bolsheviks and Marxists hit the POOR first.  Good.  I will be happy when the useful IDIOTS are ‘betrayed’ -Sorry, I have ZERO tolerance policy against welfare scum that demand more, more, and more.

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Americans: INVEST IN DRIED GOOD FOODS.

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Gold Coin Sellers Angered by New Tax Law

Amendment Slipped Into Health Care Legislation Would Track, Tax Coin and Bullion Transactions

By RICH BLAKE

July 21, 2010—

 Those already outraged by the president’s health care legislation now have a new bone of contention — a scarcely noticed tack-on provision to the law that puts gold coin buyers and sellers under closer government scrutiny.

 The issue is rising to the fore just as gold coin dealers are attracting attention over sales tactics.

 Section 9006 of the Patient Protection and Affordable Care Act will amend the Internal Revenue Code to expand the scope of Form 1099. Currently, 1099 forms are used to track and report the miscellaneous income associated with services rendered by independent contractors or self-employed individuals.

 Coin Dealers Flipping

Starting Jan. 1, 2012, Form 1099s will become a means of reporting to the Internal Revenue Service the purchases of all goods and services by small businesses and self-employed people that exceed $600 during a calendar year. Precious metals such as coins and bullion fall into this category and coin dealers have been among those most rankled by the change.

 This provision, intended to mine what the IRS deems a vast reservoir of uncollected income tax, was included in the health care legislation ostensibly as a way to pay for it. The tax code tweak is expected to raise $17 billion over the next 10 years, according to the Joint Committee on Taxation.

 Taking an early and vociferous role in opposing the measure is the precious metal and coin industry, according to Diane Piret, industry affairs director for the Industry Council for Tangible Assets. The ICTA, based in Severna Park, Md., is a trade association representing an estimated 5,000 coin and bullion dealers in the United States.

 “Coin dealers not only buy for their inventory from other dealers, but also with great frequency from the public,” Piret said. “Most other types of businesses will have a limited number of suppliers from which they buy their goods and products for resale.”

 So every time a member of the public sells more than $600 worth of gold to a dealer, Piret said, the transaction will have to be reported to the government by the buyer.

 Pat Heller, who owns Liberty Coin Service in Lansing, Mich., deals with around 1,000 customers every week. Many are individuals looking to protect wealth in an uncertain economy, he said, while others are dealers like him.

 With spot market prices for gold at nearly $1,200 an ounce, Heller estimates that he’ll be filling out between 10,000 and 20,000 tax forms per year after the new law takes effect.

 “I’ll have to hire two full-time people just to track all this stuff, which cuts into my profitability,” he said.

 An issue that combines gold coins, the Obama health care law and the IRS is bound to stir passions. Indeed, trading in gold coins and bars has surged since the financial crisis unfolded and Obama took office, metal dealers said.

 The buying of actual gold, as opposed to futures or options tied to the price of gold, has been a particularly popular trend among Tea Party supporters and others who are fearful of Obama’s economic policies, gold industry members such as Heller and Piret said. Conservative/libertarian commentators, such as Fox News Channel’s Glenn Beck, routinely tout precious metal on the air as being a safe, shrewd investment in an environment in which the financial system — and paper money backed by the rest of the world’s faith in the U.S. government’s credit — is viewed as increasingly fragile.

 The recently revealed investigation by California authorities into consumer complaints against Goldline International, which has used Beck as a pitchman, and Superior Gold Group (which has not) has put a spotlight on what one liberal leaning politician, Rep. Anthony Weiner, D-N.Y., calls the “unholy alliance” between gold coin sellers, such as Goldline, and conservative talk personalities, such as Beck.

 Beck, who through his spokesman, Matt Hiltzik, declined to comment for this story, and Goldline marketers portray gold coins as a better alternative to owning bullion in the event that the U.S. government ever decides, as it did under FDR in 1933, to make it illegal for private citizens to own physical gold. At that time, the U.S. dollar was still pegged to the price of gold; the gold standard was abandoned during the Nixon administration.

 Rep. Daniel Lungren, R-Calif., has introduced legislation to repeal the section of the health care bill that would trigger the new tax reporting requirement because he says it’s a burden on small businesses.

 “Large corporations have whole divisions to handle such transaction paperwork but for a small business, which doesn’t have the manpower, this is yet another brick on their back,” Lungren said in a statement e-mailed to ABCNews.com. “Everyone agrees that small businesses are job creators and the engine which drives the American economy. I am dumfounded that this Administration is doing all it can to make it more difficult for businesses to succeed rather than doing all it can to help them grow.”

 The ICTA’s Piret says identity theft is another concern because criminals may set up shops specifically to extract personal information that would accompany the filing out of a 1099.

 The office of the National Taxpayer Advocate, a citizen’s ombudsman within the IRS, issued a report June 30 that said the new rule “may present significant administrative challenges to taxpayers and the IRS.”

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