Gold Coin Dealers You Can Trust
Since the price of gold has been on the rise, there have been a lot of news stories about gold coin dealers using unscrupulous tactics to sell gold coins at inflated prices. There are a few large gold coin dealers that have hired well known politicians and TV personalities to act as pitchmen for their company. The largest complaint concerning these dealers has been from buyers that feel they were pressured to purchase certain mint gold coins that provide higher margins of profit for the dealers. There are a couple of tactics being used for this purpose.
Non-Reportable Gold Coin Purchases
Some gold coin dealers prey on the fears of the public generated by myths, mistruths and deceptive interpretations about the private possession of gold. Buyers are told they should purchase non-reportable gold coins. No government regulations currently exist that require reporting of purchases if they involve precious metal. Reportability is based on the amount of the purchase, not on the goods purchased. The Internal Revenue Code provides that any person who receives in excess of $10,000 in cash in a single transaction – or in two or more related transactions – must report the transaction to the IRS. This is required pursuant to the Bank Secrecy Act of 1970 requiring financial institutions in the United States to assist U.S. government agencies to detect and prevent money laundering, tax evasion, or other criminal activities.
Government Confiscation of Gold
One of the misconceptions used against the public concerns the fear that the government might call in all privately owned gold as it did in 1933. Investors and collectors who let these fears affect their gold buying decisions almost always pay too much for the wrong types of coins. They are often told that old U.S. coins minted before a certain date are not subject to confiscation. This leads the buyer to assume that gold bullion coins will fall under that scenario. This misconception stems from the exemption of “gold coins having a recognized special value to collectors of rare and unusual coins” in the President Roosevelt’s Executive Order in 1933. This has been repealed (by President Ford) and wouldn’t apply to any new executive order anyway.
We can’t say what the government will do in the future. Situations may occur that would precipitate another call in of gold bullion or gold coins. Our recommendations are not made based on these fears. The two areas that most affect Gold Coin retail prices are mintage and population. After years of such study, we have identified Type 2 $20 Liberty Gold Coins between (1866 - 1876) most likely to appreciate to the highest levels and at the fastest pace. We base our recommendations on the years of experience tracking the appreciation of gold coins through the cycles of increases and decreases in the price of spot gold.
Our mission is to provide the best possible service to our customers. There are a lot of gold coin dealers out there. We have been in business long enough to know that those dealers who offer honest advice and provide unbiased information to their clients are the ones who will continue to be in business in the decades to come.
If you are like many others in today’s economy you want to invest in gold coins as a hedge against inflation and the devaluation of the dollar. The problem you face is the daunting task of determining what exactly you should buy. Silver bullion coins, gold bullion coins, proof coins, rare coins, old or new coins, the choice seems endless. If you are not familiar with the gold coin market you have to get the help of an expert to make a purchase you won’t later regret. Call us at 1-888-273-8873 for recommendations based on your budget no matter how large or small. We realize a purchase of $1,000 to someone new to the coin market is just as important as is the experienced investor spending $100,000.
