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<p>[QUOTE="GDJMSP, post: 710813, member: 112"]I can't recall the exact details of fthe top of my head, but if memory serves you have to prove you have at least $5 million, you have to have done at least $1 million in business with them (the mint) and a lot more stuff. </p><p><br /></p><p>In other words, only the biggest & richest buyers can even qualify to become an approved buyer. I think there are something like 14 of them in the country. So no, it would not be a problem for them to buy the coins in person. </p><p><br /></p><p>But - they would have to sell the coins in person and it would have to be a cash deal. And their largest customers of course are other dealers. And you can bet that most of them could not comply with the rules. Which of course means the 14 approved dealers would not be buying many from the mint.</p><p><br /></p><p>Another aspect this bill would present is that you, John Q. Public, woul dno tbe able to sell your bullion either. No more ebay. No more email arranged deals. Only face to face, cash transactions. And that means pretty much everything you sell would have to be to your local dealer. At the price he is willing to pay.</p><p><br /></p><p>Now what effect do you think all of this would have on the price of gold, silver and platinum ? <b>That</b> is the real question.[/QUOTE]</p><p><br /></p>
[QUOTE="GDJMSP, post: 710813, member: 112"]I can't recall the exact details of fthe top of my head, but if memory serves you have to prove you have at least $5 million, you have to have done at least $1 million in business with them (the mint) and a lot more stuff. In other words, only the biggest & richest buyers can even qualify to become an approved buyer. I think there are something like 14 of them in the country. So no, it would not be a problem for them to buy the coins in person. But - they would have to sell the coins in person and it would have to be a cash deal. And their largest customers of course are other dealers. And you can bet that most of them could not comply with the rules. Which of course means the 14 approved dealers would not be buying many from the mint. Another aspect this bill would present is that you, John Q. Public, woul dno tbe able to sell your bullion either. No more ebay. No more email arranged deals. Only face to face, cash transactions. And that means pretty much everything you sell would have to be to your local dealer. At the price he is willing to pay. Now what effect do you think all of this would have on the price of gold, silver and platinum ? [B]That[/B] is the real question.[/QUOTE]
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