"They" know you buy bullion

Discussion in 'Bullion Investing' started by myownprivy, Apr 5, 2019.

  1. myownprivy

    myownprivy Well-Known Member

    If you buy your bullion with a credit card, financial records exist.
    If you buy your bullion from a website, regardless of your method of payment, financial records exist.

    Your other option is to buy all of your bullion in person with cash to avoid any paper trail to you. But, as we know, bullion costs more at coinshows and coin shops most of the time than it does at JmBullion at Provident.

    So what do you do? Pay a little more to keep your purchases totally anonymous, or save a little by buying online?
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  3. Legomaster1

    Legomaster1 Cointalk Patron

    I see what you mean, but, financial records exist with every purchase from a CC. Whether you buy an ounce of platinum, or a cutlet at the store with a CC, your bank knows it. I already pay only cash for any bullion/coin related purchases, and even try to do so on non-numismatic buys.
    Why are you worried about a trail, though? It's not like you purchase a pallet of silver, and I doubt that small bullion purchases would arouse any suspicion.
  4. CoinBlazer

    CoinBlazer Numismatic Enthusiast

    I just use my LCS because I'm a minor. I'll probably use online when I'm an adult.
  5. CoinBlazer

    CoinBlazer Numismatic Enthusiast

    I think that this question refers to the more anti-government side of society.
    JCKTJK and Hookman like this.
  6. myownprivy

    myownprivy Well-Known Member

    I'm personally not worried. My wife and I love each other and have been married a few years. I trust the government and follow tax law perfectly. I have nothing to fear from an audit because I follow the law. And no possibility of a forensic accountant digging through my spending to see if I am hiding assets in a divorce because I have a happy marriage.

    However, I know some worry about these things. Paranoia is rampant within our community.
    Inspector43 likes this.
  7. Kentucky

    Kentucky Supporter! Supporter

    I wear a tinfoil hat when I buy... Tin_foil_hat_2.jpg
    JCKTJK, Numiser, Puros and 5 others like this.
  8. Randy Abercrombie

    Randy Abercrombie Supporter! Supporter

    We have surrendered so much of our personal information via the use of digital devices, grocery store cards and cell phones, the records that exist from a PM sale is but a drop in the bucket anymore.
    JCKTJK, Puros, Hookman and 2 others like this.
  9. -jeffB

    -jeffB Greshams LEO Supporter

    I'm not sure I "have nothing to fear" from a process that would consume many, many extra hours of my time, and does carry significant risk. I follow the law to the best of my knowledge and ability, but I don't have a professional accounting or legal staff, and it's quite possible auditors would find errors in my accounting.
    Hookman and Legomaster1 like this.
  10. Inspector43

    Inspector43 70 Year Collector

    Ditto, after 46 years we are too old to figure out how to hide from each other.
    Seattlite86 and Legomaster1 like this.
  11. toned_morgan

    toned_morgan Toning Lover

    Privacy does not exist anymore, and as a 16 year old, you should know that more than the adults. When you make a gmail account, it asks for your full name, phone number, and date of birth. This site also asks for your name and your date of birth.
    Legomaster1 and Seattlite86 like this.
  12. Legomaster1

    Legomaster1 Cointalk Patron

    Phone number is optional on gmail, and DOB is optional on Cointalk.
    But, I agree- information today is in too many places.
    toned_morgan likes this.
  13. CoinBlazer

    CoinBlazer Numismatic Enthusiast

    I'm well aware of the things in place that can be detrimental to my privacy. But I also have a few tricks up my sleeve to keep prying eyes away. :D
    toned_morgan likes this.
  14. Randy Abercrombie

    Randy Abercrombie Supporter! Supporter

    Well hurry up and graduate. I need you in my office!
  15. CoinBlazer

    CoinBlazer Numismatic Enthusiast

    I'm working on it! I can only pass my classes so fast!
    Randy Abercrombie likes this.
  16. SilverSurfer415

    SilverSurfer415 Well-Known Member

    Remember when Al Bundy would say "LETS ROCK"?

    I say that every morning as I leave the house. I'm not afraid of them.
  17. longnine009

    longnine009 Most Exalted Excellency

    "Our community" ? What's that, the anti silver flea circus in your pocket?

    Oh, loved that Waltons redux drivel.

    Goodnight John Boy.
    Last edited: Apr 10, 2019
  18. Don P

    Don P Active Member

    So, lets say that you did buy silver from an online source... there is zero traceability of it afterwards as long as you don't sell it online.

    If the government ever started collecting silver, you could just bury it or give it to someone to hold for you.

    What I'd be more worried about is if it ever came to that point, America would have much bigger problems.
    midas1 likes this.
  19. myownprivy

    myownprivy Well-Known Member

    No one thinks the government is going to come for our precious metals. You've misread the post.

    The point is that when you buy something online, a paper record exists of that purchase. There is a clear record of you transferring your money to a valuable. If you were to get divorced you couldn't claim you didn't have that money because you spent it. A forensic accountant could dig through your family's finances, find records of a bullion purchase you made, and be able to show you spent x amount of money on bullion. Thus, preventing you from being able to hide part of your estate in the time of the divorce. And thus claiming that bullion represents part of your estate and therefore part of what your partner is entitled to in a divorce.

    This could also apply in the case of someone suing you. You could declare bankruptcy in attempt to avoid paying the full judgement, but again, the court could discover you have more assets than you claim and might not allow the bankruptcy to go through.

    Bullion buyers often believe they are investing in something no one else knows about. Unlike stocks or bonds which have a clear paper trail. However, my point is that you are not actually hiding any of your worth by buying bullion if you buy online. It is as well known to an interested party as putting money in the bank, buying property, or investing in stocks or bonds.

    The ONLY way to hide your bullion buying is to pay in cash from a local coin shop. That way, if such and such court case tried to look into your assets in 2019 and found you earned $100,000 that year and tried to account for all of that money, you could say "I spent it, in cash, on fast food, movie tickets, clothes, etc. And no one could prove otherwise that you had actually used it to buy bullion and stashed it away to protect yourself from divorce, bankruptcy, lawsuits, etc. However, if you paid with a credit card at your coin shop or placed online order using bank transfers, paypal, echeck, or credit card, there's a record of your purchase. And now your bullion can be discovered.

    Does that make sense?
  20. Santinidollar

    Santinidollar Supporter! Supporter

    No matter how you buy it or sell it, disguising a taxable profit from the IRS is a hazardous undertaking. I know I post this often. That’s because I had a friend who did nine months at the Oakdale federal prison camp in Louisiana. He, too, thought his transactions were well disguised. Don’t want to see anyone here suffer the same fate.
    Randy Abercrombie likes this.
  21. myownprivy

    myownprivy Well-Known Member

    That's right. And that's just the second half of what I was writing about. All I was describing was possessing the asset. We hadn't even gotten to the point of what happens when you sell it. But good point.
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