I usually pay cash when I buy my gold or silver coins(Gold or Silver 1 Oz. Eagles) from my local dealer. I want to increase the number I purchase each time, especially gold, but this would mean walking around with $20,000-$30,000 in cash on my way to the coin shop. I'm not even sure if my bank would give me that much cash at once.
I value the anonimity of paying in cash which I would obvously lose if I pay by check. Is there anything else that I need to be aware of if I pay by check ? Is the dealer obligated to report large sales like this or any other implications for a purchase this way?
Thanks in advance for your help.
first oFF, why do you want to increase the size of your purchase? i don't know about you, but 20-30k in Ag is preTTy HEAVY for me....now of course AU is another story...you could not fiLL a TUBE of AGE for 30K..but anyway
in CA each 24 hr period you can spend up to 9999.99 in COLD dirty FRN's w/o getting reported by the LCS.
now each state has their own rules..i did not have a chance to check out NH. CA states when paying CASH any amount 10k or more gets reported. if you write a check that says _____ coin shop or _____ metal exchange. "they" wiLL not miSS it. "they" wiLL sEE it. when you withdraw more than 5K in cash from a "bank" account a flag is raised.
is your goal to stay oFF the Gmen radar or are you reaLLy woRRied about someone taking you for your 30K??
if it is the prior and if your FRN's are stiLL in a "bank" my advice would be to puLL it out slowly...that is what she said....2-3 k at a time. if it is the laTTer, get a hand gun. carry it with you when you have the cash on the way and metal on the way home. blast the fOOl who tries to take something that is not theres.
enough questions from me. did i answer anything???
Yes, you answered my questions. That's what I thought the answer would be. I'm just trying to stay off the radar screen so I'll just " pull it out slowly". I'm just looking to load up on Gold more than Silver.
Good idea to keep good records of your transactions so you can prove you are not trying to launder money or finance terrorists. Also beware of being accused of "structuring" which is using many small cash transactions to avoid a CTR.