1099 Supply Shock for Gold Buyers
• Jeff Lewis via LewRockwell.comThe 1099 reform in the health care bill passed by Congress and signed by the President has turned the physical gold market upside down. Under the new law, gold buyers and sellers will have to fill out a 1099 on each side of the transaction..
What in the world does the healthcare sell out have to do with the price and demand of gold? Where's the link here that I'm obviously missing?
I'm not sure this affects you if you purchase your gold in a different country.
The 1099 will require your SSN, something that people are not going to give out lightly. People will make up SSNs to keep their own private. A small transposition in a pair of numbers may be all it takes. Or customers may falsify their name as well, especially if they are paying cash. There will be no shortage of workarounds to this problem, and it will eventually go by the wayside.