- August 30, 2023
- Posted by: legaleseblogger
- Category: Related News
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[Laughter] Foreign Y skekman, President and owner at Miles Franklin, one of America’s oldest and most trusted bullion dealers, has been closely monitoring the silver market for decades. According to Y skekman, those fortunate individuals who have managed to hold onto gold and silver throughout these uncertain times should not have to worry about confiscation. While the possibility of turning in gold is there, Y skekman sees no reason why individuals would be mandated to do so. He does, however, acknowledge that if central planners were to embark upon acquiring a large quantity of gold and silver, they could nationalize ETFs like GLD, which holds the second-largest silver holdings in the world, and take advantage of custodians like JP Morgan and HSBC. This would allow them to acquire substantial amounts of gold and silver without breaking any laws or infringing on civil liberties.
As for the few individuals who have managed to hold onto their gold and silver, Y skekman believes they may have the ability to deposit their gold, but he admits there is uncertainty surrounding this. Nonetheless, he argues that it’s a problem worth contemplating, especially when compared to holding assets in fiat currency that may eventually lose value. Y skekman’s guess is as good as anyone’s, but if he were to hazard a guess, he believes individuals would likely be able to convert their gold into the new Central Bank digital currency, considering the overall economic landscape.
Y skekman also touches upon the difference between SLV and PSLV, stating that they are two completely different entities. SLV, an ETF, is a proxy for physical bullion, and when selling SLV shares, one is taxed at the collectible capital gains rate of 28%. On the other hand, PSLV, run by Sprott and held at the Royal Canadian Mint, is a closed-end fund subjected to the regular capital gains rate. Furthermore, PSLV allows investors to redeem their shares for physical silver, provided they meet the minimum redemption requirement of 10,000 ounces in the form of 10 1,000-ounce COMEX bars.
When it comes to purchasing precious metals, Y skekman suggests that engaging in several transactions of smaller amounts may attract more attention and suspicion than making a large, legitimate purchase all at once. He clarifies that there is no reporting by the dealer when paying by check, wire transfer, ACH, or even cryptocurrency. The only reporting that comes into play is if the cash transaction exceeds $10,000 in a retail setting, and even then, it has nothing to do with precious metals. Y skekman explains that this reporting requirement is part of a law in the United States to ensure that individuals with large amounts of cash have a legitimate source of income. Therefore, individuals who attempt to structure their gold or silver purchases into smaller transactions may draw more scrutiny than those making single, larger purchases.
Regarding selling back precious metals, reporting primarily comes into play when it involves larger quantities or specific coins. For gold, if someone sells 33 or more gold bars or reaches 25 ounces involving certain coins like maple leaves, krugerrands, or Mexican 50 pesos, a 1099 form would be filed. However, selling other coins like Eagles, buffaloes, old coins, philharmonics, pandas, and more, does not trigger reporting. The same principle applies to silver, with no reporting when selling generic rounds, except for rounds or bars exceeding 1,000 ounces or a thousand-dollar face value in pre-65 junk silver.
In conclusion, Y skekman provides valuable insights into the world of gold and silver investing, addressing concerns about confiscation, taxation, and reporting requirements. He emphasizes the importance of understanding the intricacies and nuances within the industry to make informed decisions.
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