Anonymous
Anonymous asked in Social ScienceEconomics · 1 decade ago

What are the current laws concerning gold ownership in the USA?

Some persons prefer to purchase and store gold bullion...

Some persons prefer to purchase and store gold coins.. [with premium prices for rare issues]

What are the laws or limits on gold ownership in the USA?

Is it subject to change? [meaning unreliable as a future financial collapse could change things?]

Thanks, Tim

5 Answers

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  • Anonymous
    1 decade ago
    Favourite answer

    There are no restrictions on the ownership or purchases of gold in the USA. There are laws which regulate firms who trade the metals meant primarily to insure that money is not laundered and that proper taxes are paid.

    This could certainly change as has happened several times in US history where gold and silver ownership was either limited or completely restricted. Private ownership of gold and silver was restricted in order to support our currency. The dollar used to be backed by siver and gold. At the time,private ownership representated a competitive market for the metals which increased costs and decreased the supply. In order to stabilize the prices and supply of the precious metals, prohibitions on the private ownership of gold and silver were enacted.

    Gold became legal for private ownership following the decision during the Nixon administration to take away the backing of gold for the dollar. At that time, the USA dollar became a fiat currency backed only by the full faith of the US government.

    The dollar is under severe pressures today owing to an overproduction of the dollar by the Federal Reserve. Inflationary pressures, the budget deficit and the trade deficit have weakened the dollar both domestically and internationally. If this pressure were to result in severe inflationary pressures, the USA may well have to reivent the dollar again, and potentially revert back to a gold or silver backed currency. If this were to occur, there probably would be a move to restrict the private ownership of gold and other precious metals.

  • 1 decade ago

    There are no laws regulating the ownership of gold.

    You can own as much as you can afford to buy.

    I would recommend only buying small amounts at a time from various dealers.

    You don't want to attract attention to yourself.

    Remember there is a law that requires any business to report any cash transaction of $10,000 of more to the IRS.

    So buy in small amounts.

  • Allan
    Lv 6
    1 decade ago

    Contrary to the previous answer, there are very strict laws regarding the ownership of gold.

    Here is a good source to learn about those laws:

    http://www.usagold.com/cpm/privacy.html

  • 1 decade ago

    Note the laws mentioned above do not limit gold ownership, they merely try to keep you honest about paying taxes on any profits you make selling gold.

    But buying gold is easy. It's when you decide you want to sell that gold that you'll realize how stupid it is. Unless of course you are actually in the business of trading gold metal. Which you are not.

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  • 4 years ago

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