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Dodd-Frank Bill Contains Provision that May Lead to Tracking of All Gold Coins

July 27, 2010
Robert Wenzel

The Dodd-Frank Financial Reform Bill contains a provision that requires companies buying gold and other minerals to submit an annual report outlining what they are doing to ensure their minerals are “conflict-free.”

Most of the focus on this provision, to date, has been on the ramifications for high tech companies such as Apple and Intel. But the provision goes beyond the minerals used in high tech equipment, such as cobalt, copper and tantalum. Gold is also on the list.

And now… the rest of the story. …..

One Comment leave one →
  1. Ross Wolf permalink
    July 28, 2010 3:11 pm

    After 2012 Will ObamaCare Kill Gold Price For Investors?

    In 2012 most everyone will have to fill out an IRS form that pays for or receives for a product $600 or more. Obama and his fellow socialists intend to destroy another industry, precious gold metals, increasing their financial stranglehold on Americans. It is clear Obama intends to strip U.S. Citizens of their assets, taxing anything and anybody to pay for his Socialist programs. In the case of gold, many Americans after 2012 may be reluctant to buy or sell gold through metal brokers; that might put them under scrutiny with the IRS, having to explain where they got the money to buy the gold. U.S. Citizens after 2012 buying or selling gold, will lose their anonymity from the prying eyes of government.

    Unless this $600 dollar IRS reporting requirement is repealed, Obama’s mandated IRS filings will destroy the incentive for many Americans to own gold in any large quantity. Should there be a major drop in Americans buying gold, it is questionable if the rest of the world could support the current price; it is foreseeable a U.S. Black Market might develop to sell gold to China and other countries and that could provide U.S. Government an excuse to make possession of a certain amount of gold—a crime.

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