Are There Any Reporting Requirements for Gold or Silver?

No, there are none in the U. S. and there are no IRS rules requiring any reporting of your gold. (These rules are usually equivalent in most other countries.) Don’t be fooled into unnecessarily reporting something that does not need to be reported. If a dealer or broker tells you that you had to report your gold, they’re wholly ignorant. Go find another one!

It is not clear why some dealerships try to squeeze out ID information unless legally required to do so. They may either have dishonest reasons or lets give them the benefit of doubt and assume they just do so out of “mere” ignorance: either way, it is detrimental to you and it unduly touches your personal affairs, so you may not want to do business with them. Professional dealerships ought to sufficiently know their business if they are any good.

The only “requirement” there might be in this regard has got to do with something else, namely cash reporting: in case you buy more than $10,000’s worth of gold on one day (or you do a series of smaller purchases adding up to $10,000 or more), there is a Brokerage Reporting Requirement for the cash portion of the transaction (please note: not the gold or silver itself). The IRS calls these transactions broker or barter exchanges. Also note that the onus is on the “brokerage” (the dealership or seller engaging in the transaction as part of a business) who has to report the $10,000+ cash transaction, not you. The required form for that is IRS form 1099-B. The simple fact that there is no other form in circulation clearly shows that, other than that, there is no reporting requirement.

(This is independent of any reporting requirements for income tax reasons which are not covered here; for details and to consult on your individual situation or tax obligations, please check with a qualified accountant or tax advisor.)

In order to legally circumnavigate any routine cash reporting requirements, it is a good idea to have no cash-portion involved in the transaction at all simply by making a non-cash wire payment direct from your bank account to your bullion dealer’s bank account. A serious bullion dealership will always accept wire payments or payment by bank transfer.