Is This Kosher?

[Coffee]

I'm close (geographically) to GoldMart.  I want to buy a few coins from them, so I called and they told me that what I need to do is deposit a bank/cashier's check into their account at Bank of America, and then a few days later I can make an appointment to come and pick up my coins.

Does that sound kosher?

What happens if I pay them and they go out of business before I can come get my coins?

[MachineGhost]

Does that sound kosher?

What happens if I pay them and they go out of business before I can come get my coins?

It seems a little strange for someone to be accepting money without first an order/invoice.

[WildAboutHarry]

What happens if I pay them and they go out of business before I can come get my coins?

You would likely join the list of unsecured creditors.

How about showing up with cash and exchanging cash for coins?

[melveyr]

What happens if I pay them and they go out of business before I can come get my coins?

You would likely join the list of unsecured creditors.

How about showing up with cash and exchanging cash for coins?

Exchanging cash for gold is very interesting experience. When you reflect on what just happened you start to realize some of the hidden benefits of physical over exchange products 

[hoost]

I'm close (geographically) to GoldMart.  I want to buy a few coins from them, so I called and they told me that what I need to do is deposit a bank/cashier's check into their account at Bank of America, and then a few days later I can make an appointment to come and pick up my coins.

Does that sound kosher?

What happens if I pay them and they go out of business before I can come get my coins?

I haven't used a cashier's check in a while, but I'd think if there's a memo line available, you'd want to include what the money is for on that line.  For instance 5 - 1 oz. Gold American Eagles.

What happens if I pay them and they go out of business before I can come get my coins?

You would likely join the list of unsecured creditors.

How about showing up with cash and exchanging cash for coins?

Regarding using cash, if your purchase is over $10k I think there's a lot of paperwork you wouldn't want to deal with, although I do like the idea of walking in with a stack of $100's.

[Reub]

Coffee, if you decide to make an in-person purchase in Carson City, please leave the stagecoach at home and don't get bushwhacked on any mountain passes. OK?

P.S. I've done business with GoldMart via US mail and had no problems with them except for their slow deliveries. You should be fine.

[Coffee]

LOL.  I'll add you guys to the long list of people who make fun of my guns-beans-and-gold lifestyle. 

Reub: If you ever come to visit, this is what you'll experience:

http://www.youtube.com/watch?v=ooPBXfnIpYI

[Pointedstick]

LOL.  I'll add you guys to the long list of people who make fun of my guns-beans-and-gold lifestyle. 

Is this your website?? 

http://bulletsbeansandbullion.blogspot.com/

[Coffee]

I don't know what a spat is, but I can guarantee you they're all wearing chaps.

[Coffee]

LOL.  I'll add you guys to the long list of people who make fun of my guns-beans-and-gold lifestyle. 

Is this your website?? 

http://bulletsbeansandbullion.blogspot.com/

I get a malware alert form that site.  I did see it for a moment.  Looks like a survival news aggregator?

I did used to own RecessionAnxiety.com and another one... can't remember the name right now in my migraine-induced coma.... I wanna say: SurvivalDealoftheDay.com or something like that.  I've owned over 40 web sites at one time or the other.  Not all of them tin foil related. 

[Coffee]

Regarding using cash, if your purchase is over $10k I think there's a lot of paperwork you wouldn't want to deal with, although I do like the idea of walking in with a stack of $100's.

Me, the buyer??

[Coffee]

1. Cash Reporting: If you bring in more than $10,000 in cash or cash equivalents to your dealer he will present you with a Federal Form 8300 which will require things like your name, address, and social security number. Form 8300 is the real deal and presents serious legal consequences for both the buyer and the dealer. So please no winking or playing around here as this has been on the government radar screen since the cash trade in drugs entered America’s living room and more recently as terror became a reality in the US. And to make sure professionals were listening Uncle Sam prosecuted a few famous coin dealers and sent them to jail. They then published the results in Coin World which scared the bejeebers out of everyone because like I said prior to these landmark prosecutions cash was not a big deal in this business.

Also note that when the government talks about cash it is referring to the real green kind. I get regular questions about paying with wires or checks in reference to the $10,000 rule which clearly shows the public is still going through the learning curve when it comes to

“reporting”?. You can purchase anything you want for any amount $10,000 or $10 million and there are no dealer reporting requirements as long as you pay with a check or wire.

http://www.coinweek.com/commentary/opin ... k-thereof/

[WildAboutHarry]

Form 8300?  We don't need no stinking Form 8300!

Buy 5 Eagles/Krands/Maples.

Rinse.

Repeat.

[notsheigetz]

According to a story I read not long ago you might actually get yourself into trouble with the feds if you keep your cash transactions under 10,000 and you are  purposely doing this to avoid the reporting requirements. In the case I read I believe it was a lawyer who did a lot of dealing in cash for some reason - all on the up and up and all dutifully reported on his income tax but still he was prosecuted under this provision of the law. Unfortunately, I don't recall hearing what the final outcome was but just the fact that the feds were intent on proceeding with the prosecution meant they were probably trying to send a message.

Don't know if it would ever happen but it made me wonder if you could actually be prosecuted for leaving a trail of buying gold coins in the amount of $10k - 1 ounce of gold to build up your stash (which is what I've been considering doing).

1. Cash Reporting: If you bring in more than $10,000 in cash or cash equivalents to your dealer he will present you with a Federal Form 8300 which will require things like your name, address, and social security number. Form 8300 is the real deal and presents serious legal consequences for both the buyer and the dealer. So please no winking or playing around here as this has been on the government radar screen since the cash trade in drugs entered America’s living room and more recently as terror became a reality in the US. And to make sure professionals were listening Uncle Sam prosecuted a few famous coin dealers and sent them to jail. They then published the results in Coin World which scared the bejeebers out of everyone because like I said prior to these landmark prosecutions cash was not a big deal in this business.

Also note that when the government talks about cash it is referring to the real green kind. I get regular questions about paying with wires or checks in reference to the $10,000 rule which clearly shows the public is still going through the learning curve when it comes to

“reporting”?. You can purchase anything you want for any amount $10,000 or $10 million and there are no dealer reporting requirements as long as you pay with a check or wire.

http://www.coinweek.com/commentary/opin ... k-thereof/

[WildAboutHarry]

Very difficult to prove intent.

For example, you want to dollar-cost average, i.e. you only want to invest a fixed-dollar amount periodically. 

[smurff]

The ones who get harassed are those who make several purchases, each of which is just below the $10000 limit.  Like spending $9965, $9899, and $9852 in three closely spaced trips instead of one trip spending $30000.

[dualstow]

I didn't think a cashier's check was any better than cash for those who don't want their purchase reported. Maybe I'm wrong. I wouldn't know for sure because I've always used a personal check, and I didn't care about whether or not the transaction was recorded.

But, I thought a personal check and not a bank check was the form of payment that, even when in excess of US$10K, does not get reported by the gold vendor.

[smurff]

I guess I should clarify that I was referring to currency cash-- greenbacks, federal reserve notes, folding money, bread, big wads, that sort of thing.  I don't know if there is a reporting requirement for checks or cashiers checks over a certain amount, but I can see that the check itself (whether paper or electronic) would leave a trail of some sort.

[dualstow]

I guess I should clarify that I was referring to currency cash-- greenbacks, federal reserve notes, folding money, bread, big wads, that sort of thing.  I don't know if there is a reporting requirement for checks or cashiers checks over a certain amount, but I can see that the check itself (whether paper or electronic) would leave a trail of some sort.

The personal check certainly does, which is the reason no reporting is necessary, I guess.
I should have stated this at the outset, but my post was mainly in response to Hoost.

Regarding using cash, if your purchase is over $10k I think there's a lot of paperwork you wouldn't want to deal with, although I do like the idea of walking in with a stack of $100's.

But Hoost, maybe you meant the reporting on the buyer's side vs what the gold dealer reports(?)