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Greg McCoach, Mining Speculator: $1000 Gold Still Very Cheap

I don't think the info on what coins sold require a 1099 form is correct. According to the IRS, it 1099 reporting:
1. Applies to all precious metal coins
2. But only if the quantity sold exceeds a board of trade contract This appears to generate a 1099 only if more than 25 coin are sold.
Several other Google hits same the same thing.

www.irs.gov/instructio...
Sales of precious metals. A sale of a precious metal (gold, silver, platinum, or palladium) in any form that may be used to satisfy a Commodity Futures Trading Commission (CFTC)-approved regulated futures contract (RFC) if the quantity, by weight or by number of items, is less than the minimum required to satisfy a CFTC-approved RFC. A sale of a precious metal in any form that cannot be used to satisfy a CFTC-approved RFC is not reportable.

For example, Form 1099-B is not required to be filed for the sale of a single gold coin in the form and quality deliverable in satisfaction of a CFTC-approved contract because all CFTC contracts for gold coins currently call for delivery of at least 25 coins.

www.usagold.com/cpm/pr...

The following are reportable items as listed by the Internal Revenue Service. Also shown is the threshold number of ounces that triggers the need to file a Form 1099 with the IRS. Remember, the reporting requirement occurs when you as a client sell, NOT when you purchase.


Gold bars (any size bars totaling 1 kilo -- 32.15 troy ounces -- or more)
Gold Maple Leafs (25 ounces or more)
Gold Krugerrands (25 ounces or more)
Gold Mexican Onzas (25 ounces or more)
Silver bars (1,000 ounces or more)
U.S. 90 percent silver coins, pre-1965 ($1,000 face value or more)
Platinum bars (25 ounces or more)
Palladium bars (100 ounces or more)