Gold Bars instead of a Rolex

I just saw Gold Bars in the news under some kind of ABSCAM charge against a sitting U.S. Senator and they said the 3 gold bars are worth $150K. It looks like a 1 kg gold bar is worth 5/8ths of $100K or around $62.5K so three of them would be around $187.5K, closer to $200K. Anybody buy gold bars with their gambling winnings? I figure the IRS would want to know when the gold is sold, so whoever sells it to you has to report it.

I have dozens of these



there is no requirement to register or report gold bullion upon purchase or sale, unless I suppose the buyer hands you over > 10K cash or you use over >10K cash at a time to buy them.

I keep a small number at home, most in a safety deposit box.

I believe the requirement that US citizens obtain any kind of special license to own gold bullion ended fifty years ago.

That’s the ugliest gold boullion coin IMO.

I have Roos and Krugs. The Roos are beautiful 99.9% gold. Krugs are just classic

Quote: MDawg

I have dozens of these



there is no requirement to register or report gold bullion upon purchase or sale, unless I suppose the buyer hands you over > 10K cash or you use over >10K cash at a time to buy them.

I keep a small number at home, most in a safety deposit box.

I believe the requirement that US citizens obtain any kind of special license to own gold bullion ended fifty years ago.
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I think the only requirement is to report the profit if you sell it for more than face value, but I haven't checked lately.

No gold bars for me, but I do have a rather extensive collection of engravings showing the visage of famous Americans and related images.

My Aunt gave me a $20 Liberty for my Confirmation and told me I'd never be broke as long as I had it. I still own it, and have picked up some gold coins over the years. I like the $5 Indians, and the modern one-ounce coins. I've had a couple of 100-ounce silver bars but never owned any gold bars. I still own over fifty Silver Strikes.

Yes I've heard that sort of thing, such as from my grandmother. "Keep this in your wallet and you'll always have money." I assume your aunt meant it in the same way as my grandmother, as a sort of money begets money, good luck or good energy flow thing. Although I suppose it would be true literally too.