The Obamacare Gold Grab

July 26, 2010
by Bob Livingston



What does healthcare have to do with gold sales? In the minds of the fascist crafters of the Obamacare law: apparently a lot.

Tucked away in the 2,300 page bill, in section 9006, is a provision that expands the scope of the Internal Revenue Service (IRS) Form 1099. Beginning Jan. 1, 2012, a Form 1099 will have to be filed to report to the IRS the purchase of all goods and services by small business and self-employed people that exceed $600 during a calendar year.

This is an onerous bookkeeping nightmare for all small businesses. But precious metals dealers will really take a hit.

“Coin dealers not only buy for their inventory from other dealers, but also with great frequency from the public,â€