Question for ye.

[47thelement]

As you may be aware our President managed pass through the Healthcare Reform earlier this year. As has been discussed in many threads on this forum, the fact of selling $600 of precious metals, will trigger a 1099 to be issued to the seller.

Here is my question.

What will happen to the price of silver and gold just days before this kicks in? Will it rise or fall? If it does rise, will there be buyers?

What do you think and why.

[UncleVinnys]

First, it might be wise to keep the partisan opinions in the Politics section.

Second, if market forces play any role, I would expect the price to go DOWN
just before this kicks in, since many people will try to get their sales
in before the tax requirement. More offers, same amount of buyers,
means the price should fall.

Now, market players generally KNOW this stuff, so they will play the
opposite tact - - that is they will buy gold low just before the 1099 thing
then sell when it resumes it's 'normal' market price.

MHO

[USMCLion]

I'm still trying to figure out what was partisan or an opinion from the OP's statement?

[wayne1956]

I'm still trying to figure out what was partisan or an opinion from the OP's statement?

I agree, did not see anything partisan about it, nor did I see an opinion. It was just a statement of fact, he got the bill passed and there is the part in it of the 1099's.

[JD-GA]

Keep an ear out on this one but "many" democratic representatives are talking about striking this from the legislation due to massive call volume from their local voters both dem and rep. We already know republicans want it gone, but now the dems are starting to as well with the election coming up in just a couple months. It will be quite difficult to remove due to the fact that this 1099 part was how they were suppose to pay for a large portion of the health care bill. Being that they were able to slide the health care bill without a full majority vote due to budget reconciliation. So if they pull this part out the whole health care bill it was passed inside of could be at risk.

Anyway its good news when even the democratic party is now wanting to get rid of the 1099 portion. THE ACTUAL thing they are wanting to do is raise the minimum amount to $5000 before being forced a 1099. This will be a lot easier to do than taking it out all together.