Does AGT Have to Report Your Gold or Silver Transactions to the Government?

American Gold Trading Prioritizes Your Privacy, Safety, and Security

At AGT, we conduct nearly all transactions without triggering any IRS reporting requirements. Like all businesses, we must comply with the anti-money laundering regulations outlined in the “Patriot Act” of 2001.

 Reporting is only required in exceptionally rare circumstances when both of the following conditions are met:

  1. The transaction (or related transactions) exceeds $10,000 in value, and
  2. Payment is made using actual cash (Federal Reserve notes or U.S. coins) or multiple cash instruments (such as money orders, cashier's checks, or traveler’s checks) that individually total $10,000 or less but combined exceed $10,000. Payments made via personal check, debit, bank wire, or credit card are not considered cash or cash instruments and, therefore, do not require reporting regardless of the amount.

Since AGT does not accept cash payments, you as a patron of this site are exempt from any reporting on these grounds.

Similarly, we only need to report the sale of your precious metals under very specific and uncommon circumstances. According to IRS regulations, only items and quantities that fulfill a regulated Futures Contract (RFC) trigger the Form 1099-B reporting requirement:

  • Sales of 50 oz. of platinum (with a purity of .9995) in bar sizes of 10 oz. or larger.
  • Sales of 100 oz. of palladium (with a purity of .9995) in bar sizes of 10 oz. or larger.
  • Sales of 100 oz. of gold (with a purity of .995) in no less than one 100 oz. bar or three 1-kilo bars (32.15 oz each).
  • Sales of 5,000 oz. of silver (with a purity of .999) in no less than five 1,000 oz. bars.

Sales of silver bullion rounds, silver coins, or any gold coins or bars smaller than one kilo—regardless of the transaction size—do not require Form 1099-B reporting.

Please note that individual taxpayers are responsible for reporting their own capital gains or losses on their tax returns. Since the IRS views precious metals as property rather than currency, any gains or losses should be reported in U.S. dollar terms when you sell your bullion. We strongly recommend complying with all tax obligations, including reporting income accurately. Any capital gain or loss is typically factored into your federal and state income tax obligations. However, personal reporting is not required when purchasing metals or while they remain in your possession.

At AGT, we are committed to protecting your privacy. You can buy precious metals with confidence, knowing that our transactions are legal, secure, and discreet. Accumulating precious metals is a prudent way to safeguard yourself against inflation and financial uncertainty, and there’s no reason to feel uneasy about doing so.