The conspiracy theorists will love this one.
Buried deep in the bowels of the 2,000 page health care bill was a new requirement for gold dealers to file Form 1099's for all retail sales by individuals over $600.
Specifically, the measure can be found in section 9006 of the Patient Protection and Affordability Act of 2010.
For foreign readers unencumbered by such concerns, Internal Revenue Service Form 1099's are required to report miscellaneous income associated with services rendered by independent contractors and self-employed individuals.
The IRS has long despised the barbaric relic (GLD) as an ideal medium to make invisible large transactions. Did you ever wonder what happened to $500, $1,000, $5,000, and $10,000 bills?
Although the Federal Reserve claims on their website that they were withdrawn because of lack of use, the word at the time was that they disappeared to clamp down on money laundering operations by the mafia.
In fact, the goal was to flush out income from the rest of us. Dan Lundgren, a republican from California's 3rd congressional district, a rural gerrymander east of Sacramento that includes the gold bearing Sierras, has introduced legislation to repeal the requirement, claiming that it places an unaffordable burden on small business.
Even the IRS is doubtful that it can initially deal with the tidal wave of paper that the measure would create.
Currency trivia question of the day: whose picture was engraved on the $10,000 bill? You guessed it, Salmon P. Chase, Abraham Lincoln's Secretary of the Treasury.
Ever Wonder Where The $10,000 Bill Went?
The Diary of a Mad Hedge Fund Trader, published since 2007, has become the top performing trade mentoring service in the industry. Its fundamental and technical calls on stocks, bonds, foreign currencies, energy, commodities, and real estate have been unmatched. It is published by John Thomas, a 50-year market veteran, and founder of the hedge fund industry.
John’s team offers readers a daily market commentary, research letter, weekly strategy webinar, and Trade Alerts sent out instantaneously at market sweet spots. For more information on Diary of a Mad Hedge Fund Trader, please visit us at our website at www.madhedgefundtrader.com