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Re: Gold’s near future

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  • Wed, Mar 18, 2009 - 07:52pm

    Peak Prosperity Admin

    Peak Prosperity Admin

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    Re: Gold’s near future


What I don’t understand is how two cashiers checks – each less than $10,000 – is a reportable event but one $15,000 cashiers check is not reportable.

Can you clarify this for me?




The whole rule was made *supposedly* to combat drug trafficking and the magic figure was set at $10K.  Also, supposedly to catch those who would try and find a loophole by writing 2 or more cash transactions which total greater than $10K, that is also reportable. Again, the magic number is $10K, so there is a loophole in there somewhere where an amount that is not near $10K isn’t reportable, thus $15K in one cash transaction isn’t reportable.  The reason it’s confusing and doesn’t make sense is because it’s part of the IRS code.  Go figure.

I’ve never paid much attention to the rule as I’ve never purchased more than $5k within any 24 hour period.  However, most precious metal vendors take bank wires which don’t fall under the "cash" rule.  However, check with your bank before you wire a large amount as they are required to report all transactions that are "out of the ordinary", whatever that means.