1099 Supply Shock for Gold Buyers

Market Oracle reports:

The 1099 reform in the health care bill passed by Congress and signed by the President has turned the physical gold market upside down. Under the new law, gold buyers and sellers will have to fill out a 1099 on each side of the transaction if the sales price is greater than $600. As a result, many investors who have been buying gold as an anonymous way to protect their wealth are now feeling the heat.