The government does not require you to report the purchase of gold and silver. As explained in the “Reportable Purchases” section, purchases of precious metals are not declared unless the cash reporting thresholds are exceeded. Investors who want to avoid reportable sales should buy American Eagles. When it is necessary to report a purchase of gold, the dealer will be the one to report it.
Form 8300 requires information about the gold purchaser, including name, social security number, address, and license number. If part of the form is left blank, the dealer must still send the form to the IRS. Under current federal law, the federal government can confiscate gold ingots in times of national crisis. As collectibles, rare coins do not fall within the provisions that allow confiscation.