Democrat Attack on Gold, Glenn Beck, Goldline Continues

After the Democrats snuck the provision for gold coin dealers to have to provide a 1099 for every investors they acquire over $600 in gold from, it was only a matter of time before the upped their attacks on the alternative investment and currency, and that has come in their ferocious and unwarranted attack on Glenn Beck and Goldline, through the investigation of alleged "sales tactics" which are evidently too aggressive for Democrats' tastes.

How this requires an investigation is so dubious you have to dig some before you find out that the person leading the probe of Beck and Goldline is an Obama campaign contributor - Adam Radinsky.

Another Democrat, of course from New York, Anthony Weiner, has been leading the questioning and assertions concerning Beck and Goldline.

What is the big deal about? This horrible company is encouraging customers to acquire gold coins rather than gold bullion. Really! That's it.

A tiny group of customers alleged they were "coaxed" into buying coins instead of bullion, which have been harder to sell at a profit. There's not one thing in the world someone couldn't say the same thing about, so this is a non-story created by the Democrats because of their hatred of Beck.

What company in the world doesn't attempt to sell their more profitable products, which gold coins definitely are. But bullion has a lot of risks, due to its size, and the fact of how much it would cost, which the average person obviously couldn't afford.

Gold coins are recommended, for the most part, by most in the gold industry, and their portability and lower costs are a major reason for that. How that gets turned into an investigation is beyond the scope of a healthy human being and the way they think.

Democrats, who own the health bill, also hid a provision to force gold coin dealers to have to provide a 1099 for each person they pay over $600 to for gold they acquire. That will devastate many of the small business owners dealing in gold because of the shear volume of paperwork required.

Gold continues to expose the policies of the governments and central banks around the world as crooked and devastating to the value of the currency. This is why they act stupid and clueless when people ask them questions as to why gold prices are going up.

Sellers of Gold Coins Slammed by Sneaky Provision Added to Health Care Bill

Democrats are increasing under pressure for their passing of the health care bill, which they completely own, as all Republicans voted against it. Now they're even under more fire from the gold industry, as coin dealers will have to pay for the tracking of any deal worth over $600 to the IRS via 1099 forms.

Normally 1099 forms are used for those self-employed or contractors.

This will not only increase the price of gold coins, because of the added employees needed to perform the paperwork, but will be an additional tax to people selling their gold.

The Industry Council for Tangible Assets has come out against the outrage perpetuated on them by the Democrats and Obama, with ABC News reporting Diane Piret, industry affairs director of ICTA, saying this, "Coin dealers not only buy for their inventory from other dealers, but also with great frequency from the public. Most other types of businesses will have a limited number of suppliers from which they buy their goods and products for resale."

Piret added, that every time someone sells over $600 in gold to a dealer, they'll have to fill out the paperwork to report it to the government.

Some dealers point out they could fill out up to 20,000 forms a year just to comply with the new law. This would require additional employees to keep up with it.

Ultimately this cost will be passed on to customers.

The provison, scheduled to be implemented in 2012, is being opposed also by Rep. Daniel Lungren, R-Calif., who has introduced legislation to repeal that particular portion of the health care bill.

Sellers of gold could also experience a nightmare if they don't understand what's going on, and the gold is considered revenue, as federal and state taxes would have to be paid, and FICA taken out after the fact.

Even the IRS admits it could be a nightmare concerning the volume of paperwork which would increase.