Steve Rand
General Manager / Sr. Precious Metals Advisor
Steve Rand is the General Manager and a Sr. Precious Metals Advisor at Scottsdale Bullion & Coin. He brings over 20 years of experience in the physical precious metals markets.
“If things really do fail, gold will never fail…That’s why people buy it. Also, it’s private. You put it away and no one knows you have it.”— Eric Sepanek, Scottsdale Bullion & Coin Precious Metals Advisor
The $3.5 trillion reconciliation bill filtering through Congress right now contains a startling provision: The IRS has proposed that financial institutions be required to report account transactions for bank accounts that contain more than $600.
In other words, the government wants access to our private bank accounts.
This should be alarming to anyone, especially anyone concerned about financial confidentiality. Once again, the government is trying to intrude upon individual citizens’ private affairs.
We doubt the banks will be in favor of this ridiculous overstep, either. Executing such a law would require more resources, personnel, and digital management for financial institutions.
Even though the provision is ostensibly designed to target money launderers, we don’t want the IRS snooping around our private bank accounts. This is just another reminder why gold is a valuable store of wealth when it comes to maintaining privacy.
Gold Is a Safe, Secure & Private Investment
There’s a reason why gold is the only investment that central banks make (other than currencies). Even if the worst economic disaster were to occur, gold will never fail like paper or digital money. Gold maintains its value even in uncertain times.
To store physical gold is to invest in security and privacy. You can put your wealth in gold and keep the precious metals physically safe and secure anywhere you prefer—in your home or in a trusted and secure vault.
Learn more about how to invest in physical gold as a measure of privacy when you get our free precious metals guide.