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Apparently, in 2024
The IRS finally updated 1099-B Bullion Dealer Reporting Requirements
Forms only submitted if & when investors
sell in size to bullion dealers in sizes now in line with modern COMEX NYMEX futures contract delivery amounts
$Gold
Contract size: 100 troy oz
Bar Specification: Either one (1) 100 troy oz. bar, or three (3) one (1) kilo bars
Minimum fineness: .995
These specifications rule out all gold bullion coins (namely the previously listed 1 oz. Maple Leafs, Krugerrands, and Onzas), gold bars without brand marks or specifications (most non-accredited brands), gold bars in any weight other than 100 troy oz. or 1 kilo, and scrap gold.
$Silver
Contract Size: 5,000 troy oz
Bar Specification: Five (5) one thousand (1,000) troy oz. bars
Minimum fineness: .999
These specifications rule out all silver bullion coins, 90% silver coins, silver bars without brand marks or specifications (most non-accredited brands), silver bars in any weight other than 1,000 troy oz., and scrap silver.
$Platinum
Contract Size: 50 troy oz
Bar Specification: Plates and/or ingots, with no individual piece weighing less than 10 troy oz.
Minimum fineness: .9995
These specifications rule out all platinum bullion coins, platinum plates or bars weighing less than 10 troy oz., and scrap platinum.
$Palladium
Contract Size: 100 troy oz
Bar Specification: Plates and/or ingots, with no individual piece weighing less than 10 troy oz.
Minimum fineness: .9995
These specifications rule out all palladium bullion coins, palladium plates or bars weighing less than 10 troy oz., and scrap palladium.
FULL ARTICLE SOURCE:
collectpure.com/blog/updated-1…

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