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I am a US citizen. Are buy-and-sell transactions reported to the IRS?

Form 1099 issued for sales of specific gold and silver products.

 

GBI Direct is required to issue a Form 1099 showing gross proceeds from the sale of any of the following items:

2020-06-08_10-11-49

* For bars, any hallmark regardless of whether that hallmark is accepted as “good delivery” on any of the commodity exchanges.

Note: This information is provided to assist you and is not intended to be used by you as the sole guidance for complying with IRS regulations. You should always consult with a tax advisor.