Do You Report Purchases to the Government?

Reporting Requirements for Purchases from Provident Metals

We do not report the majority of precious metals purchases to the government. That being said, we do have an obligation to file Form 8300 in the instance of cash payments of over $10,000. The $10,000 minimum also applies to related cash transactions within 24 hours of each other that together total more than $10,000. Please note, cash includes cashier’s checks and money orders with a face value of $10,000 or less.

Sell-To-Us Reporting Requirements

Certain products that Provident Metals may purchase from customers are reportable to the IRS. The customer will need to complete a Form W-9 during the sale negotiation and must be completed and received by Provident Metals prior to payment for the sale. Form 1099-B will be mailed to customers by February 15 in the year following the Sell-To-Us, as per the IRS guidelines.

The IRS recently provided clarification regarding the reporting requirements for certain precious metal transactions. This change is reflected in the 2025 IRS Instructions for Form 1099-B, which state that sales of precious metals not associated with CFTC-approved regulated futures contracts are not reportable.  Despite these changes, certain precious metal transactions still require Form 1099-B reporting when sold to dealers in quantities that meet or exceed specific thresholds. These thresholds are based on the minimum quantities required to satisfy CFTC-approved regulated futures contracts.

These include:

• Gold bullion: 100 troy ounces or more, minimum purity .995, consisting of 1 100 oz bar or 3 one kilo bars
• Silver bullion: 5,000 troy ounces or more, minimum purity .999, consisting of 5 1000 oz. bars
• Platinum bullion: 50 troy ounces or more, minimum purity .9995, no individual piece less than 10 troy oz.
• Palladium bullion: 100 troy ounces or more, minimum purity .9995, no individual piece less than 10 troy oz.

This is subject to change at any time without notice.