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Buying Gold & Silver in Illinois

There is nothing like living in complete peace and harmony. If you are secure financially and in your social interactions, life could not be any better for you. However, securing your financial future is always an ongoing concern, especially as you enter middle age and start to see the end of your working journey. There will come a time, nearer than you think, when you will no longer have a steady income. It will be necessary for you to live off of your savings and investments. Throughout the country, there are many people who struggle with how to come up with a smart financial plan for their future. In Illinois, it is no different.

Illinois is the home m to one of the most vibrant commercial centers in the whole country, the city of Chicago. In addition, dotting the landscape of the surrounding regions there are many companies and industries operating and flourishing as vital members of the economy. This leads to a flow of commerce and money. People living in Chicago need to invest wisely, so that they will have enough money in which to enjoy their waning years in comfort and happiness. Chicago offers many attractions and sights for visitors and locals alike, as well as historical and monumental buildings and structures. It is expensive to live in the city, but if one budget correctly, watches their money, they will have additional revenue to invest for their future. The important decision is deciding on where to invest. Illinois real-estate has suffered just like the rest of the country. The commodities market is always a guessing game, never being able to be clairvoyant enough to select the right time to buy and sell. The safest bet might be to invest in precious metals, like gold and silver.

In the past you could buy an ounce of gold for around $400 dollars, and an ounce of silver for around $5 dollars. Now, the price of an ounce of gold has rise to almost $1300 dollars and an ounce of silver recently traded for $49, before settling into the upper $30s as a price. This is a remarkable increase for these precious metals and if you track the rise, you will see they consistently outperform other investments like the stock market. In these troubling economic times, it is a good bet that gold and silver will continue to increase in value, or at the very least, not lose any significant value.

Bullion Sales Tax in Illinois

In Illinois, when you purchase any products you may be subject to a sales and use tax. Across the state of Illinois, the sales and use tax is 6.25%, with an additional 1%- 3.75% added by local municipalities such as cities and counties? Under the tax laws and regulations, there is an exemption for all legal tender, currency, coins, bullion, and medallions made from any precious metal like gold or silver. The legal tender or currency can be from any nation except South Africa. The South African Krugerand is taxable. This is a very broad exemption and covers almost all possible purchases of precious medals in bullion or currency form.

Golden Eagle Coins, being an out of state retailer, does NOT have to charge sales tax to Alabama residents. Browse our selection of tax-free gold and silver products. Please take note that we are not experts on tax issues, and you may be liable to pay local Use tax. Please contact your local tax professional for more information.