Buying Gold & Silver in Michigan

Along the shores of the Great Lakes lies the only state in the union with a lower and Upper Peninsula, Michigan. It is a very important state in our country’s history. For years, the center of American Industry was centered on Detroit and the surrounding regions of Michigan. The car manufacturing plants were prevalent in the state, supporting the local economy, and stamping America as a manufacturer of quality cars, leading to a growth of the industry. Its close proximity to freshwater allows for anyone who loves the Great Outdoors to settle and live in Michigan. There has also been troubling times in the state, such as the riots in the 1960s, the collapse of the car manufacturers, leading to plants closing all around the state and in the city of Detroit. This has lead to a devastating economic climate in the state. It is because of these hard times, that the residents of the state are fully versed in the need to be smart with your money.

A person living in Michigan wants to secure their financial future. It is necessary to make wise investment choices so that when the time comes, there is ample monetary support for living expenses and any other unforeseen circumstances. Based on experiences, many citizens in the state might simply place any cash in their pillows, or bury it in a hole in the backyard. There is a complete lack of trust in our financial institutions and economic system. They could invest in real estate, but all one has to do is drive the streets of Detroit and see the devastation and the number of foreclosed homes to get an understanding of how risky the housing market is as an investment in the current state of the economy. The stock market can be inviting, especially with new records being set almost every week. However, it is very unpredictable, and you need to have a lot of money to invest, as well as spend a great deal of time doing research and getting lucky as to when to buy stocks and what company to invest in at a given moment in time. The answer for these conscientious citizens might be gold and silver.

Bullion Sales Tax in Michigan

There may be a common misconception that investing in gold is a waste of money. It would be a mistake to make that generalization without investigation. Over the last few decades, gold and silver have risen in value dramatically. If you are interested, you should be aware that all transactions of products, including gold and silver may be subject to sales and use tax. In Michigan, under the tax laws,, there is a state wide 6% sales tax, with no additional tax levied by any local municipalities. However, the state also passed a complete exemption for any transactions involving gold, silver, or platinum bullion, and certain collectible coins. This includes legal tender of any country consisting of these precious metals, with a market value above the face value. The bullion must be 90% pure and its value based on its content and not forms.

Golden Eagle Coins, being an out of state retailer, does NOT have to charge sales tax to Michigan 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.