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Buying Gold & Silver in Minnesota

In the upper Midwest, among the snow drifts and frosty winds live the residents of the great state of Minnesota. It s know as the “Land of 10,000 Lakes”, and the northern half of the state is dominated by rural landscape including hills, mountains, lakes, rivers and streams. Outdoor activities are a way of life for the residents of the state. They enjoy hunting and fishing, including in the winter. The great vast open land lends itself to log cabins and camping. The residents have roots that go back for generations; some all the way back to when the Northern Europeans, like the Swedish journeyed across the top of the globe and settled in Minnesota. In the films with Jack Lemmon and Walter Matthau about grumpy old men, the main characters live in Minnesota and spend their days fishing either over a frozen lake or in a small motorized boat during the summer. It is a great depiction of what life in rural Minnesota consists of, entrenched residents with a long history of living in their neighborhoods. The one great metropolis is Minneapolis-St. Paul, where a large portion of the state’s population resides. It is a booming center of commerce, with many businesses and companies flourishing within its borders.

The residents of the sate of Minnesota are fully cognizant of the need to be careful with their investments. Whether they are from generations of rural families, or live among the urban streets of the biggest city, they understand the need to protect their financial futures. As one grows older, and desires to spend the waning years carefully perched in a boat on the lake, there needs to be a sense of security in their investments so that all expenses will be taken care of with little to no worry or stress. They could invest in the vast land resource so of the state, but the recent collapse of the housing market has made any investment in real estate a questionable venture. They could place their money in the stack market, trusting brokers and bankers to maximize their profits, but it is more likely they will only be looking to maximize their own profits not really watching the bottom line for the residents of the state of Minnesota. The answer may be in gold and silver.

Bullion Sales Tax in Minnesota

Over the last few decades, gold and silver have risen in value dramatically. There was time when you could buy an ounce of gold for $400 dollars and an ounce of silver for $4 dollars. Now, gold is just under $1300 dollars an ounce. Silver recently hit a high of $49 dollars an ounce, and is settled way over $30 dollars. These are investments that should be investigated. However, if you do purchase precious metals you need to be aware that a tax may be imposed on the transaction. Under Minnesota law, www.revenue.state.mn.us, there is a state wide sales tax of 6.875%, with local municipalities adding a sales and/or use tax up to an additional 1%. There is no exemption from the tax for any purchase of bullion, coins, currency or any product consisting of precious metals like gold and silver.

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