Buying Gold & Silver in New Mexico

New Mexico is a large state in the southwestern portion of the United States. Despite its large lands, it is considered one of the least populous states in the whole country. Originally, the land was inhabited for many centuries by Native Americans. Currently it has the second highest percentage of Native Americans in its population in the country, and the fourth largest number of Native Americans in the nation. When first explored by Europeans, it was annexed as part of the Spanish empire, as a part of Mexico. Today, it has the largest percentage of Hispanics of any state in the country, many of them directly related from Spanish settlers, with newer immigrants from Latin America now making the state their home. This has led to the interwoven cultures with influences from Hispanic and Native American societies.

It is a common misunderstanding that the name of the state is derived from its association with Mexico. In reality, Spanish explorers thought the land was rich in Indian cultures like those in the Aztec empire in New Spain, which was dubbed Mexico, so they crowned the area New Mexico. The two areas have evolved mostly on their own, one gaining independence from Spain, the other eventually statehood in the United States. Today New Mexico is a pleasant mixture of a variety of cultures, with a nod to its heritage in Spain, Latin America and Mexico, as well as assimilating some customs from neighboring American States.

The residents know that a wise investment is necessary to protect their financial futures. In the troubling economic climate it is necessary that you place your money where it will be safe and secure, and be most beneficial to you in the future. With the expansive lands in New Mexico, investing in real estate might seem like a good idea. However, the recent housing market collapse has lead to wariness when considering investing in property. The residents could trust their money to the bankers and brokers on Wall Street but the level of distrust is too nigh in financial institutions. There are other options that have to be explored, and investing in gold and silver may be the answer.

Bullion Sales Tax in New Mexico

Gold and silver have risen in value over the last few decades at a great rate. They have outperformed the market for a majority of the time, and still are considered a stable and secure investment. At the very least, an investigation into the viability of an investment is required. However, be aware that like all purchases, you may be subject to sales and use tax. In New Mexico,, there is no sales tax, but a gross receipts tax, which is the same as a sales tax, only the burden is borne by the seller, not the purchaser. The state wide tax is 5.125%, and with local additions of tax, can be as high as 8.688%. There is no exemption from this tax for any purchase of precious metals. Therefore when buying gold or silver, make sure you find out how much additional tax will be passed on to you as the consumer.

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