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Buying Gold & Silver in South Dakota

South Dakota played a large part in the relationship between Native Americans and the European settlers from the East. The state is named for the Sioux Native American tribes of Lakota and Dakota. It is a large state, but one of the least populated regions in our country. In the middle of the state runs the Missouri River, this effectively divides the state into two distinct and separate regions, which the residents affectionately call East River and West River. Most of the state’s population lives in the east River region with the economy relying on the fertile land to produce many valuable agricultural products. On the other side of the Missouri, the West River is dominated by large open spaces, comprised of ranches and defense installations.

Tourism is another big economic source of revenue for the state. The Black Hills , a sacred part of Sioux tradition, are located in the state along with Mount Rushmore, Crazy Horse Memorial, Custer State Park, the Badlands, and the spot of historic Deadwood, which is where the derived the idea for the HBO television series. .These historical locations symbolize the transition from Native Americans to Europeans as settlers and residents of the land. The interactions culminated in many wars, a gold rush, and the expansion of the railroads through the territory.

With the reliance on federal government for defense spending, the tourist dollars, the fluctuation in agricultural, the residents of the state know how important it is to wisely invest their hard earned money. As you enter middle age, you need to invest your money in areas where it will do the most good, and give you a sense of financial security and stability in the future. If the economy struggles, which it has in recent years, there will be less federal spending and less tourists. Therefore, the residents of the state need a good plan. With the wide open lands, they might invest in real estate. However, the recent housing market collapse and lack of confidence in the valuation process of property, has made any investment in real estate a risky proposition. There is always the stock market, but distrust in the brokers and financial institutions have made it somewhat less appealing than in the past, even with all the record highs it keeps hitting. The best bet may be to invest in gold and silver.

Bullion Sales Tax in South Dakota

Gold and silver have risen in value over the last few decades. But, be aware that if you make a purchase of these precious metals you may be subject to a sales tax. Under South Dakota tax laws and regulations, www.dor.sd.gov/taxes, there is a state wide sales tax of 4%, and it can be as high as 6% depending on the local municipality’s imposition of a sales tax. There is a complete exemption for all purchases of coins, bullion, currency based in gold silver and other precious metals. Items that are fabricated products, not legal tender, and designed for artistic purposes where the value is derived from its form and not its content, are not exempt.

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