Buying Gold & Silver in Utah

Utah is a large western state, with very little population. Most of the population is centered on the metropolitan area of Salt Lake City, leaving the reaming portions of the state lightly populated. It is amazing that in our current society, there are still large tracts of land in Utah that are largely uninhabited and undeveloped by humans. Out of all the states in America, Utah is the most religious. The Mormon religion has a direct influence on the day to day life of the residents of the state. In Salt Lake City is the world headquarters of the Mormon Church, or The Church of Jesus Christ of Latter Day Saints. Even with this religious influence, recent trends have shown that the state o is one of the best places to live, based on lifestyle, health related issues, economics, and social outlook. Based on the last census, data reveals that Utah is the second fastest growing state in the country with increases in population in many cities and regions, including St. George which was the fastest growing city between the years 200 and 2005.

Its economy is based on government services, mining, transportation, and education and information technology. Tourism is a major revenue producer with a number of national parks, ski resorts, lakes and mountains for numerous outdoor activities. Mining products are in petroleum, gold, silver, copper and coal, among other minerals. Its annexation as a state took a long time because of the Mormon influence. There were many disputes between the Eastern culture and what was perceived as the un-American culture of the Mormons. Polygamy was a major issue which when it was finally outlawed, resulted in Utah joining the Union. The first telegraph was initiated in the state, along with the completion of the first railroad connecting the east and west.

Along with these advancements, and the Mormon culture, the residents know that economic stability is a priority. This must be accomplished by prudently investing your hard earned money. There are large areas in the state that are unoccupied, leading many to consider investing in real estate. However, the housing market collapse in the last decade has created worry over the valuation process in property, making any investment in land a risky proposition. They could invest their money with the brokers on Wall Street, but those in Utah know that the best investments are not in financial institutions, but placed back into the resources that the land and God gave us. The choice is to invest in gold and silver, products the residents know a lot about based on their history in mining.

Bullion Sales Tax in Utah

When you purchase these precious metals you may be exposed to sales tax. Under Utah tax law and regulations,, there is a state wide sales tax of 4.7%, and after adding in local municipalities’ sales tax, you get a range from 5.95% to 8.35% .There is an exemption for the sale of currency and coins that is used as legal tender in any country. A purchase of any bars, nuggets, or bullion that is at least 50% pure is not currency and is taxable. However, all gold and silver coins are considered legal tender and still exempt.

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