Purchases of gold bullion and precious metals in Utah are tax-free; as are coins that qualify as legal tender. But storage may present its own challenges.
Gold bullion and precious metals offer an effective means of safeguarding wealth against inflation, debt default risks, and market fluctuations. Utah has taken an important step toward encouraging sound money policies with House Bill 348.
History
Utah has long been known for its gold mining history. In 1862, Col. Patrick E. Connor sent his California Volunteers stationed at Camp Douglas out into the deserted mines near Minersville and other lead-silver mines that produced some gold, soon becoming known as Bingham Canyon district.
Utah Gold and Silver Depository founder Craig Franco believes that as more people begin using gold and silver coins in daily transactions, the increasing use will start driving out Federal Reserve notes state by state – eventually nullifying its existence altogether. Other states like Texas are already championing this effort, while Utahn Craig Franco hopes to take advantage of it through his Utah Gold and Silver Depository.
Location
Utah Goldback coins are an attractive investment opportunity in precious metals. Not only do these bullion coins feature small quantities of gold, they also showcase intricate and culturally relevant designs on both sides.
Utah stands out as an industry leader when it comes to its acceptance of gold and silver as money, and laws such as House Bill 224 would enable state reserve and pension funds to invest in precious metals as hedges against inflation.
Utah is well known for its mining, refining, and storage of precious metals, with an impressive history dating back centuries. Its rich heritage and stunning natural landscapes draw prospectors and tourists alike to this state renowned for its mining. Furthermore, Utah boasts an active precious metals market – there are over 1700 bullion dealers throughout Utah! Click here to locate one near you.
Security
Utah has a rich history of mining precious metals, refining, and storage. What began with prospectors discovering some flakes of gold in 1847 has evolved into a multi-billion dollar industry providing jobs, exports and tax revenues as well as energy for our homes and businesses.
Physical security is of utmost importance at any gold depository, which is why most facilities employ 24/7 surveillance systems and armed guards to ensure your metal is secure from theft. Some offer commingled IRA storage at a flat rate while others require segregated storage based on tangible asset value. Utah House Bill 348 would bolster sound money practices by authorizing state treasurers to invest part of their reserves into precious metals investments.
Insurance
Many people opt to store their precious metals at home. This provides easy access to their metals; however, this comes with risks; depending on your home insurance policy, theft or fire may void coverage on these precious assets.
Home storage of gold and silver can become quite costly over time; depository services offer less expensive 24-hour surveillance as well as insurance protection for their valuables.
United Precious Metals Association (UPMA) has designed an innovative solution that addresses these concerns: state-approved depository for legal tender gold and silver coins. Furthermore, customers can open accounts in these coins that enable purchases backed up by holdings they already possess. UPMA plans on offering sales use and property tax exemptions when it comes to storage of coins.
Fees
Utah has an extensive history in mining, refining, and storage of precious metals. Today it hosts the world’s largest gold mine as well as one of its leading bullion refiners – Asahi (formerly Johnson Matthey).
UPMA has experienced explosive growth since its creation as a response to Utah Specie Legal Tender Act’s passage early 2011. Offering public access accounts denominated with U.S minted coins and the first local voluntary currency – Goldbacks – members enjoy zero buy/sell spreads and low vaulting costs.
Gold and silver represent sound alternatives to Federal Reserve Notes, offering Utah an insurance against rapidly depreciating Federal Reserve notes and creating an avenue towards financial independence should the dollar collapse – something which may well happen as its status diminishes globally. Adding such assets could help protect its assets against rapidly diminishing Federal Reserve notes while simultaneously helping safeguard assets against quickly declining Federal Reserve notes.
