Utah Gold Depository
Utah may be best known for its ski resorts, but Salt Lake City also boasts an exceptional coin shop and precious metal dealer: Ace Coins has long served collectors of U.S. and foreign coins, gold bullion bars and collecting supplies alike. For decades now, Ace Coins has provided its services at Ace Coins of Salt Lake City collectors.
The new law permits residents to purchase items using precious metals, though merchants do not need to accept or tax these precious metals. Still, it represents an encouraging step in the right direction.
Legal tender
Utah has taken several steps to foster an environment more suitable for sound money ownership and use. Under a new law, any coins, rounds, bars or any other items containing precious metals minted outside Utah or considered legal tender elsewhere do not incur sales taxes in Utah.
Though small, Louisiana and Texas’ move towards sound money is welcomed. Not only will capital gains taxes on popular investments no longer apply; the law also permits citizens to use precious metal coins instead of cash when shopping at merchants. This legislation supports an expanding movement among Americans who believe Federal Reserve policies devalue the dollar; recently this trend has been reinforced with passage of laws in Louisiana and Texas recognizing precious metal coin as currency.
Tax-free
Utah currently exempts bullion sales tax on coins and ingots considered legal tender within the United States or foreign countries; this excludes precious metal rounds or medallions not classified as legal tender. Local sales taxes of up to 8% may also be applied; CBMint customers do not pay sales taxes when purchasing from our online store.
Placer deposits in Oregon are known as placers; these sand and gravel deposits contain concentrations of heavy minerals like gold. Placers form when rock containing gold is weathered away by streams and rivers’ swift currents and washed downstream as dust, flakes, grains or nuggets carried downstream in their course.
This new law permits the creation of local currencies made up of gold and silver that could potentially be spent by residents, with supporters believing this will provide people with alternatives to paper dollars as an equalizing factor.
Security
Utah is best known as home to Salt Lake City and as the epicenter for Mormon church activities, yet also boasts rich lode and placer gold deposits that attract gold miners, with no capital gains tax applied on precious metal investments in this state.
Utah residents now have the ability to use gold and silver coins without incurring capital gains taxes on profits at local markets in Utah. It’s anticipated that this law will encourage many more individuals to start trading goods and services using these precious metals as currency.
Gold and silver coins provide the public with an alternative to paper money that has no backing behind it and also aid Utah’s economy; gold and silver currency is more durable and should therefore provide greater support during times of economic difficulty.
Convenience
Gold and silver coins offer a safe way to hedge against national financial crises. You can store them safely in a vault while using them as currency when purchasing goods and services, offering peace of mind knowing your precious metals are protected from weather damage or potential disaster.
Utah was the first state to legalize gold and silver coins as money and exempt their sale from capital gains taxes, setting in motion an exciting trend that hopes to be capitalized upon by Craig Franco with his Utah Gold and Silver Depository that provides storage services and issues debit-like cards that allow people to make purchases with these precious metals.
Constitution’s framers allowed states to use gold and silver coin as legal tender for debt payments, providing another measure against inflation while providing residents of states an alternative to Federal Reserve-issued fiat currency.
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