Utah Gold Depository
Gold mining is an integral industry in Utah and can be found across various mining districts such as Bingham Canyon, Mercur, Goldstrike Tintic East Tintic.
Individuals seeking financial security often accumulate precious metals as insurance against unexpected expenses. Recently, Utah made it easier for residents to use these coins as cash by exempting them from capital gains tax.
Does the State of Utah Have a Bullion Depository?
Utah is taking steps to foster an environment more favorable for sound money ownership and use, including by recognising gold and silver as legal tender, encouraging businesses to accept them, and permitting private entities such as United Precious Metals Association (UPMA) to serve as regulatory depositories for state regulation.
Launch of Utah Goldbacks local currency has also advanced this goal. Minted as physical gold notes of 1/20 oz or larger denomination, Utah Goldbacks can be spent freely across Utah stores that recognize them – currently hundreds do and more are joining daily.
Goldbacks are small yet powerful gold pieces that are easy to spend, yet offer protection from economic or political disaster that might dismantle regular fiat currencies. That is because Goldbacks are made out of real, physically spendable gold that is also backed by actual physical gold (unlike paper money which simply promises debt repayment in future years).
Does the State of Utah Hold Reserves in Gold & Silver?
Utah laws currently provide that precious metals may be used for transactions within its borders without incurring sales taxes, but individuals exchanging physical bullion for paper money will be taxed at a federal capital gains rate.
This tax is discriminatory to gold owners as it treats them like traders rather than savers as their ability to buy gold and silver cheaper makes them the ultimate speculators instead of investors. States should enact legislation eliminating this draconian tax and support the DeMint/Lee bill in Congress in order to safeguard gold owners.
Utah is making a welcome first step by passing legislation recognizing gold and silver as legal tender. This step restores the original intention of its founders – that states would establish their own independent monetary authority independent from Federal Reserve – while also making payments and deposits easier with gold and silver deposits and payments.
Is the State of Utah Holding Reserves in Physical Gold & Silver?
Texas recently established a depository to store precious metals for individuals, businesses, cities, counties and foreign governments – marking a huge step forward for sound money in America – with Utah hoping to follow suit with their Goldback bill.
Utah Goldbacks are an alternative currency backed by actual gold. Each note holds a fraction of an ounce of bullion, providing Gold Backers with an easy way to accumulate assets while still enjoying high liquidity levels.
Though Goldbacks are backed by real gold, they do not qualify as legal tender. Under Utah’s new law, however, business establishments can legally accept Goldback coins as payment; however, this doesn’t prevent federal authorities from taxing precious metals like other currencies do. Nevertheless, many are excited by its potential and are hoping to see other states adopt similar legislation.
Is the State of Utah Holding Reserves in Paper Money?
Utah boasts an abundance of stunning natural resources, such as Arches National Park, Monument Valley, Zion Canyonlands Bryce Capitol Reef Grand Staircase-Escalante. Additionally, Utah is home to many reputable precious metal dealers that provide rare coins and collectibles.
State laws increasingly recognize gold and silver as legal tender, exempting their sale from capital gains taxes and providing an effective means to hedge against inflation and government debt.
One example is Utah’s new Goldback currency, backed by physical gold. This unit of local currency combines tradition and innovation.
United Precious Metals Association (UPMA) provides accounts denominated in U.S. Minted Legal Tender Gold coins with vaulting services available as an added service for these precious metals, with low storage fees and no buy/sell spreads.
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