Utah Gold Depository
Utah boasts an illustrious legacy when it comes to gold mining, refining, and storage of precious metals. What began with prospectors finding some flakes back in 1847 has now blossomed into a multi-billion dollar industry.
State depository depositories offer an ideal solution to safely store your bullion investments and diversify your portfolio from economic uncertainty. They also provide numerous other benefits, such as regular auditing, security and convenience services.
The Legal Tender Act
Since 2011, Utah has taken steps toward making sound money the norm, beginning with passage of the Legal Tender Act in 2011. Since then, gold and silver coins can now be used as money in Utah with sales taxes waived when purchasing precious metals. Now, with passage of another new law to expand on that effort by eliminating sales tax collection on precious metal purchases altogether.
This act includes a provision that prevents any form of manipulation or defacement to these coins, unlike Federal Reserve Notes which can be printed at will; their inherent value makes them superior as currency options.
This change could also prompt other states to pass similar legislation, creating a national network of depositories for gold and silver. These would enable people to easily buy, sell and exchange local currencies backed by physical gold – constitutional tender expert Professor William Greene wrote about this possibility for Mises Institute paper: when enough local currencies start circulating they could effectively nullify Federal Reserve notes.
Gold Dealers
Utah is a state known for its natural beauty and culture, featuring national parks, ski resorts and mountains. Utah’s economy relies primarily on government services, mining and tourism; additionally it’s considered a hub of education and technology.
In 2011, Utah passed the Legal Tender Act, officially recognizing gold and silver bullion as currency. Furthermore, sales of this precious metal are no longer subject to capital gains tax in Utah, making them an attractive option for residents.
South Dakota boasts several highly-respected coin dealers, including one nationally-known one. These dealers cater to collectors seeking rare coins as well as investors seeking top-quality bullion products – and secure storage is always provided for these services. When choosing a dealer, always research their reputation and regulatory compliance using Bullion.Directory ratings and reviews. To maximize long-term cost effectiveness it may also be worthwhile comparing storage fees before settling on one depository over another; those charging lower monthly fees tend to offer better long-term costs overall.
Storage Options
Many precious metal investors seek safe and secure storage options for their gold bullion. Utah has an enviable record in mining, refining, and storing precious metals – and now offers several private vault storage facilities dedicated to physical gold bullion near major gold producing areas like Bingham, Mercur and Goldstrike.
Some self directed IRA custodians offer home storage at a flat rate; however, this method lacks the 24-hour surveillance and security offered by third-party storage solutions. Furthermore, home storage setup may not qualify for coverage under homeowner or renter insurance policies.
Texas is leading by example by pushing forward with plans to establish a state depository for physical gold bullion and precious metals. Many public pension funds are underfunded, invested in paper assets with limited growth prospects that may lead to higher taxes or future pension payment defaults; gold’s non-correlated properties help protect against currency devaluations and could help cushion these risks.
Security
Utah boasts an enduring legacy in precious metal mining, refining, and storage. Panned for gold dates back to prospectors discovering some flakes in Utah in 1847 – it requires patience and an keen eye as an art form that connects directly with nature while honoring Utah’s cultural history.
Utah’s streams and riverbeds boast placer deposits with abundant gold nuggets and flakes waiting for those willing to put in the time, patience, and effort to search them out. Erosion exposes veins or pockets containing ore bearing gold; water currents carry this heavier material along with lighter minerals like black sand or iron pyrite (fool’s gold).
Financial experts recognize physical precious metals as ideal non-correlated investments that offer non-correlated diversification. That is why central banks worldwide are stockpiling gold at record rates and House Bill 348 would allow the Utah state treasurer to invest a portion of its funds in physical gold.
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