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Climate Agenda and Consumer Spending Key Drivers of Silver Demand

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The pandemic lockdown of mines, factories and transportation caused a huge plunge in industrial demand in early 2021.

The lockdown also led investors to buy silver bullion coins in record amounts. The last two years have set new sales records for silver and gold bullion coins at both the Royal Mint and Perth Mint.

The use of silver in the manufacturing of consumer electronics, electric vehicles and solar panels has hit record highs.

The solar and electric vehicle industries are largely driven by billions of dollars of government funding and incentives. Even with the economy is a downward spiral it’s likely that subsidies and other funding for solar and green energy projects will continue. Green energy initiatives will continue to drive demand for silver for at least the next decade.

The President’s climate agenda has a goal that 50% of all new car sales by 2030 should electric vehicles.

Conservative estimates place 18 to 26 million new electric vehicles on the roads over the next seven years. With each having slightly more than one troy ounce of silver, that adds up to 20 to 30 million troy ounces or roughly 900 tons of silver needed.

A recent study from Australia believes that new solar panel manufacturing will deplete the world’s current silver stockpile by 2050.

Typical cell phone only small amounts of precious metals, roughly 1/35 gram of gold and a 0.34 gram of silver. Sales of smartphones are projected to reach 1.49 billion units by 2026, which will consume 50.155 tons of pure gold and a whopping 500 tons of silver.

The majority of silver that is pulled from the ground results as a byproduct from mining other metals. As domestic mining of related metals has remained steady over the last decade, domestic silver production typically averages roughly 1,082 tons per year.

Major automakers including Tesla and General Motors have announced large cash investments in mining.

Industry analysts from both industries are speculating this to be a huge strategic advantage given the push to reduce dependence on fossil fuels.

Technology from the Boring Company already exists that could easily be applied to upend operations in the mining industry.

Their latest tunnel boring machine, named PrufRock, is capable of digging a one mile long, 12 foot diameter tunnel about a week.

Applying this to existing mining operations and adopting new methods of mining precious metals could lead to drastically improved operating margins and reduction in fuel consumption in addition to significantly reducing the environmental damage and long term effects caused by the stripping overburden to reach paydirt.

Producing rare earth metals and minerals to meet the needs for EV batteries would be an excellent application of Boring Machine technology to the mining industry. Adapting the machines to dig and sort through deposits is also a way to help eliminate the harsh conditions faced by workers in cobalt mines throughout the world.

Despite record high inflation spot prices have stayed relatively low but volatile.

Consumer Drivers of Silver Demand

Solar panels manufacturing consumes roughly 10 grams of silver per square meter that generate around 200 watts.

Estimates from the Silver Institute show that each hybrid vehicle has 18-34 grams, while a full-electric battery vehicle has 25-50 grams.

Each iPhone has 0.034g of gold (Au), 0.34g of silver (Ag) and 0.015 of palladium (Pl).

Apple sold 240 million units in 2021, consuming:

  • 8 tons of gold,
  • 81.6 tons of silver
  • and 3.6 tons of palladium

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South Africa Economy on Verge of Collapse, Brink of Civil War Resulting from Ongoing Blackouts

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An energy crisis has led to recurring power outages throughout South Africa as Eskom, the government owned electricity provider, continues to intentionally cut power to customers resulting from breakdowns of multiple power generating plants.

The ongoing rolling blackouts are some of the worst the country has experienced in many years causing factories, refineries, mines and other businesses to remain closed. The country’s president declared a state of disaster earlier this month.

The blackouts are effecting everything from traffic lights, water purification, internet connectivity and food availability.

Government officials are concerned that additional failures of the power grid could lead to widespread rioting and outbreaks of violence which could lead to a civil war.

Residents are concerned for their safety even at home as thieves and looters target homes without power.

The US Embassy in Pretoria has issued an advisory for Americans living in South Africa to “maintain 72 hours’ worth of supplies at home by stockpiling non-perishable food, three litres of drinking water per person per day, and medicines and first aid supplies”.

The ongoing blackouts have been ongoing for weeks and have created a SHTF scenario for many people even though the country is very rich in natural resources.

Roughly 77% of South Africas electricity is generated by coal generators.

The RAND refinery, the largest in the country, is reportedly operating at only 75% due to shutdowns of mines resulting from the power outages.

The largest exports are precious metals, particularly gold and platinum and other PGMs, which account for upwards of $25 billion. Reports from Reuters suggest that Platinum Group Metal exports, which includes rhodium and palladium, could be down as much as 15% or more this year.

South Africa is the largest producer of platinum group metals to the world, followed closely by Russia. The reduction in output will impact global supplies and markets as demand for these metals remains high.

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Mining Industry Risks Serious Labor Shortage in Meeting Industrial Demand

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A recent report issued by Deloitte titled “Tracking the Trends 2023, the Indispensable Role of Mining and Metals” is filled with ideas on how the mining industry can align with DEI ideology and embrace the cult of climate change.

The transition to a “green energy” future requires an abundance of minerals, rare earth metals and precious metals.

International Energy Agency estimates that demand for critical metals is expected to increase ten fold by 2040 as battery and electric vehicles manufacturing increases.

The mining industry will play a critical role as the supply chain ramps up to support domestic manufacturing of batteries, electric vehicles, solar panels and other advanced energy products.

The industry faces challenges with regulators, environmental protestors and the ESG and decarbonization movements continue to force companies to adopt policies to meet diversity and inclusion quotas.

Industry leaders report that companies across the mining industry already face serious labor shortages. Activist investors and companies continue to put an emphasis on the need for diversity and inclusiveness policies that are a hamper to business efforts and growth. Many of these policies are seen as nonsensical and impractical.

A bigger threat for the industry, particularly in North America, is that many of the existing workers in the mining industry are aging. Today, the average age for a worker in the mining industry is 46 years old. With nearly 50% of the skilled engineers expected to retire within the next 10 years. 

Mining directly employs more than 834,000 in the United States. With an additional 77,000 in Canada and 400,000 in Mexico.

The mining industry in Canada faces risks to keep up with industrial and consumer demand. The Deloitte report suggests that Canadian miners need to hire 80,000 to 120,000 people between now and 2030 in order to keep up with demand.

In the United States, employment in the mining sector has fallen over 20% in the last decade due mine shutdowns resulting from the decline in global demand for coal as the ESG movement lobbied for energy policy changes to support green energy solutions and less reliance on fossil fuels.

Last year, the United States produced 170 million tons of gold. Silver production topped 1,100 tons.

Industrial demand for silver is expected to continue to surge as as companies invest in the domestic manufacturing of EV batteries, solar panels and other components of the green energy movement.

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BRICS, Central Bank Gold and Oil

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BRICS is loose term created by Goldman Sachs to represent the world’s five leading emerging economies. The original list included four: Brazil, Russia, India and China. South Africa was added to the list in 2010.

Combined, the BRICS nations represent 3.21 billion people, roughly 41.5% of the global population.

Over the last year more stories have emerged in the news about the desire for BRICS nations to seek an alternate currency to the US dollar for their international trade. Often referred to as de-dollarization. The removal of the dollar as the reserve currency used in international trade.

Russia has already established the Moscow World Standard to compete with the LBMA and other legacy markets.

In response to economic sanctions following the invasion of Ukraine, Russia’s gas agency began demanding payments for oil and natural gas in Rubles.

Russia’s Central Bank began exchanging gold for Rubles and many countries are now trading oil on a new gold-standard.

The PBoC, the central bank of China continues adding gold bullion to its reserves and holdings.

Worldwide central Bank gold holdings have now reached their highest point since the 1970s.

The 1970s was a time of global economic crisis. Following the oil crisis of 1973, Nixon led the collapse of the Bretton Woods system as part of his measures to fix the stagnant economy.

Nixon resigned in August of 1974 following the Watergate Scandal. Days later, President Ford signed legislation which repealed Roosevelt’s executive order restricting private gold ownership.

This global appetite for gold has the potential to give emerging nations an advantage over the value of their assets and international trading dynamics.

Many emerging nations are rich in oil, minerals and mining. Some of which are necessary components in the development of batteries, solar panels and other advanced manufacturing.

Private ownership of precious metals now continues to grow every year. During the pandemic, from 2020 until 2022, investors bought more than 75 million troy ounces of American Silver Eagles.

The US Mint has been unable to keep up with investor demand which has caused premiums to rise.

Over the same period gold investors bought more than 5 million troy ounces of Gold Eagle and Gold Buffalo coins.

Government silver coins from Canada, United Kingdom, Austria have become popular alternatives for investors looking for lower premiums.

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Is It Time To Sell Silver?

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Will this be the year to sell your silver investment?

Perhaps the most difficult part of collecting precious metals and coins is deciding when will be the best or most opportune time to cash out.  You have been patient, watching and waiting while values and markets go up and down.  But it is very difficult to guess what the price of silver will be in the future. Is now the time to sell silver?

It doesn’t matter if you are just at the beginning stages or have been a lifelong stacker. It is important to think about future divestment. When holding sterling silver flatware, jewelry or coins, trying to figure out when to buy or sell can be confusing. Many investors choose to own physical silver as a long term store of value for reasons of financial security. However, silver can also be a way to get quick cash should you need it.

What is my Silver Worth?

Precious metals trading activity happens in worldwide futures markets in New York, London and Singapore. The silver spot price fluctuates because of the commodities trading markets. The price is based upon buying a futures contract, typically for very large wholesale orders of at least 5,000 troy ounces.  You can find the today’s spot price on our website.

Silver is the affordable precious metal. It’s relatively easy to acquire more metal for the same amount of money.  One downside of silver is that it is not very portable.

For example, a Monster Box of Silver American Eagles (500 coins, 500 troy ounces) weighs roughly forty-two pounds. Imagine trying to carry that, along with all your other gear in a situation where you need to leave home quickly.

In comparison, you could easily carry $10,000 worth of gold in your pockets.

The premium over price for silver can also be higher than that for gold.  It’s typical to find premiums in the 1-4 percent range when buying gold. Silver is a different story.

Even though the Mint charges wholesalers only around $2.50 per coin to cover the cost of manufacturing and distribution, the dealer premiums over for 1-ounce Silver American Eagles was over $15.00 per coin during parts of 2023 due to production issues. As a result, many dealers are also paying record high returns on buy backs due to the shortages of these coins.

To calculate the value of your silver, add up the total number of troy ounces. Take into account any items that may have a lower purity, such as 90% junk silver coins or sterling silver, multiplying the weight of the item times the purity. Then multiply the total amount by today’s silver spot price and you have the estimated melt value.

Coins can carry a numismatic premium over their melt value, including government issued silver bullion coins. The amount of numismatic premium is determined at the time of sale.

Where Can I Sell my Silver?

There are typically four avenues to consider when choosing where to sell your silver. Knowing where you can get the best price for silver is important. Waiting until you need to sell can often lead to settling for a low payout. 

The easiest and quickest way to sell is to use a broker that is willing to exchange silver for cash or in some cases via direct deposit to your bank account.

Using a broker is not complicated and there are many different types of companies that deal in precious metals. It’s like that you are already familiar with some.

Online Bullion Dealers

Online bullion dealers are an excellent choice to consider when looking to sell silver. Virtually every online bullion dealer will make an offer to buy your silver.

In some cases, online bullion dealers will list their “buy back” prices directly on their website. This allows you to figure out a rough idea of what each piece in your collection is worth.

For some pieces, it can also be helpful to look at completed auction listings on eBay for pricing.

You will need to contact each dealer to get their requirements for packaging and shipping.

Each dealer has different requirements for shipping them your silver to sell, such as insurance requirements.

There are two other things to consider when selling your silver investment to an online bullion dealer.

The turnaround time can take a week or two before you get paid. This delay may not be important if you are selling for the best possible price.

It’s also important to ask if shipping insurance is included. Shipping insurance can add additional cost which eats into your profits. It’s good to know in advance if you will need to insure your silver from being lost in transit. Some people prefer to use USPS Registered Mail service.

It becomes a waiting game once your silver is in the mail. The first thing that the dealer will do is take an inventory and assay any pieces that may need it.

After the shipment is received and inventoried, the dealer will contact you with the amount they will pay. The dealer will most likely mail you a check once you’ve agreed upon an amount. Some dealers may offer to send you the money via ACH bank transfer.

The entire process, from selecting a dealer, to shipping and receiving your payment can take several weeks. This is not ideal if you’re in a situation and you need to liquidate your silver investment in a hurry.

Local Coin Shops

Local Coin Shops are one of the most ideal places to liquidate your silver investment. Most people think of these stores as only a place for numismatics and collectors.

Historically, coins have often been minted from gold and silver. So most coin shops are also in the business of trading precious metals with their customers on a daily basis.

In most cases, you won’t need an appointment or provide the Shop with any advanced notice. You can often just walk in with your silver and lay it on the counter. The clerk will inventory what you’ve brought and assay any pieces they may need additional confidence in.

Many Local Coin Shops have a similar pricing model for their buying and selling activity. They will often buy generic silver slightly below spot price. Typically $1 to $2 below the current silver spot price per ounce.

Before the pandemic, you could buy government items like American Silver Eagles slightly above the current silver spot price. Today’s premiums on silver eagles are still at unprecedented levels and you can usually expect to receive above the current spot price for sovereign government produced bullion products.

Numismatic and semi-numismatic items will fetch prices that are reasonable and based on their resale value. Dealers may also pay a better price on an item they know they can sell quickly.

eBay and Other Online Marketplaces

There are many bullion investors that shop eBay to buy silver bullion. Many are skeptical and cautious when using eBay due to the increase in counterfeit bullion sales. It is quite common to find counterfeit coin reproductions among the listings.

Most bullion buyers on eBay look to make their purchases through sellers with significant and recent positive feedback. Some reputable online bullion dealers such as APMEX, Bullion Exchanges, Liberty Coin often offer lower premiums through their eBay stores.

In addition to buyer skepticism, another major factor is to consider the fees charged. Final valuation fees on auctions can be as high as 13% of the winning price. On top of that, eBay requires sellers to accept only PayPal for payment. This can add an additional 4% in fees.

With combined fees as high as 17%, selling on eBay can be a losing proposition.

There are exceptions. eBay can often the best option when selling graded bullion, numismatic or semi-numismatic items that carry a significant premium.

Pawn Shops & “We Buy Gold” Stores

Local Pawn Shops and “We Buy Gold” stores have always been a place to sell your precious metals investments.

Keep in mind that these places are in business to make a tidy profit. They have overhead costs of operating a storefront, paying rent, utilities, employees, etc.

In many cases, the prices that they are willing to pay are significantly lower than other options. But if you’re in a hurry, these stores can quickly turn your precious metals into cash.

Conclusion – Is Now the Time to Sell Your Silver?

Ultimately, the right time to sell your silver depends on several factors. 

  • The current state of the precious metals market.
  • The value of your specific piece/pieces.
  • Finding the best place to sell.
  • and most importantly, your own financial plans, goals and ambitions.
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Numerous Criminal Convictions Proves Precious Metals Price Manipulation

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As controversy and scandal continues to plague the LBMA and banks affiliated with the bullion trading cartel, the Eurasian Alliance is pushing for the creation of a new bullion trading system that offers a new pricing infrastructure to help facilitate emerging markets.

The most recent scandal at the LBMA includes the criminal conviction of former Board Member and JP Morgan Chase Managing Director Michael Nowak.

JP Morgan Chase is one of the largest private custodians of gold and other precious metals in the world for both private investors and many governments.

In managed vaults located in London, New York and Singapore, the bank reportedly holds gold valued in the tens of billions of dollars. (Bloomberg)

In 2020, as part of a deferred prosecution agreement with the Justice Department, JP Morgan Chase entered into an agreement with the government that they operated two distinct schemes of fraud.

The first fraud scheme that JP Morgan Chase admitted to operating involved tens of thousands of documented futures trades for silver and gold contracts across the various markets that JP Morgan Chase participated in.

The second fraud scheme involved thousands of instances of unlawful trading in the markets for U.S. Treasury futures contracts and in the secondary (cash) market for U.S. Treasury notes and bonds.

JP Morgan Chase paid a record fine of close to one billion dollars to the SEC to settle the case. Criminal charges were brought separately against numerous executives and directors, including Nowak, which led to his resignation as an LBMA Board Member.

During the criminal trial, prosecutors proved that Nowak, along with a group of other senior executive within the precious metals trading desk routinely spoofed orders and manipulated the prices of commodities across global trading markets. (BullionStar)

Nowak helped to provide the bank with significant profits by spoofing precious metals trades along with a handful of other senior executives who have also been convicted, pled guilty or are still awaiting trial.

Several investigations into the Precious Metals Trading Desk that began during the previous decade failed to find any wrongdoing at the time leading to some speculation about corruption within the ranks of the SEC and other regulatory agencies responsible for oversight of trading practices.

Since the year 2000, JP Morgan Chase has paid more than $36 billion in fines for violating banking laws in the United States. (GoodJobsFirst)

In recent years, JP Morgan Chase has admitted to being a criminal enterprise which has bilked millions from investors and governments by manipulating the prices of both commodities and US Treasury Bonds.

A similar spoofing ring was also operating at Deutsche Bank from at least 2007 until 2015 which resulted in criminal convictions and prison sentences for several. (Justice.gov)

Executives from Bank of America / Merrill Lynch were recently convicted in a separate spoofing scheme that operated from at least 2008 until 2014.

Numerous other traders and executives from various investment banks have pled guilty to similar charges related to manipulating the prices of gold, silver and platinum since 2015.

While numerous key individuals have been brought to justice, the leaders of these organizations continue to be rewarded with gigantic bonuses for operating criminal enterprises that helped to manipulate the world economy into a recession.

These are just a few examples of how widespread the corruption that has become integrated into the corporate bureaucracy that helps to justify the creation of an alternative market for precious metals.
Earlier this year, the Ministry of Finance from Russia forwarded a proposed new international standard for the precious metals market that would normalize the functioning of the industry.

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Moscow World Standard Driven by Corruption in the LBMA

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Gold reserves are a key component of central banking and are pivotal to the backing of and supporting a country’s currency, both for its domestic economy and foreign trade.


For decades, Russia has been increasing their gold reserves and central bank holdings.

The reported amounts of gold held in reserves have varied depending on the source.

The amount of gold actually held inside Fort Knox has been question asked by Congress many times. The answer is always the same. That’s classified.


Recent economic sanctions against Russia includes a ban from participating in the London Bullion Market Association (LBMA),  a global clearinghouse and trading association for large bullion transactions.


As early response to the economic war waged by the NATO allies, Russia began a program to buy gold from citizens in exchange for Rubles, effectively returning to a partial gold-standard.

The gold for Rubles program also helped to stabilize the value of the Russian Ruble in the international currency and exchange markets like FOREX.

The latest strategic move by Russia in the fight against the economic sanctions, Russia’s Finance Minister has announced that they will introduce a new “Moscow World Standard” as a new alternative to the LBMA.

According to Finance Minister Anton Siluanov, the Moscow World Standard is an attempt to stabilize and normalize the functioning of the precious metals industry.

Russia has positioned the new Moscow World Standard as an alternative to the London Bullion Market Association (LBMA) whose credibility in the eyes of the world leaders has been rocked in recent years due to a number of scandals involving price manipulation.

The most recent scandal involves the criminal conviction of Michael Nowak, a prominent LBMA Board member who was outsted from his role with the LBMA following his arrest in 2019.

Nowak was also a top executive at JP Morgan Chase.

In his leadership role as the Managing Director of the Precious Metals Trading Desk, a key position overseeing global trading operations which led to billions in profits to both JP Morgan Chase’s top and bottom lines.

Nowak was charged under the RICO Act. The government had enough hard evidence to support a case that Nowak was the kingpin in charge of a wide-spread criminal organization operating inside the JP Morgan Chase for almost a decade.

Numerous other executives from inside the JP Morgan Chase Precious Metals Group have also been convicted or have pled guilty for their roles and received reduced sentences in exchange for their testimony against the others.

Separate, but Related criminal investigations against other bullion trading banks and trading practices have led to guilty pleas and massive fines in recent years.

Ample evidence exists to support the Russian position that the LBMA and members of the organization have been involved in widespread fraud, price manipulation and exploitation at all levels. The reality is that this type of corruption can and does have long-term effects on the ebbs and flows of the economies in many smaller countries where precious metals are mined, but also some of the other elements such as Lithium, Cobalt and Magnesium which are considered essential and “critical elements” for current battery technology.

Many of the smaller BRICS countries already look to China and Russia for guidance, leadership and assistance on many financial policy decisions due to long-standing and established trading relationships and other international treaties that exclude many NATO countries. As many leaders from these countries have likely encountered difficulties when working within the confines of the system set forth by the LBMA Board of Directors.

Russia has been suggesting greater transparency to some degree for leaders of BRICS nations, many of whom have significant mining operations that are controlled through large private banks and companies affiliated with the LBMA.

https://www.zerohedge.com/markets/jp-morgan-gold-trading-boss-former-lbma-board-member-found-guilty-us-jury
https://www.bullionstar.com/blogs/ronan-manly/lbma-board-member-jp-morgan-managing-director-charged-with-rigging-precious-metals/

https://www.sprottmoney.com/blog/The-Convicted-Criminals-of-JP-Morgan-Craig-Hemke-August-16-2022

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JP Morgan Chase Precious Metals Traders in Decade Long Price Manipulation Scheme

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A multi-year investigation by the Justice Department has resulted in the convictions of two key leaders from the Precious Metals Trading Desk at JP Morgan Chase.

The two defendants, Michael Nowak and Gregg Smith were convicted by jury of wire fraud, attempted price manipulation, commodities fraud, and price spoofing involving a scheme that spanned for more than ten years and involved.

The crimes occurred during a span from at least 2008 until at least 2016. The convicted precious metals traders face more than 20 years in prison.

Several other traders involved in the scheme had previously plead guilty.

The guilty pleas and these most recent convictions provide proof to the long held belief that major Wall Street banks have been systematically manipulating the futures prices for profit.

JP Morgan Chase is also a major trustee and depository for major exchanges such as COMEX and others.

Evidence was presented during that trial that Smith placed an average of 20 spoofed orders a day over a 3 year period which accounted for 38,000 trades.

While some of the trades occurred prior to changes in the law in 2010, the Executives, Directors, Managers and Traders from the precious metals desk at JP Morgan Chase were directed employees to engage in illegal trading and price manipulation.

It’s difficult to determine the full extent of the scale of fraud based on the evidence that is publicly available, but it is reasonable to speculate that the overall value of the price manipulation fraud cost investors billions of dollars.

Details provided by the DOJ show that the convicted JP Morgan employees were well compensated for their crimes.

  • Defendant Smith earned $9,890,044 in total (salary plus bonus) compensation;
  • Defendant Nowak earned $23,700,074;
  • Defendant Ruffo earned $10,425,064;
  • Defendant Jordan earned $1,125,016 (2008–2009 only);
  • Donald Turnbull earned $12,727,350;
  • Stuart Piller earned $13,289,936;
  • Michel Simonian earned $4,515,111 (2008–2014 only);
  • John Edmonds earned $1,996,064 in total; and
  • Christian Trunz earned $2,720,049.

The systemic and widespread fraud at the JP Morgan Trading Desk is just one example of the corruption that continues to plague the finance industry which has likely been contributor to the creation of the most recent recession, bear market and related financial uncertainty in global financial markets.

The convictions and guilty please so far have shown that skirting the law has been part of the day-to-day business operations embedded within the workflow of the organization without any checks and balances.

According to public records, news articles and other information, JP Morgan Chase, under the leadership of Dimon has a long history of paying criminal penalties that have resulted from large scale crimes and financial fraud.

While Dimon himself has not been caught up directly in any of the recent criminal investigations, his compensation is tied directly to the performance of the company and he personally profited millions of dollars in bonuses during those years.

Investigations involving major Wall Street and Global Banks precious metals traders have resulted in criminal admissions and financial penalties for engaging in similar schemes.

The price manipulation schemes occurred in the paper trading markets which drives the physical prices of precious metals.

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US Mint Halts Production of 2022 Morgan Dollar and Peace Dollar Coins

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Designs of the 1921 Morgan and 1921 Peace Dollars

The US Mint has announced a pause in the production of the new Morgan and Peace dollar coins. The suspension of sales and production is a result of supply chain constraints brought on by the pandemic.

The Mint has stated previously that they have been having difficulty procuring silver planchets to meet demand and production needs.

US Mint Deputy Director Ventris C Gibson said “I want to ensure that our customers know,” she said, “that the modern renditions of the historic Morgan and Peace Silver Dollars will continue next year. Our goal is straightforward: to give our loyal customers the products they want and the service they deserve.”

The modern renditions of the Morgan and Peace Dollar Silver Coins were introduced in 2021. Demand for the modern coins has been very strong amongst investors and collectors.

These coins are minted with .858 troy ounces of .999 fine silver.

Learn more about the 2021 Morgan and Peace Dollar Silver Coin series and find the best prices with FindBullionPrices.com

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More States Vote to Remove Sales Tax from Precious Metals

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silver coins on the table

Last year legislators in Ohio and Arkansas voted to end sales tax on precious metals. Reports are emerging from across the country that more states are considering legislation to remove retail sales tax on investments like gold and silver.

According to Kitco, “This year Kentucky, Mississippi, Hawaii, New Jersey and Tennessee are all considering removing sales taxes on gold and silver purchases as well.”

Which is good news for gold and silver stackers in those states.

Sales tax on precious metals continues to be a contentious issue. State and local sales taxes are generally considered to be “consumption” taxes, like a VAT or IVA which are typically levied on consumable goods.

There are a variety of organizations that are pushing for tax code reforms that would help end some of the confusion people have regarding precious metals as a store of value.