precious metals

Silver buyers reporting issues with sales tax and order cancellations with Walmart

As the popularity of buying precious metals online grows, many buyers have experienced issues with being charged sales tax in states where metals aren’t taxed. Some buyers turn to social media for advice on how to deal with customer service when resolving sales tax issues.

Sales tax on precious metals is contentious issue, which is a complicated patchwork of outdated state laws that have created issues that online retailers must contend with since South Dakota v. Wayfair decision in 2018.

More States Vote to Remove Sales Tax from Precious Metals

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 … Read moreMore States Vote to Remove Sales Tax from Precious Metals

27 of the best 2021 Black Friday & Cyber Monday deals on Silver, Gold & Platinum

2018 American 1 oz Silver Eagle

Many of The Black Friday sales with online precious metals and bullion deals are live and that means plenty of deals on silver and gold bars, rounds and coins. The best online bullion deal for 2021 is the American Eagle Silver coin at spot price from BGASC. The Black Friday deals offered this year are … Read more27 of the best 2021 Black Friday & Cyber Monday deals on Silver, Gold & Platinum

Is Owning Precious Metals Legal?

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On April 5, 1933 President Franklin Roosevelt signed Executive Order 6102 which outlawed the private ownership of gold by citizens.

For a duration lasting 41 years in the mid-20th century, the government made it a crime for the people to own, hold or transact in sound money.

Following the resignation of Nixon, one of the first laws signed by President Ford included a bill which reversed Roosevelt’s Executive Orders.

It has been legal for anyone to own, hoard, buy and sell gold in the United States since December 1, 1974.

Gold Jewelry as an Investment – 24k Gold Jewelry

24k gold jewelry - 1 troy ounce bracelet

Just as with other forms of precious metals, such as coins, bars and rounds, investing in 24k gold jewelry makes practical sense. Jewelry made from 24k gold makes an excellent store of wealth. The value of the jewelry is not diluted by outrageous retail markups and the use of alloys to reduce the purity.

Anyone crossing international borders is required to declare any financial instruments valued at over $10,000. Jewelry made from 24k gold isn’t a financial instrument and in most cases does not need to be declared when traveling internationally. It’s possible that an individual could carry more than $10,000 worth of 24k gold jewelry while traveling.