Purchasing (or Selling) Gold and Silver in Utah

About Utah

Admitted to the marriage in 1896, Utah is home to more than three million people. The 31th most populate submit in the union and the 13th in sphere, Utah is the one-tenth least dumbly populated state in the United States. Utah has started to take modest steps to cultivate an environment more conducive to sound money possession and consumption .

What are the Laws on Gold & Silver in Utah?

Utah State Sales Tax Laws?

Utah has started the process of freeing gold and silver from bureaucratic shackles .
Utah jurisprudence has a product-based exemption for sales and use tax. This exemption covers “ sales of an ingot, bar, medallion or cosmetic coin containing at least 50 percentage aureate, silver or platinum that is not legal attendant of any nation. ”

furthermore, in 2022, Utah passed House Bill 268, which ensures that Goldbacks are exempt from any state taxes .
For more information on rolling back sales tax on constituent money, pawl here .

Utah Capital Gains Tax?

Utah jurisprudence, like most states, is chock full of draconian tax income statutes .
Despite this, under stream law, aureate and flatware are not topic to capital gains tax when exchanged for Federal Reserve notes or when used in barter transactions in the state of Utah. The passing of HB 317 in 2011 includes “ a nonrefundable credit established for any das kapital gains incurred from the exchange of amber and silver medal coin issued by the federal government for another form of legal tender. ”
Income taxes are one major room government bureaucrats penalize holders of valued metals. If you own gold to protect against the ongoing devaluation of America ‘s wallpaper currentness ( which results from the inflationary practices of the Federal Reserve ), you may end up with a “ gain ” on your amber when it ‘s priced in dollars. not necessarily a veridical acquire, judgment you. It ‘s frequently nothing more than a nominal derive — but it ‘s however considered income against which the government assesses a tax .
however, other state legislators across the country have started to recognize that paying taxes on nominal gains is beyond the picket. Arizona recently eliminated capital gains taxation on precious metals, and Idaho hopes to follow soon .
For more information on capital gains tax of precious metals, suction stop here .

Gold and Silver Recognized as Money in Utah?

Passed in 2011, House Bill 317 reads “ gold and ash grey coin issued by the federal government is legal tender in the state of matter. ”
The United States Constitution which states in Article I, section 10, “ No state shall … make anything Thing but gold and silver Coin a attendant in Payment of Debts. ”
legislative acts that take steps towards this built-in prerequisite are slowly acquire steamer. Utah and Oklahoma are leaders in this discipline, declaring aureate and ash grey as money within their states .
Utah has taken steps to reaffirm its constitutional duty to treat gold and eloquent coins as tender for requital of debts as Oklahoma did with the recent passage of SB 862 .
Oklahoma ’ s SB 862 reads, in part, “ gold and flatware coins issued by the United States politics are legal tender in the State of Oklahoma. No person may compel another person to tender or accept gold or argent coins that are issued by the United States government, except as agreed upon by abridge. ”
Utah ’ s HB 157 reads, in part, “ except vitamin a expressly provided by abridge, a person may not compel any early person to tender or accept legal tender. ”
The phrase, “ except as agreed upon by contract, ” has meaning ramifications. This give voice reaffirms the court ’ south ability, and built-in duty according to Article I, section 10, to require specific performance when enforcing such contracts. If voluntary parties agree to be paid, or to pay, in gold and silver coin, the Oklahoma courts may not substitute any other thing, e.g. Federal Reserve Notes, as payment .
Gold article contracts are a utilitarian instrument to give both creditors and borrowers alike auspices against the currency risks resulting from both inflation and deflation. For more data on gold clause contracts, cluck hera .
much speaking, department of state laws that recognize amber and ash grey as money restore a government scene of valued metals as the favored form of money – a currentness quite than a part of property or other asset. Using this logic, it would be inappropriate for a department of state to levy taxes when the precious metals are used or exchanged .
For more information, snap here

Utah Depository Laws?

utah police does not presently allow for a state bullion depository .
however, in 2017, Representative Ken Ivory introduced House Bill 224. HB 224 “ grants the State Money Management Council rulemaking authority to make reules governing quality criteria for a commercial coinage depository. ”
For the purposes of this poster, “ commercial coinage depository ” is defined as “ an mental hospital that holds or receives deposits of coinage legal tender that is located within the state of matter. ”
unfortunately, House Bill 224 did not make it across the ending agate line this legislative seance, but Utah continues to take steps in the right focus as is continues to establish itself as an ambassador for the causal agent of good money.

Texas is championing the state depository lawsuit and other states will likely follow lawsuit. In June of 2015, Texas Governor Greg Abbott signed House Bill 483 into law .
Authored by Representative Giovanni Capriglione ( R-Southlake ), this bill allows for “ the administration and government of a state of matter bullion depository. ”
According to the official Texas Depository web site, House Bill 483 “ allows for the nation ‘s first state bullion depository to be established in Texas under the supervision of the state ‘s accountant ‘s office. ”
Upon signing the bill, Governor Greg Abbott said “ with the passage of this placard, the Texas Bullion Depository will become the first state-level facility of its kind in the nation, increasing the security system and stability of our gold reserves and keeping taxpayer funds from leaving Texas to pay for fees to store gold in facilities outside our state. ”

Utah Holding Reserves in Gold and Silver?

financially prudent individuals set aside excess funds to protect against unanticipated expenditures. This way, when faced with loss of income, house repairs, cable car disturb, or anything else, they will have a cushion against unanticipated downturns .
In the same vein, about every state in the United States has established a “ savings account ” for politics operations. primarily to mitigate a worsen in tax revenues that comes aboard economic slumps, states have created alleged budget stabilization funds – colloquially known as “ showery day funds. ”
unfortunately, like every other state in the union, Utah does not hold any of its reserves in gold and silver .
While Utah may not hold its reserves in amber and silver so far, Tennessee is setting an model by considering legislation that would allow for this. Tennessee Representative Bud Hulsey introduced House Bill 0777 in 2017 which “ requires the state treasurer to invest 40 percentage of the funds in the showery day fund in gold bullion of other precious metallic element bullion. ” This bill will be voted on in 2018 .
For more information on Budget Stabilization Funds, snap here .

Is Utah Holding Physical Gold & Silver in Government Pension Funds?

Millions of Americans will rely on pensions once they ‘ve reached the historic period of retirement. Pension fund managers have a fiduciary duty to safeguard funds against foreseeable risks .
With the practices of today ‘s Federal Reserve, there is no risk more foreseeable than inflation ! But with very few exceptions, pension money managers are not fulfilling their duty to protect against this significant risk by investing in assets that are specifically suited to defend against the ceaseless decline of the dollar ‘s purchasing ability. Chief among these assets are forcible silver medal and gold, the most authentic inflation hedges from time immemorial .
Tens of millions of Americans and their employers pour money into pension plans each calendar month, counting on those funds to grow and be there when needed at retirement .
But a time fail awaits. The majority of U.S. pension funds are perilously underfunded, and the assets are often invested in securities that have bleak prospects for providing income that keeps up with a general decline in purchasing power. In the case of underfunded government pensions, higher taxes constantly follow combined with potential default on obligations to retired workers .
unfortunately, Utah ‘s government pension funds do not appear to hold ANY assets in physical gold and silver .
Texas gives states an model to emulate. The Texas Teacher Retirement Fund and the University of Texas own closely $ 1 billion in physical gold. As a non-correlated asset to bonds, stocks, and other paper-based investments, valued metals are key to true diversification .
For more information on pension funds, chatter here .
Buy gold coins and amber bars online or in person .

Coin Shops in Utah

Featured Coin Shops

The following are dealers in Utah. disavowal : Money Metals Exchange does not vet or endorse any early dealers, indeed if you decide to patronize any of the follow establishments, be sure to do your own due dilligence .
All About Coins
1123 einsteinium 2100 S
Salt Lake City, UT 84106
Monarch Coin Corporation
211 E 3900 S
Salt Lake City, UT 84107

Ace Coins Inc.
1659 4100 S
Murray, UT 84123

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Category : Economy