Well, just as fate would have it, I moved the money Tuesday and by the close of the market today ( Friday ) the DJI had dropped over 1000 points, oh well I'm in now we will see what happens over the next few years.
If you live in a state that does NOT tax precious metals, open a brokerage account and buy gold, silver, copper, etc. Ensure the account can cash out in the metal, is insured for transported right to you or sell it in the account and cash out as needed.
For the past 23 years, precious metals has out performed the S&P 500 21 of those years. The two years it didn't was when Nvidia stock soared the market and Bitcoin was the big wave another year, but those are just spurts and not long lasting.
A co-worker back in 2001 before 9-11, took one of his former 401K plans of 10K, bought into solely precious metals, his return netted him so much more than Bitcoin. For some reason since 9-11, gold took off vs running flat. 10K now is 85K or better for 1Kg. Our fiat money has less buying power than ever before!
Gold Price History - Historical gold price charts in ounces.
goldprice.org
Let's say you have a Liberty Head $2.50 (1840-1907) gold coin, it's the size of a dime by today's standards.
As of today on the market it is $11,xxx to $23,500 in value based on the rated quality!
Back in 2001, the coin sold for a mere $126.
And you bought $10K worth.
Yes, at minimum your holdings is $110-ish MILLION.
Do the math at or near the max worth. LOL
See if any of your investing gets close in any other markets to this level.
And you will notice why the filthy rich have their home residence in certain states.
The filthy rich invest way more than 10K in precious metals, and they can flip several million in weeks time.
Sales tax is something investors don't realize applies to gold and silver in some states. Read the sales tax rules on gold and silver in every state here.
noblegoldinvestments.com
List of Sales Tax Rules State By State
In the list below, any figures shown are for the state-wide rate and are the minimum you can expect to pay. These do not include any county-specific tax rates.
- Alabama: No sales tax on bullion
- Alaska: No sales tax at a state level
- Arizona: No sales tax on bullion
- Arkansas: 6.5% on all precious metal sales
- California: 7.5% on transactions below $1,500
- Colorado: No sales tax on most precious metals
- Connecticut: 6% on purchase values below $1,000
- Delaware: No sales tax
- Florida: 6% on values below $500, with an exemption for legal tender
- Georgia: No sales tax
- Hawaii: 4% general excise tax paid by the seller, often added to the purchase price
- Idaho: No sales tax
- Illinois: 6.25% on South African Krugerrands only, all other bullion is exempt
- Indiana: No tax on high-purity bullion, 7% on other types of precious metal
- Iowa: No sales tax
- Kansas: No sales tax
- Kentucky: 6% on all orders
- Louisiana: No tax on precious metals
- Maine: 5% flat rate
- Maryland: 6% on order values below $1,000
- Massachusetts: 6.25% on transactions below $1,000
- Michigan: No sales tax on high-purity bullion
- Minnesota: 6.88%
- Mississippi: 7%
- Missouri: No sales tax on high-purity bullion
- Montana: No sales tax
- Nebraska: No sales tax
- Nevada: 6.85% with some exemptions
- New Hampshire: No sales tax
- New Jersey: 7%
- New Mexico: 5% paid by the seller
- New York: 4% on transactions below $1,000
- North Carolina: No sales tax
- North Dakota: 5%, but with high-purity bullion exempt
- Ohio: Basic sales tax of 5.75% applies to silver and gold bezels, high-purity bullion is exempt
- Oklahoma: No sales tax on precious metals
- Oregon: No sales tax on any precious metals purchase
- Pennsylvania: 6% on silver and gold coins which are not legal tender, bullion is exempt
- Rhode Island: 7% tax applies only to bullion that’s not been refined or smelted
- South Carolina: Most precious metals are exempt, but some coins and processed items attract 6%
- South Dakota: No sales tax on investment-grade bullion or legal tender
- Tennessee: No sales tax on gold or silver bullion
- Texas: No sales tax on gold or silver bullion
- Utah: A 4.75% tax applies to bullion with purity below 50%
- Vermont: 6% on all precious metal transactions
- Virginia: 5.3% levied on all precious metals with no exemptions
- Washington: No tax on any non-collectible precious metals
- West Virginia: Investment-grade bullion and coins are tax-exempt
- Wisconsin: A 5% tax on all precious metal purchases
- Wyoming: A basic 4% rate on all precious metal purchases
High purity is generally 97% pure metal. Most old coins are this way.
