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When you think about Idaho, you normally think about potatoes. It is common to forget that there are a large number of other viable entities operating in the great State of Idaho. If you were interested in maintaining a good financial portfolio, investing in a farm producing crops of potatoes might seem like the way to go. But, you would be overlooking a quality investment in precious metals, especially silver. The west was known for its various gold rushes in the 1800s, but Idaho was also known for its production of silver. As the prospector was looking for the yellow color in the hills of the north, he found a shiny new metal, reflecting back the sunlight. After this, it was only a matter of time before the hordes of people flocked to the state to start extracting its precious commodity from its lands.
According to various statistics, the Silver Valley in Idaho has generated more silver than all other regions in the United States. Moreover, down through the years, since they first found the large deposit of silver in the Idaho hills, the Silver Valley has been in the top three in the world as far as silver production is concerned. The Silver Valley region has produced over 37,000 metric tons of silver, which equals more than 1.2 billion ounces of the precious metal. This area in northern Idaho conations multiple operating silver mines which are producing a vast portion of the silver used in the United states, and exported around the world. Unless you own one of these valuable mines, you might think that investing in silver is a waste of time. However, that is not the case. Just like with gold there has been a marked increase in the value of these precious metals. There was a time you could buy an ounce of gold for $400 dollars and an ounce of silver for $5, now gold is flirting with $1300 dollars an ounce, and silver recently was traded at $49 dollars an ounce, now settled in the upper $30’s an ounce These are remarkable gains for these precious metals, and make them ideal for investing in your economic future.
Just like other state across the nation, Idaho imposes a sales and use tax on all transactions concocted within its borders. The state wide sale and use tax is 6%, with an additional 1%-2.5% added by local cities and counties. Under Idaho tax laws and regulations, www.dfm.idaho.gov, any transaction n involving bullion or currency made from precious metals is exempt from the sales and use tax. This means anytime you buy gold or silver in Idaho, you will not have to pay sales tax. This does not apply to paper currency, or any other product that contains coins or money. For instance, if you have a piece of jewelry or a work of art with money or coins in it, it is subject to tax. There is an exception to this if the coins are Idaho commemorative silver medallions. Click Here to learn more about the Idaho tax structure.
Golden Eagle Coins, being an out of state retailer, does NOT have to charge sales tax to Idaho residents. Browse our selection of tax-free gold and silver products. Please take note that we are not experts on tax issues, and you may be liable to pay local Use tax. Please contact your local tax professional for more information.