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Vlad_The_Impaler on scored.co
10 months ago2 points(+0/-0/+2Score on mirror)1 child
the laws are different in every state, but i believe that sales tax is NOT applied to most sales of gold in most states. Research the laws in your own state. I would even argue that it is unconstitutional to tax gold since the USA constitution says gold and silver coins are the only official use of currency exchange, arguably making the federal reserve note illegal since they don't have gold reserves to back it up.
Also, nothing prevents you from just driving to the closest state and buying up gold. Some people travel a few hundred miles, cross state lines to invest thousands into gold and silver.
Another mistake i made was constantly worrying about the price and waiting to buy the dip. Well, gold kept going up and up and up while i was waiting to buy a dip. So i learned to just buy it when i have too much cash and average my cost in. Now every gold coin i've bought is worth more than whatever i paid for it year(s) ago.
Also: if you buy LESS than one ounce at a time, then premiums will indeed eat away at your profit significantly. they sell 1/10th ounce coins and 1/2 ounce coins. I avoid fractionals. If i don't have enough to buy a whole ounce at a time, then i just wait and save up more money. It costs just as much labor to mint a half ounce coin as it does to mint a one ounce coin. so you will pay the same premium despite only getting half as much gold.
Also, nothing prevents you from just driving to the closest state and buying up gold. Some people travel a few hundred miles, cross state lines to invest thousands into gold and silver.
Another mistake i made was constantly worrying about the price and waiting to buy the dip. Well, gold kept going up and up and up while i was waiting to buy a dip. So i learned to just buy it when i have too much cash and average my cost in. Now every gold coin i've bought is worth more than whatever i paid for it year(s) ago.
Also: if you buy LESS than one ounce at a time, then premiums will indeed eat away at your profit significantly. they sell 1/10th ounce coins and 1/2 ounce coins. I avoid fractionals. If i don't have enough to buy a whole ounce at a time, then i just wait and save up more money. It costs just as much labor to mint a half ounce coin as it does to mint a one ounce coin. so you will pay the same premium despite only getting half as much gold.