Buying Bullion in Texas (The Ultimate Guide)
Both population (27.45 million) and area (268,597 square miles) makes Texas the second largest state in the United States. It is located in the South Central part of the US and three of its borders are defined by rivers. Many know it by its nickname, the Lone Star State and it gained its statehood on December 29, 1845.
Bullion Sales Tax in Texas
House Bill 78, eliminated the sales tax levied on purchases of gold, silver and platinum bullion and numismatic coins in 2013. Prior to this bill a sales tax of 6.25% would be applied to purchases of precious metals less than $1,000. Now investors who want to purchase holdings in smaller amounts, can do so without getting taxed.
Your Guide to Buying Bullion in TX
Those who would like to buy bullion are often at a loss as to how to get started in making this worthwhile investment. First of all, it is important to understand what exactly bullion is and what it is not. Bullion may be purchased in the form of coins or bars. While most coins tend to be the same size, bars vary greatly in size, allowing the buyer to purchase bullion that is in line with his or her budget and future goals. Generally, the larger the bar, the more it is worth.
Find Local Gold & Silver Dealers in Texas
Making a Plan for Purchasing Bullion in Texas
Once you have decided whether you wish to buy bullion in the form of bars or in coins, it’s important to take a look at your budget and to determine how much you would like to invest in gold. Knowing this before you actually start shopping around is wise, since it will keep you from going over the limits you have put in place for yourself. You may also want to think ahead—particularly if you plan on buying a large amount of gold or silver—about where you wish to keep it. Remember too that maintenance fees, such as the cost to store the gold and silver, ship it, and the actual premium that you pay on the gold or silver will also need to be factored into your budget.
How to Find a Dealer in Texas
After you’ve completed the initial planning stages, you’re almost ready to buy bullion. Before you can do that, however, you have to find somewhere to buy it from. Your best and safest bet is always to go through a reputable gold dealer or a mint. Never send your money to purchase gold or silver from any company or organization until you have thoroughly researched it and confirmed that it is trustworthy. Look for a company or mint that has a long history in the industry and that consistently gets good reviews from others who have used it. Doing a little research online can help you to learn more about a particular seller.
Stay on Top of the Texas Gold Market
Before you buy bullion, you’ll want to find out the current market value of either gold or silver. This can change regularly, but knowing the current value will help you to avoid spending too much for your bullion. Remember, you will likely pay slightly more than the actual market value, but if a seller goes too much over that price, then you might want to look elsewhere.
Decide if You Want Certification
Finally, consider whether or not a particular company is going to give you a certificate of authenticity and/or of value along with your purchase. Some companies will charge you extra for certification, while others offer certification free of charge. Certification is generally only important if you think you might sell your bullion later on down the road. Only you can determine whether you want to skip certification or not.
How and Where to Buy Gold and Silver in Texas
For many investors, the questions of "how", "why" or "where" to buy gold and silver can often be the first stumbling blocks deciding on where to begin investing in precious metals, including silver.
A good beginning point is to understand what are good resources to discovering how to invest in bullion.