Buy Gold and Silver in Utah
The 45th US State, Utah achieved statehood in 1896. Utah is very sparsely populated, with around 80% of the residents of Utah living in or near Salt Lake City, leaving much of the rest of the state uninhabited. With religion, Utah is very homogeneous, with over 60% of the population being members of one church. This, of course, has a tremendous impact on the culture and daily life in Utah.
Hosting several beautiful national and state parks, tourism is one of the biggest industries in Utah. Extraction industries also play a large role in the economy of the state, with oil, gas, silver, gold, copper, and coal extraction among them. Mining for zinc, lead, uranium, and beryllium also takes place in Utah. The Bingham Canyon Copper Mine in Utah is one of the largest open-pit mines in the world.
Are There Taxes on Buying Gold and Silver Bullion in Utah?
Utah does not charge sales taxes on most forms of coins or bullion products. Specifically exempted from Utah sales taxes are currencies or coinage that are legal tender of the United States or any foreign nation, and non-legal tender bars, ingots, medallions, and decorative coins that are comprised of at least 50% gold, silver, or platinum. Note that certain precious metals, such as rhodium and palladium, are not exempted. Other collectible items such as tokens, which are not legal tender and often not comprised of at least 50% precious metal, are also not exempt. The law can be read in detail here:
The sales tax rate in Utah is currently 4.7%, although local sales taxes can be added on and increase the overall rate, in some cases, above 8%. CBMint, however, is not based in the state of Utah, so Utah residents do not have to pay any sales taxes when buying bullion online from CBMint. Feel free to Browse our Selection of tax-free bullion products.
An important new Utah law was enacted in 2011. Gold and Silver bullion items are considered legal tender under the new law. Gold and SIlver coins issued by the United States Mint, such as the American Gold and Silver Eagles, are no longer defined as assets -- they are now defined as currency. As such, sales of these gold and silver products are no longer subject to the 7% Capital Gains Tax that exists in Utah, or any other state taxes that formerly applied. This is an important fact to consider when buying gold and silver bullion in Utah, as it may affect which types of products you select to purchase.
Please note, we are not tax professionals or experts. Individuals are sometimes liable to pay local Use taxes. Contact your state and local tax authorities for all laws concerning taxes when buying bullion locally in Utah.
List of Utah Cities with Gold and Silver Dealers
Featured Gold and Silver Dealers in Utah (UT)
This is a listing of featured gold, silver, and coin dealers in the state of Utah. Should you wish to recommend any Utah coin and bullion stores to add to this list, please feel free to Contact CBMint.
The statff at Monarch Coin are precious metals experts, making Monarch Coin one of the best places to buy gold and silver in Salt Lake City, Utah. They specialize in American Eagles, Canadian Maple Leafs, 90% and 40% junk silver coinage, world coins such as Krugerrands, and silver and gold bars. Monarch lists their Bid and Ask gold and silver prices directly on their website. Discounts are offered for bulk purchases of silver and gold bullion products.
211 East 3900 South
Salt Lake City, UT 84107
Rust Rare Coin
For well over 40 years, Rust Rare Coin has been a leading top coin shop in Utah, and one of the best silver and gold dealers in Salt Lake City. They offer appraisals, coin grading services, and a wide selection of US coinage and world coinage, as well as precious metals bullion products. Rust Rare Coin features a range of extremely rare, top-end US coins, and are regarded as experts in this field. Rust Rare Coin buys coins, gold, and silver bullion back from the public, so their selection is ever-changing. Bid and Ask prices can be found on their website.
252 East 300 South
Salt Lake City, UT 84111
Olympus Gold and Rare Coins
Olympus Gold and Rare Coins carries a large range of gold and silver world and US coins, rare coins, and gold and silver bars and rounds. They are a full member in the American Numismatic Association, and will assist buyers in located hard to find rare coins. Olympus Gold and Rare Coins has a friendly return policy and the staff is extremely knowledgeable.
3161 South 700 East
Salt Lake City, UT 84106
Legacy Rare Coins
As their name suggests, Legacy specializes in hard to find and high-grade US and world coinage, with an impressive selection of 19th-century American coinage. They also deal in gold and silver bullion coins, especially US Mint products such as the American Gold Eagle and the American Silver Eagle. Legacy Rare Coins actively buys coins and bullion from the public, so their wide selection is continuously being updated.
4431 Commerce Drive
Murray, UT 84107
For over 30 years, American Coin has been one of the best silver and gold dealers in Utah. American Coin also buys and sells a wide range of US and world coinage. They have an easy to use website, where they list prices on gold and silver coins, as well as the current silver and gold spot prices. American Coin actively engages its customers and has a reputation of helping customers make informed investments.
1170 South State Street
Orem, UT 84097
The Regency Mint
The Regency Mint is one of the largest private mints in the United States, and has recently expanded to include a manufacturing facility in California. Regency manufactures a wide range of gold, silver, and copper bars and rounds, many of which are IRA-eligible for investors in the United States. Regency is especially renowned for their range of silver bullion bars and rounds, made under the Quality Silver Bullion banner. Examples range from 1/10 troy ounce silver rounds up to 10 ounce silver bars and rounds. Regency often uses historic designs on their gold and silver rounds, often inspired by US circulation coinage. Examples are Walking Liberty, Buffalo, and Morgan silver bars and rounds.
222 West Center Street #1543
Orem, UT 84059