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How To Get Your Hands On Gold And Silver Coins If You Live In Oklahoma

Published by: Gold Expert on November 02, 2020
How To Get Your Hands On Gold And Silver Coins If You Live In Oklahoma

You’ve got some money on the side, and you’ve been thinking it’s high time you invest in something, but you’re not sure what’s the right choice. 

Sure, you can invest in stocks, bonds, or real estate, but there’s one thing you should seriously consider - precious metals. 

When I say precious metals, I mean gold in particular, but silver is another good choice.

And why should you want to buy gold in the first place? I’m glad you asked. 

Gold is one of the most stable investments, and this is not just a plain statement - we’ve witnessed it throughout history. No matter the economic or political climate, gold’s held its position among the top profitable investments through turmoils and crises like no other. 

Now that you’re probably thinking about getting some gold, you’re wondering where and how to start. For all my Oklahomans, this is the right place to find out all about purchasing gold and silver in your state. 

So keep on reading to find out all about making profitable gold and silver investments!

Reasons To Invest In Gold And Silver

You’ve probably heard many times that gold is a valuable investment, but perhaps you’re not really sure why. And that’s okay, most people don’t know a lot about gold until they develop an interest to invest, so let me explain.

The first thing you need to understand is that gold preserves wealth. 

This means that gold has survived countless crises throughout the generations. Not only did it survived, but it actually thrived. The same cannot be said for any paper-denominated currency or intangible investments, such as stocks or bonds. 

The ability to make strides during disturbing times is a quality specific to gold. This means that gold’s purchasing power is constant like no other currency.

The unique constant nature of gold’s value is the reason why gold is considered a hedge against inflation and deflation. This may sound a bit contradictory, but it’s true. There are few, if any, investments whose value doesn’t plummet during either inflation or deflation. 

So, to sum up, what are the reasons for investing in gold?

  1. Gold retains value
  2. Gold’s purchasing power has a constant nature
  3. Gold is a tangible asset that can survive and flourish amid calamities

And what about silver?

The truth about silver is that you can actually get all of the same benefits you get with gold, but at a much lower price. That’s why silver is often called ‘poor man’s gold.’

Generally, silver is also considered a smart investment, but you have to be aware it’s worth much less than gold, so don’t expect it to be as profitable. 

What Are Your Options?

The best way for you to invest in gold and silver as an individual is to purchase bullion. 

What exactly is bullion? 

Bullion is precious metals in the form of coins and bars. It’s mostly kept as a reserve asset by central banks, governments, and individual investors such as yourself. 

Banks use it to settle debts or stimulate the economy, and investors usually purchase it as a safe haven for a looming crisis or to diversify their portfolio.  

So what are your options if you decide to buy bullion?

The number one choice of most investors is coins. Bars are usually held by central banks and governments and rarely by individuals because most of them are large, so they require you to spend a lot of money at once, and they don’t offer a lot of flexibility - all your gold possessions are in that one bar. 

Of course, you can also purchase smaller bars, but coins have something about them that makes them more special, a certain aesthetic and sentimental value. 

The most popular gold coins in the United States (and, by extension, Oklahoma) are the American Gold Eagle and American Gold Buffalo. Both of them are produced by the US mint.

The Gold Eagle is a 22K coin, while the Gold Buffalo is a 24K coin so it’s pure gold. They are both mesmerizing in beauty so it’s no surprise they’re so in-demand among investors and numismatists. 

Another prominent choice is the Gold Maple Leaf produced by the Canadian Royal Mint. This 24K gold coin is among the most popular globally, not just the US, and it’s an exceptional choice for gold investments.

These three are not the only ones available. There’s actually a wide range of options when it comes to gold and silver coins, so you can have your pick.

Buying Gold And Silver In Oklahoma

Purchasing precious metals in the state of Oklahoma (unfortunately) comes with the possibility of extra expenses. 

Like all other states, OK also has a sales and use tax for all transactions within the state, and the statewide sales tax is 4.5%. However, local counties and cities add on tax, so it all depends on where you are. 

Under current law, gold and silver are subject to capital gains taxation, but only when exchanged for Federal Reserve notes or used in barter transactions. 

It’s important to know that if you hold gold as a hedge against the devaluation of the US dollar, you may end up with a gain on your gold when it’s priced in US dollars. Mind you, this is not necessarily a real gain, but a nominal gain. Nevertheless, the government considers it income against which it can assess a tax.

In Oklahoma, state laws recognize gold and silver as a form of money - a currency rather than a piece of property, so many agree that it would be inappropriate for the state to levy taxes when the gold and silver are used or exchanged. 

If you want to know the explicit details about tax in your county and city, please check with your tax advisor for full information. 

Final Word

Investing in gold or silver is a smart move. 

Precious metals are generally considered a safe and profitable investment, so if you’re looking to put your money into something, I strongly suggest you consider gold and silver. 

And not just any gold and silver, but the striking gold and silver coins you can find at a coin dealer.