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The Best And Safest Way To Invest In Gold And Silver In New Mexico

Published by: Gold Expert on November 02, 2020
The Best And Safest Way To Invest In Gold And Silver In New Mexico

The reasons to invest in gold and silver are plenty but there's one word that makes the whole case: profitable.

Indeed, if one thing's sure about precious metals investment, it's that it can be lucrative.

And why is this, you might ask?

As I said, there are numerous reasons. But why should you care? What's in it for you as an individual investor living in New Mexico?

That's a good question to which you can find out the answer below!

Why Should You Buy Gold And Silver?

If you have some money on the side, possibly the worst thing to do is to just keep it like that. It's never safe having loads of cash lying around because if someone steals it, it's gone for good. 

What you should do instead is spread it out - for instance, put a half in a bank account, and the other half you should put towards something, like an investment that can turn out to be quite profitable.

But in what to invest? 

Yes, you've guessed it - precious metals, gold, and silver in particular.

It doesn't matter if it's gold or silver, the benefits are pretty much the same. The only difference is that silver costs a lot less so if you don't want to spend a lot of money, silver is the right choice for you.

And what are the benefits exactly?

Gold, just as silver, retains its value. This means that regardless of the political or economic situation (globally or not), gold has managed to survive a lot. And more often than not, it doesn't just survive - it flourishes.

So think of gold as something that can't be shaken down. Deflation, inflation, and an economic crisis all have nothing on gold.

Sure, there are other profitable investments such as stocks or bonds, but gold is one of the rare tangible assets that have a constant nature like no other. I'm talking about gold's purchasing power. 

Although there's technically no guaranteed constant in the economy, the price of gold is something that comes close.

Investors turn to gold every single time there's an imminent crisis. Throughout history, gold has acted as a safe haven during troubled times, and it still does.

Another reason investors value gold is that it serves as a portfolio diversifier. Even if gold makes a small percentage of your portfolio, it can make significant changes.

You may notice I mentioned gold more than I did silver, but the essentials are similar. There are, naturally, a few differences. For example, silver is more volatile than gold, but it's also way more affordable.

If I've convinced you that gold and silver are smart choices, you're probably wondering what your options are if you decide to purchase.

Let's find out.

What Are Your Options?

The best and safest way for you to invest in gold or silver is by buying bullion. 

Bullion is, in simple terms, precious metals in the form of coins and bars. It can be any of the four precious metals - gold, silver, palladium, and platinum, but the most popular choices are gold and silver. Palladium is extremely difficult to get hands on, and platinum hasn't had a good year in a while.

So, when most people talk about bullion, they usually refer to gold, and sometimes silver.

As I said, bullion is gold coins and bars. Bars are mostly kept by governments and central banks, while coins are the preferred choice of individual investors, including coin collectors.

The wide assortment of gold coins consists of awe-inspiring designs and many of the coins have a certain sentimental value, especially for coin enthusiasts.

There are mints around the world that produce gold bullion. The US mint creates two of the most beautiful and valuable coins - American Gold Eagle and  American Gold Buffalo.

The Gold Eagle depicts the Lady of Liberty and the bald eagle, so it's a monument to patriotism and freedom. It's a 22K coin and it's famous worldwide for its beauty.

The Gold Buffalo, on the other hand, is a 24K coin, which means it's pure gold. Its design shows a profile image of a Native American and the American Buffalo.

Besides the US mint, some of the most prominent coins come from: 

  1. the Royal Canadian mint (Canadian Gold Maple Leaf)
  2. the Royal mint in Britain (The Gold Britannia), 
  3. Perth mint (Australian Gold Kangaroo)
  4. South African mint (the Krugerrand)

Mexican mint produces some of the most captivating gold coins and most of them are actively traded in the United States, especially in the southern states that are close to Mexico, including New Mexico.

One of those coins is the 24K gold coin called Libertad, a.k.a. Mexican Onza. Gold Peso coins are the other popular option for bullion investors.

The Laws On Gold And Silver In New Mexico

Unlike most states, New Mexico doesn't have a sales tax. Instead, there's something called "gross receipts tax." This tax is levied on the business rather than the consumer.

However, in most cases, the business passes it onto the consumer by adding it to the selling price.

Currently, gold and silver are subject to capital gains in NM when exchanged for Federal Reserve notes. If you end up with a nominal gain on your gold when it's priced in dollars, the government will likely use that to assess a tax.

While some states like Oklahoma and Utah recognize gold and silver as money, New Mexico doesn't. 

If you want to know all about tax on gold and silver, I strongly suggest you consult your tax advisor.

The Bottom Line

New Mexicans have a lot of options when it comes to gold and silver bullion, coins in particular. Some of the most beautiful in-demand coins are waiting for you at Amarillo coin dealer shop, so you can have your pick.

If you're looking to invest in bullion, just remember one thing:

There's nothing more important than having a trustworthy coin dealer!