You'll only have to pay taxes if you make a profit from what you sell. This is known as “capital gain”, which we explain below. As a side note, 100 ounce silver bars are not declarable regardless of quantity. Cortez emphasized the importance of eliminating sales taxes, especially when investing in a Gold Silver Backed IRA, because in some states you end up paying taxes three times. If you buy gold and silver, a state sales tax of 7 to 10% will apply to you.
This illustrates how criminal this is in nine states, he said. And in every state except two or three, you'll be charged again for the third time. Gold and silver bars may attract unwanted attention or require special statements for monetary instruments, but a gold necklace is, well, just another gold necklace.