Category Archives: Precious Metals News

Costco Now Offering Gold Bars, Finds Them Hard to Keep in Stock

By CoinWeek …. Taking advantage of the hot market for emergency preparation goods, the Washington-based warehouse club store Costco is now offerig its members the chance to buy 1oz gold bars at its stores and online. But in a scenario familiar to many who’ve tried to buy gold and other products directly from the United […]

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FBI Accused of Keeping Gold Coins, Silver of Private Citizens

By CoinWeek …. Civil forfeiture is a controversial tactic of government and law enforcement agencies. Your property can be taken without criminal charges levied against you, and it’s up to the Government to decide when (or if) you get it back. But two people in the Los Angeles area–people who might be considered typical bullion […]

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California Resolves Coin, Bullion Sales Tax Issue With Legislation

By National Coin and Bullion Association (NCBA) …… Last week, Senate Bill 889 (SB 889) reached the desk of California Governor Gavin Newsom for his signature, bringing an end to a three-month negotiation between the California Coin and Bullion Merchant Association (CCBMA) and the California Department of Tax and Fee Administration (CDTFA). The legislation addresses […]

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California Coin and Bullion Sales and Use Tax Regulation Changed

By National Coin and Bullion Association (NCBA) …… The state of California has increased its exemption threshold for sales and use tax on bulk sales of monetized bullion, nonmonetized gold or silver bullion, and numismatic coins, effective January 1, 2023. With higher inflation rates in 2022, regulations stipulated that the threshold adjust from $1,500 to […]

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CFTC Charges Precious Metals Dealers in Elderly Fraud

Commodity Futures Trading Commission (CFTC) …… The Commodity Futures Trading Commission (CFTC) announced on Tuesday, April 25, 2023, it has filed a civil enforcement action in the U.S. District Court for the Eastern District of New York against two affiliated precious metals dealers located in Los Angeles, California: Fisher Capital LLC and AMS Consulting Solutions […]

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Arkansas Removes Taxes on Gold and Silver

By Money Metals Exchange …… House Bill 1718, the Arkansas Legal Tender Act, has become the law in the “Natural State”. Backed by sound money advocates and supporters throughout the state and nation, HB 1718 reaffirms gold and silver as legal tender, as well as ends all taxes on the purchase, sale, or exchange of […]

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Mississippi Ends Sales Tax on Gold and Silver

By Money Metals Exchange …… With the stroke of Governor Tate Reeves’s (R) pen on Wednesday, April 19, Mississippi has become the 43rd state in the country to end sales taxes on the purchase of physical gold, silver, platinum, and palladium coins and bullion. Senate Bill 2862, sponsored by State Senator Juan Barnett (D-34), had […]

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Mississippi Ends Sales Tax on Gold and Silver

By Money Metals Exchange …… With the stroke of Governor Tate Reeves’s (R) pen on Wednesday, April 19, Mississippi has become the 43rd state in the country to end sales taxes on the purchase of physical gold, silver, platinum, and palladium coins and bullion. Senate Bill 2862, sponsored by State Senator Juan Barnett (D-34), had […]

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Mississippi Ends Sales Tax on Gold and Silver

By Money Metals Exchange …… With the stroke of Governor Tate Reeves’s (R) pen on Wednesday, April 19, Mississippi has become the 43rd state in the country to end sales taxes on the purchase of physical gold, silver, platinum, and palladium coins and bullion. Senate Bill 2862, sponsored by State Senator Juan Barnett (D-34), had […]

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Perth Mint Gold “Doping” Scandal Calls Senior Leadership Into Question

By Hubert Walker for CoinWeek …. A recent report on Australian TV has put the reputation of one of the world’s major mints–as well as the reputation of the entire international system of precious metals accreditation–in jeopardy. On Monday, March 6, an internal report from the Perth Mint was leaked to the Australian Broadcasting Corporation […]

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Mississippi Legislature Votes to End Sales Tax on Gold and Silver

By Stefan Gleason – Money Metals Exchange ……   State lawmakers of both houses have just voted overwhelmingly to exempt physical gold, silver, platinum, and palladium coins and bullion from the Mississippi state sales tax, sending the bill to Governor Tate Reeves (R) for his signature. Senate Bill 2019 (PDF link), sponsored by Senator Chad […]

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Mississippi Legislature Votes to End Sales Tax on Gold and Silver

By Stefan Gleason – Money Metals Exchange ……   State lawmakers of both houses have just voted overwhelmingly to exempt physical gold, silver, platinum, and palladium coins and bullion from the Mississippi state sales tax, sending the bill to Governor Tate Reeves (R) for his signature. Senate Bill 2019 (PDF link), sponsored by Senator Chad […]

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Royal Canadian Mint Issues Its First Single Mine Gold Bullion Coin

In response to increasing market demand for greater transparency in the provenance of precious metals, and to showcase its continually evolving refining capabilities, the Royal Canadian Mint is introducing its first gold bullion coin completely sourced from a single mine. The 2022 $50 1 oz. 99.99% Pure Gold Maple Leaf Single-Sourced Mine bullion coin is […]

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Precious Metals Dealer Bob Higgins of Argent Group Charged With Ongoing Fraud

Commodity Futures Trading Commission (CFTC) ……   On Wednesday, October 5, 2022, the Commodity Futures Trading Commission (CFTC) announced that it filed a civil enforcement action in the U.S. District Court for the District of Delaware against a precious metals dealer, Argent Asset Group LLC, and a precious metals depository, First State Depository Company, LLC, […]

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First-Ever Bullion Coin From Sierra Leone Features the Lion

Limited to 5,000 Fine 999 Silver Reverse Frosted Fine 999 Gold Bullion Sold Out! The Pobjoy Mint is delighted to announce the release of a new 2022 Silver Reverse Frosted Bullion Coin featuring the Lion, King of the African Savannah. The coin is the FIRST of its kind issued on behalf of the Bank of […]

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Biden and G7 Ban Russian Gold Imports

By Everett Millman – Gainesville Coins …… New economic sanctions against Russia will target the country’s gold exports. Several of the Group of 7 nations (known as the G7) have banned any Russian gold from entering their countries as of Sunday, June 26. Who is Banning Russian Gold? In addition to the United Kingdom, the United […]

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Tennessee Governor Signs Full Repeal of Sales Taxes on Gold and Silver

By Stefan Gleason – Money Metals Exchange …… With Governor Bill Lee’s (R) signature on Friday, Tennessee has officially become the 42nd state in the United States to remove sales taxes from constitutional sound money (i.e., gold and silver). Tennessee’s House Bill 1874 and Senate Bill 1857, introduced by Representative Bud Hulsey (R-2) and Senator […]

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Tennessee to Become 42nd State to End Sales Taxes on Gold and Silver

By Stefan Gleason – Money Metals Exchange …… Both houses of the Tennessee legislature yesterday overwhelmingly passed bills that would make the Volunteer State the 42nd state in the U.S. to remove sales taxes from constitutional sound money (i.e., gold and silver). Tennessee’s House Bill 1874 and Senate Bill 1857, introduced by Representative Bud Hulsey […]

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Alabama Expands, Extends Sales Tax Exemption Involving Gold and Silver

By Stefan Gleason – Money Metals Exchange …… With Governor Kay Ivey’s signature on sound money legislation today, Alabama has become the second state this year to expand its sales tax exemption involving gold and silver. Alabama Senate Bill 13, championed by State Senator Tim Melson (R) and Representative Jamie Kiel (R-18), passed with unanimous […]

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Virginia Bullion Sales-Tax Exemption Extended and Threshold Removed

By National Coin & Bullion Association (NCBA) ……   On March 2, Virginia governor Glenn Youngkin signed House Bill 3, which extends the sunset date for the sales-tax exemption on gold, silver, and platinum bullion and legal tender coins to June 30, 2025. Under the previous law, the exemption would have expired on June 30, […]

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What the Russian Gold Bill Means

By Blanchard and Company, Inc …… In early March, a bill was introduced to the United States Senate in an attempt to restrict Russia from selling its gold. The legislation was a collaborative effort from a bipartisan group of senators. The bill has far-reaching implications because Russia is facing the toughest sanctions ever imposed in […]

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2022 Could Be “Year of Sound Money” in States

By Jp Cortez – Money Metals Exchange …… Last year was a good year for state-level sound money legislation across the United States. 2022 could be even better. Building on the success enjoyed by sound money advocates in Arkansas and Ohio last year, more than a half dozen states are now considering legislation that rolls […]

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Oklahoma to Consider Holding Gold and Silver, Removing Income Taxes

By Jp Cortez – Money Metals Exchange …… On Thursday, January 20, an Oklahoma state representative introduced legislation that would enable the State Treasurer to protect Sooner State funds from inflation and financial risk by holding physical gold and silver. Introduced by State Representative Sean Roberts (R-36), HB 3681 would include physical gold and silver, […]

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New Concerned Collectors Coalition to Replace NCBA Patron Membership

The National Coin & Bullion Association (NCBA) is replacing our Consumer Patron-level membership with a new, free membership dedicated to collectors. The Concerned Collectors Coalition is specifically for individuals whose primary source of income is not generated by the sale of numismatic materials. Concerned Collectors Coalition members receive a membership certificate and the association’s quarterly […]

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Coin Dealers: Protect Your Business From State Greed

In light of the Supreme Court’s South Dakota v. Wayfair decision, what would it mean for your business to be free of the burden of collecting sales tax on the coins, currency, and precious-metals bullion you sell? Even if your business is not located in one of the states below, if any of your customers–be […]

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Royal Mint to Turn Phones Into Gold With First Sustainable Precious Metal Technology

Pioneering new technology will enable The Royal Mint to recover precious metals from discarded electronic devices such as mobile phones and laptops Provides a source of high-quality precious metals while offering a solution to significant and growing environmental challenges Forms part of The Royal Mint’s reinvention and helps secure a future as a leader in […]

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The Silver Shortage and How It’s Affecting You: Bullion Shark

By Bullion Shark LLC …… Since the start of the pandemic in early 2020, there have been some amazing developments regarding silver bullion and the silver market – the wholesale and retail markets as well as investing in silver through ETFs, or Exchange Traded Funds. After dipping in 2019, the combined demand from those who […]

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Arkansas Governor Hutchinson Signs Bill Providing Sales Tax Exemption for Coins, Bullion

By Industry Council for Tangible Assets…. On May 3, 2021, Arkansas governor Asa Hutchinson (R) signed into law Senate Bill 336, creating an exemption from the sales and use tax for coins, currency, and bullion. “The bill’s primary sponsor, Senator Mark Johnson (R), along with its House sponsor, Representative Delia Haak (R-91), championed the bill […]

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The Gamestop War Spreads to Silver

By Charles Morgan and Hubert Walker for CoinWeek ….. As Gen X’ers, we have found certain aspects of media coverage concerning r/wallstreetbets’ massive pantsing of hedgefund-holding elites via a mobile investing app lacking. For starters, Gamestop (NASDAQ: GME), the company whose stock started it all, is a brick-and-mortar retailer that many consumers north of 50 […]

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Federal Court Orders Florida Company to Pay More Than $15 Million for Fraud, Illegal Precious Metals Transactions

By Commodity Futures Trading Commission ……   On Monday, October 28, the United States Commodity Futures Trading Commission today announced that the U.S. District Court for the Southern District of Florida entered a default judgment against defendants Aviv Michael Hen of New York, and Omega Knight 2, LLC, as well as a consent order against […]

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Mexican Mint $2.5 Million Gold Coin Robbery Days After Brazil Gold Heist

Over $2.5 Million in Gold Coins Taken From Casa de Moneda   By CoinWeek News Staff …. Yesterday in Mexico City, two men (one of them armed) robbed a branch of the Casa de Moneda of more than $2 million worth of commemorative gold coins and other valuables. According to the Secretary of Public Security […]

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Gold & Precious Metals: Ninth Circuit Rules for CFTC in Fraud Case Against Monex

By Commodity Futures Trading Commission …. On Thursday, July 25, the United States Court of Appeals for the Ninth Circuit reinstated its anti-fraud enforcement action against Monex Deposit Company and its affiliated companies and principals. The Ninth Circuit held that the district court erred in dismissing the case, and ruled that the CFTC’s charges of […]

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Two Former Precious Metals Traders Admit To Manipulation at New York Banks

By Commodity Futures Trading Commission …… On Thursday, July 25, the U.S. Commodity Futures Trading Commission issued two orders filing and settling charges against former precious metals traders at separate financial institutions who entered into formal cooperation agreements with the CFTC’s Division of Enforcement and admitted to spoofing and manipulative conduct in the futures markets. […]

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Kansas Governor Signs Sales Tax Exemption on Gold, Silver Coins, Precious Metals Bullion

By Industry Council for Tangible Assets …… On Thursday, May 16, 2019, Kansas governor Laura Kelly (D) signed into law House Bill 2140, which provides a sales-tax exemption on sales of gold and silver coins and on all gold, silver, platinum, and palladium bullion. “The outcome is not everything we started with in the original […]

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Gold & Silver PAC News – April/May 2019: Online Sales Tax Collection

By John Villavicencio for the Gold & Silver PAC ……   Gold & Silver News From the Political Coordinator   April showers bring… taxes The tax filing deadline for 2018 has come and gone, but what do you need to know for your 2019 taxes? If you sell on eBay or do business in California, keep […]

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Silver Eagle Demand Exhausts U.S. Mint Supply

By Everett Millman – Gainesville Coins …… Since this past December’s swoon for stock markets around the globe, investor interest in precious metals has seen a resurgence. You would expect a rebound in sales after the United States Mint experienced sharply declining mintage totals for U.S. bullion coins in 2018, namely the American Silver Eagle. However, […]

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Precious Metal News: The Problem With Venezuela’s Gold

By Everett Millman – Gainesville Coins …… If you haven’t noticed, Venezuela is in absolute turmoil. The growing calamity has economic, political, and humanitarian dimensions that are beginning to spread across South America. Aside from a growing refugee crisis and shortages of food and medicine, the country is dealing with political upheaval and runaway inflation. Its […]

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Precious Metals & Bullion News: Press, Public Criticize India Gold Scheme

By Everett Millman – Gainesville Coins …… About five years ago in India, the newly-elected government of Prime Minister Narendra Modi continued with the previous administration’s new legal measures designed to ease the imbalance of gold flows into the country. Demand from Indian households (many of them rural farmers) brings hundreds of tons of gold across […]

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APMEX and Sprott Launch Online Marketplace for Digital Gold, Other Precious Metals

OneGold marketplace built to meet the unique needs of precious metal investors, reflecting APMEX and Sprott’s decades of experience and deep knowledge OneGold’s digital gold combines key investment benefits of physical gold with those of blockchain-based digital assets APMEX, Inc. and Sprott Inc. (TSX:SII), leaders in the precious metals industry, have announced the launch of […]

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Gold Repatriation Could Be Sign of Things to Come

Gold Repatriation By Everett Millman – Gainesville Coins ……   For reasons that have to do mainly with security, a number of America’s allies around the world have for decades agreed to store a portion of their national gold reserves — their sovereign gold — in New York. Specifically, at the Federal Reserve Bank of New […]

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Mark Olsen Mining Company, Manager Charged with Illegal Precious Metals Transactions

By Commodity Futures Trading Commission ….   On June 12, the Commodity Futures Trading Commission (CFTC) filed a civil enforcement action charging Florida-based Defendants Mark Olsen Mining Company (MOMC) and Betty Lea Grimes with engaging in illegal, off-exchange transactions in precious metals with retail customers on both a fully paid as well as a leveraged, […]

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CFTC Charges Omega Knight 2, LLC, Owner with $5.5 Million Precious Metals Fraud

By Commodity Futures Trading Commission …. The Commodity Futures Trading Commission (CFTC) filed a civil enforcement action for CFTC Charges Omega Knight 2, LLC, Owner with $5.5 Million Precious Metals Fraud in the U.S. District Court for the Southern District of Florida against Defendants Omega Knight 2, LLC (Omega Knight), its owner and president, Aviv Michael […]

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Gold, Bullion & Precious Metals News – Scotiabank Restructuring Metals Business

By Everett Millman – Gainesville Coins ……. One of the major players in the precious metals industry is largely closing up shop. What does that mean for the rest of the markets? Marred Reputation Big banks have long played a crucial role in precious metals. They function as “market makers”, bringing together large-scale buyers and […]

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Egyptian Billionaire, One of Forbes’ Richest in World, Invests Almost $3 Billion in Gold

By Hubert Walker for CoinWeek …. Naguib Sawiris, the 63-year-old Coptic-Egyptian billionaire, has used half of his $5.7 billion USD (approximately €4.74 billion) net worth to buy gold, according to an interview with Bloomberg TV on Monday, April 30. During the interview, Sawiris stated his belief that gold will reach a price of $1,800 per […]

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Alabama Becomes 37th State with Bullion Sales Tax Exemption

By Industry Council for Tangible Assets …… On Tuesday, March 6, 2018, Alabama governor Kay Ivey signed into law Senate Bill 156 to exempt the gross proceeds from the sales of gold, silver, platinum, and palladium bullion, and money from sales and use tax for five years. The law is a sales-and-use tax exemption on […]

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Gold in Waters Around Indian Peninsula?

Researchers speculate that Ocean Mud contains Gold surrounding the Indian Peninsula By Everett Millman – Gainesvillecoins.com …… In India, a country already so hungry for gold, there may be a new source of precious metals to meet the public’s seemingly insatiable desire for the yellow metal. The catch? It’s effectively at the bottom of the […]

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Louisiana Coins and Precious Metals Bullion Exemption Enacted

By Industry Council for Tangible Assets ….. Last year, the Louisiana legislature, facing a $900 million deficit, held a special legislative session and increased Louisiana’s 4% sales tax to 5%. In addition to increasing the state sales tax, it eliminated nearly all tax exemptions and exclusions–including numismatic coins and precious metals bullion exemptions–for three months, […]

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Feds Order Kelvin Burgos to Pay More Than $486,300 for Illegal Precious Metals Transactions

By Commodity Futures Trading Commission ….   The U.S. Commodity Futures Trading Commission (CFTC) announced that Judge Cecilia M. Altonaga of the U.S. District Court for the Southern District of Florida entered a final Order of Default Judgment (Order) against Defendants Kelvin Burgos and his company K.B. Concepts Group, LLC d/b/a Apex Asset Advisors, LLC […]

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Federal Court Orders More Than $1 Million in Restitution from Guardian Asset Group

By Commodity Futures Trading Commission ….   On May 23, the U.S. Commodity Futures Trading Commission (CFTC) announced that Judge Kenneth A. Marra of the U.S. District Court for the Southern District of Florida entered a Consent Order against Guardian Asset Group, LLC (Guardian) of West Palm Beach, Florida, and its owner and principal, Andrew […]

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Federal Court Orders More Than $1 Million in Restitution from Guardian Asset Group

By Commodity Futures Trading Commission …. On May 23, the U.S. Commodity Futures Trading Commission (CFTC) announced that Judge Kenneth A. Marra of the U.S. District Court for the Southern District of Florida entered a Consent Order against Guardian Asset Group, LLC (Guardian) of West Palm Beach, Florida, and its owner and principal, Andrew Kurzbard, […]

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Royal Mint UK, CME Group Launch Blockchain Based Digital Gold Product

Partnership to build digital gold product on blockchain technology to be available in 2017 The Royal Mint, the world’s leading export mint, and CME Group, the world’s leading and most diverse derivatives marketplace, today announced a collaboration to transform the way that market participants can trade gold. The Royal Mint, a 1,000-year-old institution owned by […]

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Gold Markets Report – Gold Moves Higher – On Politics?

Commentary for Friday, October 28, 2016 (www.golddealer.com) By Ken Edwards and Richard Schwary of California Numismatic Investments Inc …… Gold closed up $7.30 today at $1272.30 and got a political kick in the pants in the aftermarket which pushed prices up another $7.00 looking at $1280.00. So just when you thought it was safe to […]

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Gold Market Report – Gold Holds Modest Gains

Commentary for Thursday, October 27, 2016 (www.golddealer.com) By Ken Edwards and Richard Schwary of California Numismatic Investments Inc …… Gold closed up $2.90 at $1,265.00. The overnight market in gold was generally supportive moving higher by a couple of dollars in both Hong Kong and London but the US market broke down that same few […]

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Precious Metals & the World Economy – Russian Gold Reserves Grow

By Everett Millman – Gainesville Coins ……. This year, no central bank or central government has bought gold at a more vigorous pace than the Russian Central Bank. It has significantly added to its gold reserves in 2016, and this trend has continued. September saw Russia grow its gold reserves by 500,000 troy ounces (15.55 […]

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Precious Metals & the World Economy – Russian Gold Reserves Grow

By Everett Millman – Gainesville Coins …….   This year, no central bank or central government has bought gold at a more vigorous pace than the Russian Central Bank. It has significantly added to its gold reserves in 2016, and this trend has continued. September saw Russia grow its gold reserves by 500,000 troy ounces […]

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Secret Gold Vaults in the Swiss Alps

By Everett Millman – Gainesville Coins ……. Switzerland has long had a reputation—sometimes a dubious one—for being a safe place to stash one’s wealth away from the prying eyes of tax authorities. Right or wrong, the notion of a “Swiss bank account” is synonymous with evading taxation. Now, the ultra-rich seem to have discovered a […]

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CoinWeek Bullion Report – October 3, 2015 – Video: 3:04

CoinWeek takes a look at spot prices for gold and silver bullion over the course of the past week and looks into the news that effects the precious metals market. More news and information about precious metals and coins can be found every day at CoinWeek.com. Copyright © CoinWeek October 2015 COINWeek is the most advanced independent on-line […]

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Texas to Create First State-Owned, Operated Precious Metal Depository

By Industry Council for Tangible Assets…. News that the Texas legislature recently passed a bill (now a law signed by Governor Abbott) for the establishment of a secure precious metal depository is a very exciting update. Texas will now become the first state-owned and operated depository in the United States. In pioneering this effort, the […]

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Gainesville Coins Market Update: May 22-29, 2015

The volatility of global equities was on the rise this week, with significant sell-offs on the major stock exchanges in the U.S. (Tuesday) and China (Thursday). This coincided with a downward revision of first-quarter GDP amid an array of other disappointing economic data in the States. Funds continued to crowd into the bond markets, though […]

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Precious Metals Market Report: Gold scores 2.6% weekly rise – December 12, 2014

Precious Metals Market Report by Bill Musgrave – American Gold Exchange Gold edged slightly lower on profit-taking, holding above $1,224 and finishing the week 2.6% higher as investors sought safety from slowing global growth and plunging equities. It was the metal’s biggest weekly rise in more than two months. China’s economy weakened in November, with demand, factory […]

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Precious Metals Market Report: Gold slides 1.4% after strong jobs report – December 5, 2014

Precious Metals Market Report by Bill Musgrave – American Gold Exchange   Gold slid 1.4% to close just over $1,190 after a surprisingly strong jobs report triggered speculation that the Fed may raise interest rates sooner than expected. Despite the pullback, gold finished the week 1.3% higher. U.S. nonfarm payrolls added 321,000 jobs in November, the most in […]

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Precious Metals Market Report: Gold surges 3.6% on Japan, China, India – December 1, 2014

Precious Metals Market Report by Bill Musgrave – American Gold Exchange Gold surged 3.6% to close just under $1,220, a five-week high, on safe-haven demand after China’s economy slowed further and Japan suffered a sovereign debt downgrade. In addition, India ended some restrictions on gold imports, opening the door to higher demand in the world’s second-biggest gold-buying nation. Last […]

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Precious Metals Market Report: Gold dips 0.2% on mixed data – November 20, 2014

Precious Metals Market Report by Bill Musgrave – American Gold Exchange Gold dipped 0.2% in choppy trade to close just under $1,191 as traders digested mixed U.S. and global economic data. The metal initially rose above $1,195 in early trade after manufacturing surveys in three of world’s four largest economies signaled slowdowns in November. Markit reported that China’s […]

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Precious Metals Market Report: Gold trims losses after Fed minutes – November 19, 2014

Precious Metals Market Report by Bill Musgrave – American Gold Exchange Gold trimmed its losses to 0.2% in volatile trade, closing just under $1,194 after the minutes from the Fed’s recent meeting showed concern about inflation expectations. Gold initially dropped as low as $1,174 early in the session on reports that support is waning for the Swiss gold […]

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Mike Getlin: Google Killed Merit Gold

by Charles Morgan and Hubert Walker for CoinWeek… Last night I got an email from Mike Getlin, former Chief Financial Officer and Executive Vice President of Merit Gold and Silver. In the email, he apologized for not responding to CoinWeek’s previous inquiries concerning the firm’s legal troubles and asked if I would like to talk. Getlin […]

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