Law Exempts Precious Metals Purchases if they Meet Other Requirement
For Immediate Release
Contact: Andrew Duffle (405)595-2100 X 265
Oklahoma City, OK, May 15, 2012: Residents of Oklahoma can legally purchase Gold and Silver coins, bars and rounds from Oklahoma precious metal dealers without paying any sales taxes on that purchase.
A recent law was enacted by the Oklahoma legislature that allows residents of Oklahoma to purchase Gold or Silver coins, rounds or bars, in any amount, from an Oklahoma precious metal dealer without paying any state sales tax, with one important provision. In order to comply with this law, the precious metal products must be stored in a non-bank Depository for safekeeping. The bill specifically does not apply to the purchase of gold or silver items used as jewelry or for artistic or ornamental use. House Bill 3166 passed the 2010 Oklahoma Legislature, with bi-partisan support, and was signed by the Governor. The intent of the bill was to help Oklahomans buy precious metals as they do other investments, without any sales taxes being levied on the purchase.
“We were very pleased to see that the Oklahoma Legislature passed this important measure that leveled the playing field for Oklahoma investors. Now investors don’t have to buy their precious metal products from out-of-state dealers, nor are they subjected to paying more than 8% of sales tax on an investment-type asset, “said Michael Haynes, CEO of APMEX, Inc., of Oklahoma City (www.APMEX.com). APMEX is one of the nation’s largest online precious metals dealers. “In order to help Oklahomans comply with this law, APMEX has created a wholly-owned subsidiary called Citadel Global Depository Services, Inc., (www.cgdsi.com) which secures storage services from one of the most trusted names in the storage of valuable assets,” Haynes concluded.
“Citadel was created to help investors safely and securely store their precious metal products in a high security location. Through our exclusive arrangement with one of the oldest names in the transportation and storage of precious metals, we can provide safe, secure and economical storage for all Oklahoma investors, “ said Mike Garofalo, President of Citadel. “Citadel customers have online access to their holdings 24/7 and the value of their holdings is updated daily. In that way you always know what your Gold and Silver products are worth, whether you own a thousand dollars or ten million dollars worth of precious metals, “Garofalo stated.
About APMEX, Inc.
APMEX is one of the nation’s largest online precious metal; retailers. Located in Oklahoma City, OK, APMEX serves their customers worldwide through their website (www.apmex.com). APMEX offers over 5,000 different types of precious metal products for every investment need.
About Citadel Global Depository Services, Inc.
Citadel provides storage services for precious metal buyers worldwide. Located in Oklahoma City, Citadel’s services and benefits can be viewed online at their website (www.cgdsi.com). With highly competitive storage rates, very low minimums, 24/7 access to viewing your holdings and an exclusive arrangement with a global leader in security, Citadel provides an unparalleled storage option. A Citadel account may be opened without any obligation until product is deposited for safekeeping.