Law exempts Precious Metals purchases if they are stored in a non-bank depository, like APMEX owned subsidiary Citadel Global Depository
OKLAHOMA CITY, Dec. 5, 2012– According to a recent law enacted by the Oklahoma Legislature, residents of Oklahoma can purchase Gold and Silver coins, bars and rounds from Oklahoma Precious Metal dealers without paying any sales taxes on that purchase. 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 into law 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 eight percent 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,” Citadel President Mike Garofalo said. Storage costs are the same for all customers at just .55 percent (55 basis points) per year. So they pay slightly more than one half of one percent a year for insured allocated storage as opposed to a one-time 8.25 percent Oklahoma Sales Tax. Garofalo also added, “Citadel customers have online access to their holdings 24/7, and the value of their holdings is updated daily. That way you always know what your Gold and Silver products are worth, whether you own $1,000 or $10 million worth of Precious Metals.”
About APMEX, Inc.
APMEX Inc., one of the largest online retailers of Gold, Silver and other Precious Metals products, offers one of the world’s largest retail selections including all U.S. Mint bullion such as Gold, Silver and Platinum American Eagle coins. APMEX also sells all types of Royal Canadian Mint products, including Gold, Silver, Platinum and Palladium Maple Leaf coins, as well as South African Gold Krugerrand coins. APMEX is also a member of the American Numismatic Association, the International Precious Metals Institute and the Industry Council for Tangible Assets. For additional information, visit www.APMEX.com or call (800) 375-9006.
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.
Contact: Michael Garofalo APMEX, Inc., (405) 595-2100 X 114, Michael.Garofalo@APMEX.com