The governor of Oklahoma signed an order stipulating that the state’s gold and silver coins became legal tender.
Oklahoma is the fourth state in the United States to cancel gold and silver tax after Utah, Texas, and Louisiana. In addition, many states in the United States are also considering legislation to make gold and silver coins legal tender.
The bill was first passed in the state legislature in 2010. After the official signing of the governor, the state residents no longer need to pay the consumption tax on the purchase of gold coins and silver coins.
However, the tax exemption is limited to gold bars and silver bars. The purchase of gold ornaments and gold and silver ornaments still require a consumption tax.
Michael Haynes, CEO of online precious metals dealer APMEX, said: "Investors now no longer have to go to other states to buy gold and silver, and they don't have to pay 8% GST for gold and silver investments."
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