Broker: Gold cheaper in Michigan than Ohio - News, Weather, Sports, Toledo, OH

Broker: Gold cheaper in Michigan than Ohio

By Lauren Lowrey - bio | email 

Posted by Nick Dutton - email

TOLEDO, OH (WTOL) - As the dollar weakens, more people are turning to goal as a safe investment. And it is cheaper to buy in Michigan than Ohio.

MidAmerican Bullion and Coin's George Flanner says the demand for gold has caused prices to skyrocket. As a wealth manager, he recommends these types of investments since the economy faltered two years ago. His clients want to own gold and silver because it holds a tangible value.

Flanner began selling gold as a broker after he found out he could get better wholesale prices for his clients.

Any gold or silver more than 90 percent pure is considered under law as bullion and there is no sales tax in Michigan. However, bullion is taxed in Ohio.

"The consumer would pay that on any purchase of bullion, so they save the 6.75 percent just by driving over the line," said Flanner. "That's a $70 tax on one ounce of gold, so it could be significant savings."

Gold has been hovering around $1,100 an ounce for several months. A small 3.5 ounce box of gold pellets is worth nearly $4,000. Silver is a cheaper and trades for about $15.50 an ounce.

"As any tangible gets more expensive, you have fewer and fewer people who can afford to buy it. Silver is much more attainable…," said Flanner.

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