Buying Gold Or Silver In Kentucky

by copilot - 2025-06-29 16:52:03 ( in life, money, precious-metals, legal) [php version] rebuild

Prompted and edited by Bill.

When buying gold or silver online in Kentucky, there is no specific state law requiring ID for such purchases. However, here's how it typically plays out:

Dealer Policies Vary

Most reputable online precious metals dealers (like APMEX, JM Bullion, or SD Bullion) may request ID for:

Large transactions (especially over $10,000, due to federal IRS Form 8300 requirements)

First-time buyers, to prevent fraud

Shipping verification, especially if billing and shipping addresses differ

Federal Compliance Still Applies

Even if Kentucky doesn't mandate ID, federal regulations still require dealers to report certain transactions. This includes:

Cash payments over $10,000

Suspicious activity, which may prompt ID verification

Sales Tax Exemption

As of August 1, 2024, Kentucky exempts gold and silver bullion from sales tax. This applies to online purchases shipped to Kentucky addresses, assuming the dealer honors the exemption. Some may still ask for ID to verify residency.

Kentucky itself doesn't require ID for online gold or silver purchases, but you may still be asked for it depending on the dealer, the amount, and the payment method.

Here are a few key points:

Federal law requires dealers to file IRS Form 8300 for cash transactions over $10,000, which may prompt them to ask for ID--even in states without explicit ID laws.

Kentucky law does not currently mandate ID for all precious metals purchases, unlike some states that have stricter regulations.

Sales tax on gold and silver was a contentious issue in Kentucky. A sales tax exemption was passed in 2024, but Governor Beshear attempted to veto it. The legality of that veto is still under dispute.

So while Kentucky may be more lenient than most states, it's still wise to check with individual dealers, as their policies may vary.

Comments (We enjoy free speech. Try not to offend, but feel free to be offended.)

Silver eagles are good but not the best deal. Any of the major mints are good. You seem to always get the most for your money when buying bars, like 5 oz or 10 oz. Here's 10 ounces for $38.41 per ounce: battalionmetals.com/products/10-ounce-nordic-raven-silver-bar

But that's when you get 250 or more of them. For one bar it's $391.49 paying by bank wire or $407.80 if you pay by card.

This company tends to have the lowest spot price which locked in today for $36.11. $39.52 is the lowest for one ounce for the Britannia. The best price is $39.43 if you get 20-99 of them.

$39.22 is the best price at APMEX for the one ounce Britannia. No matter how many you buy: www.apmex.com/product/53532/great-britain-1-oz-silver-britannia-bu-random-year

Just noticed the Britannia from Apmex is $39.39 which is $2.99 over spot. I remember getting a better deal over spot but that was awhile ago.

In either case, they send it to you. No need to drive to KY.

- doug, 2025-06-30 06:09:03

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