Maryland Just Declared War on Gold Owners—Are You Next?
A Tax That Penalizes People Who Save
On July 1, Maryland implemented a policy that imposes a 6% sales tax on all retail gold purchases—regardless of size. Previously, transactions over $1,000 were exempt from state sales tax, a recognition that larger purchases were investments rather than mere consumer spending. That exemption has now been eliminated.
Under the new rules, anyone buying gold—whether it’s a single coin or a more substantial bullion order—must pay the tax at the point of sale. For example, a $5,000 purchase will now cost an additional $300 in tax. A $10,000 purchase will require buyers to hand over an extra $600 to the state treasury.
To put this in perspective, consider what happens if you were simply converting paper currency to commonly used coins. If a person were to walk into a bank and exchange a $10 bill for a roll of quarters, there would be no tax, because quarters are still treated as standard legal tender. Yet when the same dollars are exchanged for gold coins minted by the U.S. government, the transaction becomes taxable.
This policy illustrates how the state distinguishes between government-issued fiat currency and precious metals—penalizing citizens who choose to protect their savings with an asset that historically retains value.
It’s the kind of decision that would have baffled my father, who spent four decades working with his hands to support our family. In his time, saving money was a virtue. Today, policymakers treat savers like opportunists for converting depreciating dollars into real assets that have endured every failed currency experiment in history.
This isn’t about fairness. It’s about punishing anyone unwilling to sit by while inflation erodes their purchasing power.
How Politicians Justify the Grab
Maryland officials have pitched this tax as part of their grand plan—the “Blueprint for Maryland’s Future”—to inject billions into education programs, teacher development, and a laundry list of new spending. But when the budget came up short, lawmakers fell back on the oldest playbook in politics: taxing the productive class to paper over their own excesses.
They estimate this new tax will pull in roughly $3 million per year. But in practice, it could destroy local gold dealers who simply can’t compete with neighboring states that don’t penalize their customers. The real cost will be shuttered storefronts, lost jobs, and even deeper distrust of government.
And this is only the beginning. When budgets get tight, states look for low-hanging fruit. Gold buyers are easy targets. As the old bank robber Willie Sutton put it, “That’s where the money is.”
The First Domino in a Nationwide Crackdown
If you don’t live in Maryland, you might be tempted to shrug this off. Maybe you figure you’ll just drive over the state line to Delaware or Pennsylvania to make your purchases tax-free. And for the moment, that’s a practical workaround.
But take a step back. Gold isn’t some fringe hobby anymore. When Costco can’t keep gold bars in stock, it’s a signal. Around the world, central banks in China, Russia, India, and elsewhere are snapping up gold by the ton—deliberately shifting away from U.S. dollars to insulate themselves from Washington’s reckless spending and monetary policy.
While everyday Americans are getting slapped with new taxes for trying to protect their nest eggs, foreign governments are building up gold reserves hand over fist.
Meanwhile, the Federal Reserve keeps pumping dollars into existence with zero regard for long-term consequences. Every trillion they print devalues what’s left in your checking account. A dollar today has the purchasing power of about two pennies in 1914.
But when you try to preserve your wealth with gold—real money—the state steps in to skim off your savings. That tells you everything you need to know about their priorities.
Why Lawmakers Don’t Grasp What Money Really Is
You won’t hear any of this on the evening news. Most politicians and pundits have no clue how honest money works. To them, wealth is just digits in a spreadsheet, not something rooted in real value.
More than a century ago, financier J.P. Morgan summed it up perfectly: “Gold is money. Everything else is credit.” Back then, America was still tethered to reality. Today, we’ve replaced that foundation with a house of cards built on debt and speculation—and nobody in power seems to care.
You and I understand why gold matters. You can’t fabricate it out of thin air. You can’t legislate it into existence. And when the day comes that this financial experiment unravels, people will rediscover why gold has outlasted every paper currency ever printed.
Don’t Wait for Other States to Follow
Maryland’s move is more than a local tax hike. It’s a preview of what could soon happen elsewhere as other cash-strapped states look for quick fixes to fill their budget holes. You don’t have to be a fortune teller to see more restrictions on gold and silver are likely coming.
The smart play is to act now. Get your gold before more taxes and reporting rules show up. Store it safely. Keep your plans private.
Because the dollar is like a car with the gas pedal stuck and the brakes worn out—accelerating straight toward a cliff. Gold is your seatbelt.
Take Action Before It’s Too Late
To help you protect your family’s wealth, I strongly recommend you download my colleague Bill Brocius’ free eBook: “Seven Steps to Protect Yourself from Bank Failure.” It’s packed with simple, practical steps you can take immediately.
And be sure to subscribe to Dedollarize’s premium research so you can stay a step ahead of the next financial crackdown.
Stay prepared, stay vigilant, and don’t let the system strip away your hard-earned security.
