The United Precious Metals Association was established shortly after the passage of the Utah Specie Legal Tender Act in early 2011. UPMA is known as a gold & silver depository. We offer Americans a choice in the type of currency that they use by offering accounts denominated in U.S. minted gold, and silver dollars. Members benefit from 0% buy/sell spreads and low vaulting costs. Members may even transact with each other using gold or silver dollars within our closed-loop payment system. To open an account and become a member, sign up today on our homepage.
Members can access their wealth by using a Visa debit card, ACH (electronic check), or by taking physical possession of their holdings. The average account only costs a few bucks a month, this makes UPMA a very affordable place to save and transact with sound money.
Every year we hold a publicly available meeting, the UPMA Summit. We invite prominent business men and politicians to talk about sound currency. Here are some of the most recent guest speakers.
The U.S. Government mints legal tender one ounce gold & silver coins denominated as fifty dollars (for gold) & one dollar (for silver). Therefore, one gold dollar is 1/50th of a one ounce gold coin from the mint.
All funded accounts pay a monthly membership fee of about $2.50. This covers vaulting & insurance of up to two ounces of gold, or a hundred ounces of silver. Each additional gold coin, or twenty silver coins costs roughly an additional 25¢ per month.
The membership fee covers commercial vaulting and insurance, as well as preparation of your online monthly statements and member support services.
Yes, all gold & silver legal tender holdings are insured by Lloyd's of London against loss, theft, or damage. Paper dollars held in escrow or trust accounts with financial institutions are covered by federal credit insurance, such as the FDIC.
At UPMA we only use U.S. legal tender Gold & Silver coins.These coins are official U.S. currency and may be circulated like any other dollar. Non-legal-tender gold products, as well as crypto-currencies may be liable for a capital gains tax when circulated.
Our service is best used as a highly liquid, inexpensive, gold or silver based savings account. Our 0% buy/sell spread significantly reduces the penalty of owning metals. Members may also pay each other directly with gold or silver.
Yes, simply have them create an account. Then you can link them to yours with whatever right you choose. You can link them in our website in the “My Account Info” tile.
We accept online ACH transfers of up to $10,000/month through our website. For higher amounts we accept personal checks, cashier’s checks, money orders, wire transfers, and bullion. We also accept cash at our office for amounts less than $9,000/year.
We can have your coins ready within 48 hours notice. You can pick them up in person at our office, or we can ship them to you. We require a copy of your photo ID, and we also require address verification for all shipments.
We make audits publicly available upon request. Members with holdings worth at least $50,000 may request to participate in a regular physical audit. Our goal is to be one of the world's most transparent, and trusted vaulting services.
No, banks loan out your money and are only required to keep a small percentage of it in reserve. We hold a 100% reserve for all deposits. Your gold & silver dollar holdings are never loaned to others unless you authorize it.
Yes, gold and silver may be deposited in person at our office or by mail. More details can be found through the 'More Resources' link under 'Depositing Gold & Silver'.
[your name], [your account username]
2179 S. 300 West, Unit 4
Salt Lake City, UT 84115
UPMA is proud to support specie legal tender payments between members for goods or services. Such payments within our closed-loop system are denominated in gold or silver dollars and process in just a couple of days.
One major advantage of this payment system is that capital gains taxes do not apply to legal tender purchases as they do to barter exchanges. Bitcoin users are familiar with this problem. if one were to buy bitcoin for $100 paper dollars and then later spend it for $1,000 in goods or services, a $900 taxable capital gain would accrue. Capital gain tax rates on barter exchanges can run as high as 28%.
To make a payment to another member simply call in or send us an email request. We will authenticate you before completing the transaction. A low 1% transaction fee is charged to the payment recipient. We plan to launch a highly secure online payment system for this service later in 2017.
We encourage members to offer others the opportunity of accepting gold/silver payments, whether it be your dentist or your plumber. They would simply need to join UPMA to participate. For paper dollar payments to non-UPMA members, we offer a debit card that can be reloaded from your gold or silver holdings. If you have any questions, please call us toll-free at 888.210.8488.
Since the Reagan years the Treasury of the United States has minted U.S dollars in the form of gold and silver coins. These coins are considered legal tender just like Federal Reserve notes. This means that transactions made with gold or silver coins are not considered barter transactions, therefore, the transactions can not be taxed as if they were barter transactions.
By using these U.S. minted gold and silver coins members can protect themselves from the depreciation of the Federal Reserve Note while avoiding the tax penalties of bartering with bitcoin or gold bullion.
Coin dealers typically purchase gold and silver for less money than they sell them for. For example, a one ounce gold bar may cost $1,240. However, if you want to sell that same bar back to the dealer,then they may pay you only $1,190, even if the price hasn't moved. This is known as a buy/sell spread.
At UPMA members may redeem their gold and silver for cash without any sort of spread for up to $10,000 in any 30 day period. The savings from not using a typical dealer cover at least 8 years of vaulting on a $50,000 account. This service allows UPMA to offer what we believe to be the most liquid, affordable precious metals accounts on the market.
People have won and lost fortunes betting on the markets. In order to reduce risk for members we offer the ability to dollar cost average. Dollar cost averaging is an option members have to make purchases of their gold or silver over time. For example, a member wishing to get $23,000 worth of paper gold may opt to buy $1,000 worth of gold every day for each business day of the month. This will result in a member getting an average monthly price on their gold dollars.
While buying when the rate is low is great, buying when the rate is high can be financially devastating. For this reason we allow our members to choose to purchase gold or silver over a month, two weeks, one week, or opt out of this program for any transaction and purchase at the next day's rate.
In order to give our members easy access to their wealth we offer a reloadable prepaid Visa Debit card. This card may be funded from your gold or silver account at our 0% buy/sell spread. The card may be used anywhere in the world that Visa is accepted. Members may also redeem funds via ACH (electronic check) to their bank account.
This program normally costs about $10 per month. We provide it free for members that deposit at least $1,000 paper dollars per month (net), or for members that maintain a balance worth at least $50,000. Cards that have not been activated incur no charge. More information can be found under 'More Resources'.