The United Precious Metals Association was established shortly after the passage of the Utah Specie Legal Tender Act in early 2011. We give people a choice in the type of currency that they use by offering accounts denominated in U.S minted gold and silver dollars. As a member you can protect your purchasing power by choosing to use U.S gold dollars produced by the treasury as opposed to saving and spending only paper Federal Reserve Notes.
Members can access their wealth by using a Visa debit card or by taking physical possession of their holdings. We are currently building a closed-loop system in which members will be able to pay other authorized merchants in our network with gold dollars.
Every year we hold a publicly available meeting, the UPMA Summit. We invite prominent business men and politician to talk about sound currency. Here are some of the most recent guest speakers.
The U.S. Government mints one ounce gold & silver coins denominated as fifty dollars (for gold) & one dollar (for silver). So, one gold dollar is 1/50th of a gold coin and one silver dollar is one silver coin.
A monthly membership fee of 10 cents (about $2.50) applies to all members with an account balance of at least one gold dollar (or equivalent in silver) with an additional 1 gold cent (about 25¢) for every 50 gold dollars (or equivalent in silver) above 100.
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 US Legal Tender Gold & silver coins. These coins, unlike bullion, are Official US Currency and are taxed as currency, not as an asset.
Your account can be used for saving gold & silver, and will soon be usable to buy goods and services from other UPMA members. You can also fund a reloadable visa debit card right out of your account.
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 web app in the “My Account Info” tile.
We accept online ACH transfers of up to $10,000/month through our web app. 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.
Yes! with 48 hours advanced notice, you can pick up your coins at our office, or we can ship to you. We will require a copy of your photo ID, and we also require address verification for all shipments.
UPMA's independent board of volunteer directors, elected by members like you, conducts a hand count of all member holdings three times a year.
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.
[your name], [your account number]
2179 S. 300 West, Unit 4
Salt Lake City, UT 84115
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 $1,350 however, if you want to sell to the dealer they may pay you $1,300. This is known as a buy/sell spread.
At UPMA we allow members to redeem their gold without any sort of spread. You may redeem any gold stored in your account that was purchased from UPMA for the current day’s retail price.
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 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 Visa Debit card program. These are reloadable prepaid debit cards. Funds from your gold account and exchanged for paper dollars that are then stored on the cards.
This program is available through True Link and normally costs 40 gold cents per month per card but is free for members that deposit at least $1,000 paper dollars per month or for members that maintain a balance of at least $2,000 gold dollars.