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Missouri (MO) provides an exceptionally favorable tax environment for precious metals investors. The state exempts qualifying bullion and investment coins from sales tax under RSMo § 144.815, and — following the landmark enactment of House Bill 594 — Missouri has eliminated state capital gains tax on all capital gains for individuals, making it the first state in the nation to maintain an income tax while fully exempting capital gains.
Precious metals such as gold and silver are classified as collectibles under U.S. federal tax law. Profits realized when selling investment metals may therefore be subject to federal capital gains tax, with a maximum rate of 28%, depending on income level and holding period.
Capital gains tax generally applies when metals are sold for fiat currency or exchanged for goods and services. No tax is due simply for purchasing or holding bullion.
Missouri has eliminated state capital gains tax for individuals. Under HB 594, signed July 10, 2025 and retroactively effective January 1, 2025, individuals can deduct 100% of all capital gains reported for federal income tax purposes when calculating Missouri taxable income. This applies to all capital assets including precious metals — both short-term and long-term gains. Missouri's top individual income tax rate is 4.7% for 2025 but applies only to non-capital-gains income; capital gains are fully exempt for individuals.
Missouri exempts qualifying precious metals from state and local sales tax under RSMo § 144.815. The exemption covers two categories:
Bullion: Gold, silver, platinum, or palladium in a bulk state where its value depends on its content rather than its form, with a purity of not less than 900 parts per 1,000 (90%). This covers standard investment-grade bars and ingots of all four metals.
Investment coins: Numismatic coins or other forms of money and legal tender manufactured of gold, silver, platinum, palladium, or other metals, with a fair market value greater than the face value of the coins.
The exemption applies to both state and local sales taxes, meaning qualifying purchases are tax-free across all jurisdictions in Missouri regardless of the municipality.
Items that remain taxable include jewelry, decorative items, copper products, and accessories. Bullion below the 90% purity threshold also does not qualify.
The statewide base sales tax rate is 4.225%, with local taxes adding up to approximately 4–5% in some cities and counties, for combined rates potentially exceeding 9% on taxable goods.
Missouri has become one of the most favorable states in the country for precious metals investors. The combination of a comprehensive sales tax exemption on qualifying bullion and investment coins, plus the complete elimination of state capital gains tax for individuals, means Missouri investors face no state-level tax burden when either purchasing or selling qualifying precious metals.
Only federal capital gains tax applies when precious metals are sold at a profit. Investors should verify that products meet the 90% purity requirement to qualify for the sales tax exemption.