Maryland Reverses Course, Restores Sales Tax Exemption on Gold and Silver

Maryland Governor Wes Moore signed a bill restoring the sales tax exemption on purchases of gold and silver, reversing a controversial tax policy enacted in 2025.

The legislation, Senate Bill 309 and House Bill 500, removes the sales tax that had been imposed on gold and silver transactions conducted outside the Baltimore Convention Center. The 2025 tax had placed Maryland at odds with 44 other U.S. states that exempt precious metals from sales tax, and it drew massive backlash from the public, precious metals dealers, and sound money experts. The new law restores the state's long-standing exemption, allowing residents to buy gold and silver without additional tax burden.

For precious metals traders, this policy reversal is significant because it removes a barrier to retail investment in physical gold and silver. Sales taxes can discourage small investors from buying bullion, as the added cost reduces the appeal of precious metals as a store of value. With Maryland now joining the majority of states that exempt these purchases, local demand may see a boost. Traders can track real-time gold and silver prices on NowPrice to monitor any shifts in buying interest.

Looking ahead, the restoration of the exemption could encourage other states to reconsider their own tax policies on precious metals. Maryland's experience serves as a case study in the political dynamics of sound money legislation. Investors will watch for similar moves in other jurisdictions, as broader tax-friendly environments tend to support long-term demand for physical gold and silver.