‘It’s killed the whole industry’: Gold dealer flees Washington after 10.3% sales tax

A new 10.3% sales tax on purchases of gold and silver in Washington went into effect on Jan. 1 following the passage of Senate Bill 5794. As a result, many gold and silver dealers have chosen to flee the state for greener pastures. Among them is Craig Rhyne, owner of Washington Gold Exchange, who packed up shop and is moving to Idaho.

Rhyne joined “The John Curley Show” on KIRO Newsradio to explain why he’s making the move. He predicted more shops across the state will soon follow to escape what he calls Washington’s “anti-business” tax structure.

“I’ve got a new office in Coeur d’Alene, Idaho, and I’m looking for a house to move to,” Rhyne said. “I’m sad. Born in Chehalis, love Washington, but we’ve seen the state taken over by progressives, and I don’t think they’ve ever signed the front of a check in their life. Which means they’ve never owned a business, and the legislature is anti-business, certainly anti-gold and silver business, and it’s killed the whole industry in the state. Why pay 10.3% more for your gold and silver if I’m in Washington, rather than a dealer in Boise, Coeur d’Alene, or Oregon?”

New 10.3% tax on precious metals forces dealers to neighboring states

While an ounce of gold is priced at $4,670, as of this reporting, Rhyne detailed the steep amount in taxes he would have to charge his customers per ounce, when they could instead avoid any tax by taking their business across state lines.

“If I try to sell gold in this state, with gold at $4500 roughly, I have to charge $450 more per ounce than if someone buys from someone in another state. It would be totally impractical to buy from a local dealer,” Rhyne said. “It’s been hard. It was really hard to adjust. I’m getting out of Washington, and I know other dealers are too. It’s just a shame.”

KIRO host John Curley noted high foot traffic at Washington stores in December 2025 as a last-ditch effort to capitalize on pre-tax prices, prompting his question about whether Rhyne saw an increase in business ahead of the tax going into effect.

“Yes, there were people who knew the tax was coming. They wanted to buy it without the penalty of $350 on an ounce of gold,” Rhyne replied. “[Lawmakers] said that it would be $56.4 million [in revenue] over two years. It’s just crazy. It’s nuts. It says that people won’t change their behavior. They won’t go out of state to save money; they’ll just continue to buy and pay the tax. It absolutely makes no sense.”

WA business owner warns big corporations could be next to leave

As Rhyne makes his move to Idaho, he noted that some of his loyal consumer base will hopefully continue to keep his business running smoothly, though the dollars would still be leaving Washington.

“Fortunately, I have some loyalty with old customers, and if they buy from me in Coeur d’Alene, they’ll still be able to take delivery in another state and avoid the sales tax, but it’s just stupid that I have to leave and not have employees here and not pay local taxes and not buy from local businesses and not keep my money and my customers money in this state,” Rhyne said.

“It looks like they don’t give a damn about small business,” he continued. “They don’t care if we go out of business because they’re making their money from the big corporations like Microsoft and Starbucks, but those organizations are eventually going to leave too if they don’t stop this relentless taxation effort.”

Washington Gold Exchange’s website is now idahogoldexchange.net.

Watch the full discussion in the video above.

Listen to John Curley weekday afternoons from 3 – 7 p.m. on KIRO Newsradio, 97.3 FM. Subscribe to the podcast here.

Follow @https://twitter.com/jcurleyshow