‘Why would I buy gold in WA?’: Jake explains why 10.3% precious metals tax will push investors out of state
Jan 8, 2026, 12:03 PM | Updated: 3:22 pm
At the beginning of the new year, a 40-year-old exemption for taxing precious metals was removed in Washington, ushering in a 10.3% sales tax on gold, silver, and other commodities.
Jake Skorheim and Spike O’Neill, co-hosts of “The Jake and Spike Show” on KIRO Newsradio, noted that Washington’s commodity investors will potentially find ways to work around the new tax, thus benefiting out-of-state businesses and neglecting our own.
“It’s like taxing money; it doesn’t make sense to tax money. Why would you tax gold when somebody can easily go to Oregon or Idaho?” Jake said. “It’s different than taxing something like gas, because you need gas today to drive your car. You don’t need gold today to live your life. You could just drive to Portland. This is a horrible thing for these businesses. I feel bad for them.”
The price per ounce of gold is $4,468 as of this reporting. Jake put the severity of a 10.3% precious metals tax into perspective with a brief example of why he would refuse to purchase gold ounces in Washington.
“Let’s say I want to buy four ounces of gold. That’s like two grand in taxes. Do you think I’m going to pay an extra $2,000, or am I going to wait until the next time I’m going to Portland? I’d save $2,000 and reinvest that in more gold. Why would I buy gold in Washington? I’d be a sucker and an idiot. And I’m not an idiot.”
“I’ve got a good friend, he’s a small business owner, and one of his hobbies is collecting gold and silver,” Spike responded. “He let me know right before the end of the year that he dumped all his silver.”
Watch the full discussion in the video above.
Listen to “The Jake and Spike Show” weekdays from noon to 3 p.m. on KIRO Newsradio 97.3 FM. Subscribe to the podcast here.