Collect.com By Numismatic News

Collectors know the difference between proof and uncirculated coins. Now investors in numismatic Individual Retirement Accounts have to take that distinction seriously. According to the Industry Council for Tangible Assets, proof Buffalo gold coins should not be be included in IRAs. This advice is based on an ICTA conversation with someone in the Employee Plans Technical Group of the Internal Revenue Service.

Both the proof and uncirculated Buffalo gold pieces meet the fineness and metal content requirements of the 1997 Taxpayer Relief Act, but the act refers to allowable coins as being “bullion.” The U.S. Mint Web site refers to the uncirculated version as a bullion coin but the proof version as a collector coin.

On such seemingly minor distinctions huge tax implications apparently hinge. Because ICTA did not seek a private letter ruling, the question is still open, but ICTA believes its interpretation is a word to the wise.

The theme for this year’s AuDITIONS is ‘Trendsetting Gold’ which aims to bring about a range of new designs in gold jewellery and ideas with a completely fresh design aesthetic that appeal to the new age Indian woman. World Gold Council and AngloGold Ashanti in association with Tanishq and Rand Refinery today announced the launch of their unique initiative ‘AuDITIONS’. Hailed as the Oscars of Gold Jewellery Designing worldwide, AuDITIONS is India’s first and only Gold Jewellery Design Competition. The second edition of this All India competition was announced by the ace designer Raghavendra Rathore who is the ‘Concept Carrier’ of AuDITIONS.

MUMBAI (Reuters) - Australia’s gold coin maker, The Perth Mint, is scouting for deals in India and aims to log annual sales of two tonnes by 2010, a senior company official said on Friday.

“Our presence in India is growing and we would like it to grow much more,” said Ron Currie, sales and marketing director from The Perth Mint, at an industry meeting.

“We haven’t sold a great deal yet, but that is exactly why we are here, to find more customers.”

Republicans are backing away from their proposed tax break on buying gold bullion. Gov. Jim Doyle and Democrats have latched onto the tax break included in the budget passed by Assembly Republicans as an example of how irresponsible the plan is. Republicans proposed removing the tax break at Thursday’s meeting of a bipartisan committee trying to reach a budget compromise. The sales tax exemption would have covered the sale of collector coins and other currency as well as gold bullion. It primarily would have benefited coin dealers and collectors and at a cost to the state of about $250,000 a year.

Be they rare coins, stock certificates, jewelry, personal mementos or family heirlooms, how we choose to protect the assets we deem valuable (and perhaps irreplaceable), is an important consideration involving many factors.

Most of us choose to secure our valuables and tangible assets in different ways, depending on our individual circumstances, experience and levels of trust. For example, if we need to access them frequently (e.g., jewelry), or if they are important, but replaceable and not inherently valuable (e.g., a stock certificate), we may simply keep them at home or hold them in a near-by safe deposit box.