Legal Structure of UPMA - Legal Tender Services

     The United Precious Metals Association is a 501c6 nonprofit. Every person and/or business entity that has signed up on the site is considered a UPMA member. The membership is represented by an elected board that meets several times a year. The board participates and reports on physical audits. The UPMA board also provides feedback to Legal Tender Services and engages in political activity to further promote legal tender laws. For more information see the UPMA Bylaws under the resources section.

     Legal Tender Services (LTS) is the service provider for the UPMA membership. LTS is not a nonprofit and is owned by former UPMA chairman Lawrence Hilton. When members call in they will receive the response "Thank you for calling UPMA exchange services", UPMA is an important part of the branding, however, the services are all through LTS. 

     The silver and gold accounts are currently serviced under a trust model through LTS. The "UPMA" building is owned by the North American Monetary Exchange or (NAMX). NAMX also provides the vaulting services through Brinks. NAMX is largely owned by Lawrence Hilton and is setting up a more comprehensive trust that will be capable of offering additional services to the UPMA membership. When the trust is completed, NAMX will take on the role of service provider from LTS. All of the employees will be transferred and the membership will not see much change apart from the additional services offered. The employees of Legal Tender Services are currently under Hilton Law PLLC. If members have any questions please call.

Privacy Policy

As provided in the applicable member agreement of the United Precious Metals Association (“UPMA”), each member agrees to accept the terms and conditions of this privacy policy...

Monetary Intent

One important factor in determining the tax treatment of a particular transaction appears to be taxpayer intent. In Thorne and Wilson, Inc. v. Utah State Tax Commission, 681 P.2nd 1237 (1984), the Utah Supreme Court...

Member Agreement

Subject to common definitions and provisions and in consideration of the mutual covenants and warranties contained herein, the person (Account Holder) executing this agreement, and United Precious Metals Association (“UPMA™”), a Limited Cooperative Association operating on a non-profit basis for the benefit of its members, hereby agree as follows...

UPMA™ Bylaws

Bylaws of the United Precious Metals Association, LCA

Article I. Purpose

The United Precious Metals Association (UPMA), a Limited Cooperative Association, operating exclusively on a non-profit basis for educational, benevolent, and reformatory purposes...

Frivolous Tax Positions

Item 13 of Internal Revenue Bulletin 2010-17 identifies the following as a "frivolous" tax position:

(13) In a transaction using gold and silver coins, the value of the coins is excluded from income...

State Legal Tender Laws

The United States Constitution provides that "No State shall ... make anything but gold and silver coin a tender in payment in debts." At present four states have laws expressly recognizing gold and silver coin as legal tender...

Mintage Moratorium

Ever since the Coinage Act of 1965, by which President Johnson dispensed with the Constitutional silver dollar standard that had served the country’s economy for 173 years...

Different Dollar Standards

Notwithstanding the growing disparity in the purchasing power of the various kinds of dollars in circulation today, federal law continues to draw no legal distinction between specie and paper dollars...

Gold Clause Contracts

While the general government has expressly withdrawn its consent to obligations requiring tender of a particular type of dollar (31 U.S.C. § 5118(b)), since October 27, 1977...

Equal Purchasing Power

The Secretary of the Treasury is “to maintain the equal purchasing power of each kind of United States currency.” 31 U.S.C. 5119(a). Significantly, this statutory mandate invokes the market test of “purchasing power”, not merely parity of nominal face value...

UPMA™ Visa Debit Card

True Link Financial, a card issuer, provides a wide variety of attractive features, including: spending limits; known fraud list and specified merchant blocking; online transaction monitoring; and monthly statements...

Gold and Silver Rates

All UPMA™ accounts are denominated in gold and/or silver dollars. A gold dollar is one fiftieth of a one-ounce fifty dollar U.S gold coin. A silver dollar is a one-ounce U.S silver eagle coin...