Josh P. Phair is the founder and CEO of the Wyoming Reserve Opportunity Fund Corporation, a high-security precious metals-focused vault facility. He also is the founder and CEO of Scottsdale Mint LLLP, a U.S.-based global precious metals company. Phair has overseen the management, trading and hedging of billions of dollars of its precious metals inventory, currencies and, more recently, its digital assets. Before forming Scottdale Mint, he spent nearly a decade in corporate insurance focused on managing operations and political risk for some of the world’s largest mining companies.
Russ Alan Prince: Can you describe the Scottdale Mint?
Josh Phair: The Scottsdale Mint is a U.S.-based global precious metals company that fabricates, does contract manufacturing and distributes, including retail sales of precious metals in over 40 countries, spanning five continents. The Scottsdale Mint is recognized globally for innovation, artistry, quality and “jewelry-esque” gold and silver coins and bars. It is also known for developing its proprietary security packaging, Certi-Lock. Scottsdale Mint’s clients and partners include Fortune 500 companies, large private banks and central banks representing more than 20 foreign governments.
Prince: What is the Wyoming Reserve?
Phair: The Wyoming Reserve is a high-security, fully insured, precious metals-focused vault facility for international and U.S. domestic, commercial and industrial clients. Our core business offerings are the buying, selling and valuing of precious metals, provisioning of fulfillment services and metal availability.
Prince: Why did you choose Wyoming?
Phair: Wyoming was an inspired choice. According to The Tax Foundation, it’s rated number one, having the best state business tax climate. It’s also the number one ranked sound money state in the U.S. according to the 2003 Sound Money Index. U.S. News and World Report says Wyoming is one of the top 10 safest states in the country.
As we deal with precious metals, it’s advantageous that Wyoming doesn’t impose a tax on silver, gold or “other coin.” Very importantly, there are no corporate state income taxes, inventory taxes or occupation taxes. There are also no personal state income taxes. And not to be outdone, Wyoming is a wonderful place to raise a family.
Russ Alan Prince is the executive director of Private Wealth and a strategist for family offices and the ultra-wealthy. He has co-authored 70 books in the field, including Making Smart Decisions: How Ultra-Wealthy Families Get Superior Wealth Planning Results.