Q & A about buying, selling, and trading Gold & Silver at PTG:
How can you sell 20-30% below that of other major dealers? Unlike many big name dealers we have a very low overhead cost, we don't mail out FREE information or run up huge outbound phone bills. Our success comes from the trust we have earned over the past decade of fair prices and fast delivery.
Can I lock in the price of gold with you? Yes, when buying we lock in the current price and give you a confirmation number.Selling gold to us is much the same. We will 'lock in' your net price over the phone on the day you are ready to ship gold to us.
Do you take checks in payment for gold? We will gladly accept your check for purchases whether it's on a bank, credit union, or money-market fund. Just call and confirm your purchase, let us know that you're paying by check, and mail the check to us the same day. We will 'lock in' your purchase price.
How do I get delivery of gold coins? Via Registered, Insured U.S.P.S. Mail. We can ship to a street address, or post office box. Registered Mail Delivery can take longer than Priority because it has to be signed for at every step of delivery, but we take complete responsibility for the gold being delivered safely for your signature. On trades of $300,000 or more, it may be more practical to arrange armored carrier delivery directly to your bank or place of business.
Do you take credit cards on gold purchases? Yes.
Do you buy gold back at the same price you sell it? No, there is a 'spread,' or difference between our buying and selling prices which enables us to stay in business. The gold bullion business is a very competitive one, and the profit margin, or spread, is a very small one compared almost any other inventory business. Our purpose is to provide the narrowest spread possible for the gold-buying public.
Can I sell gold back to you? Yes. We are always in the market for gold bullion in any form. We make a market every business days in the many forms of gold coins and bullion, and we buy for immediate payment. The gold market is both wide and deep, and we will always offer a competitive price for any form of tradable gold.
Will you buy back my gold if the price goes way up? Absolutely. When gold goes up, that just means that demand has increased and it takes more paper currency to purchase gold than it did previously. When that happens, we will buy gold at the higher prices, because our customers will be willing to pay us higher prices. At its heart, the gold market is a very simple one. The price of gold is constantly re-adjusted, in terms of how many U.S. dollars it takes to buy an ounce of gold. This price is determined by the whole world's faith in the dollar, and gold is the constant element that the dollar is measured against. Every day, gold is traded for dollars, and vice versa. We ask, 'what is the price of gold?' as if gold actually changed. But gold stays the same, it's just the number of dollars required to purchase gold that changes.
Will you store my gold for me? No. We do not store customers' gold. If you need a few days after paying for your gold in order to arrange storage, that's not a problem. But we encourage our clients to decide where the gold is going to go, before they buy it.
Where do you get your gold coins? Modern gold bullion coins are sold by the mints to designated distributors. The coins we sell are newly minted, and straight from sealed mint boxes. We buy in the markets daily, so you always get mint-fresh coins from us, priced at that day's rate.
FAQs: United States Treasury
FAQs: United States Mint
FAQs: IRS Cash Reporting PDF
FAQs: Treasury Issues Proposed Anti-Money Laundering Rules
Treasury and Federal Financial Regulators Issue Final Patriot Act Regulations on Customer Identification
The Department of the Treasury, the Financial Crimes Enforcement Network, and the seven federal financial regulators today issued final rules that require certain financial institutions to establish procedures to verify the identity of new account holders.
Is there sales tax on gold? Some states have a sales tax on gold coins and bullion. Arizona, our home state, does not. Therefore, purchases from us are free of sales taxes.
Are gold bullion coins legal tender? Yes, most of them are. This nominal face value allows them to travel across national borders without the taxation or fees imposed by many countries on bullion itself
Do bullion coins come with a certificate of authenticity? Yes, a maker's mark and statement of weight and fineness is stamped directly onto gold bullion, whether coins or ingots. The bullion itself, in effect, bears its own 'certificate' from whichever Mint or refiner produced it. Fortunately, gold is an element with a unique specific gravity, and other attributes which make it very easy to test for authenticity. The ancient Egyptians pioneered the 'acid test' for gold, and any jeweler, pawnbroker, or high school chemistry teacher can demonstrate the basics of gold.
Are there counterfeit gold coins? Yes, over the centuries, crude copies of gold coins have been made. But because of gold's unique density (only platinum is as heavy), these copies are not very convincing. Once you've held a real gold coin in your hand, and you feel the heft and density of it, you're not likely to be fooled later by a non-gold copy.Of course, we recommend that you know your supplier when buying gold, just as you would with anything of real value.
Was gold illegal to own at one time? Yes, in this country, from 1933 to 1974 it was illegal for U.S. citizens to own gold in the form of gold bullion, without a special license. On January 1, 1975, these restrictions were lifted and gold can now be freely held in the U. S. without any licensing or restrictions of any kind.
When were gold restrictions lifted? December 31, 1974 ended the era of private U.S. gold ownership restrictions which had begun in 1933. As of January 1, 1975, U.S. citizens were again free to own gold in any form, including bullion, and in any amount that they can afford, without restrictions or any federal 'reporting' of those holdings.
Can I put gold bullion in my IRA? Yes, you can. It involves having a qualified third party such as a bank actually hold the coins in a separate IRA account in your name.
Will you help me set up a physical gold IRA? We can help you set that up, if you'd like. There are a few qualified depositories who will do IRA storage of physical metals for you. We can sell you the gold that you choose, and ship it directly to the depository where you have established an account. There are yearly storage fees involved, and an initial fee to set up the account.
Is there any limit on how much gold I can own? No, there are no restrictions on private gold ownership in the United States. You are limited only by your budget and common sense.
Do you report my gold purchases to the Government or any one else? Emphatically NO! Any business you do with us is absolutely private, and we take extraordinary steps to make sure your business with us is private and confidential. Also, we are under no obligation to report your gold purchases to any government agency. Nothing is stronger than our client's trust that the business they do with us will never be revealed to anyone. We would love to publish the testimonies of some of our well-known clients, but their gold ownership is, for obvious reasons, a very private thing...
Aren't transactions of $10,000 or more reported to the government? Only if they involve actual currency, i.e., a suitcase full of $100 bills, or cash instruments such as multiple cashiers checks which are smaller than $10,000 each but total over $10,000. There is no report, or registration, or any such paperwork on transactions involving single checks or bankwires of whatever size. Currency regulations involving amounts of over $10,000 were designed to thwart money launderers and drug dealers. This is a common area of misunderstanding, but the bottom line is that there is no report made on ordinary transactions of any size, paid with a check or bankwire
NOTE:The IRS has revised its cash reporting form. The new form is similar to the old form except for the addition of the designation as "FinCEN Form 8300". As part of federal anti-terrorism initiatives, the Financial Crimes Enforcement Network (FinCEN), in addition to the IRS, is notified of cash payments of over $10,000 in a single transaction. The revised form satisfies dealer cash reporting requirements under the recent USA Patriot Act. Please see link above FAQs: IRS
If I sell gold to you, is that reported? Certain forms of gold which traded as commodity contracts in 1982 fall under the Broker Reporting Act of 1982. Specifically named are South African Krugerrands, Canadian Maple Leafs, and Mexican gold Onzas in quantities of 25 ounces ( one 'contract') or more. Sales of these items in contract quantities require a 1099B IRS information form, reporting the sale of a regulated commodity contract.
Do I have to report my gold coin purchases to the Government? No, there is no branch of federal, state, or local government that is interested in how much gold you might own. The U.S. Mint, a division of the Treasury Department, strikes the gold Eagle bullion coins, and supports their sale with national advertising, sales brochures, gift boxes, and so on, but in the fifteen years that we've sold their product, they have never asked us to keep track of who is buying it. (see above)
Do I have to pay taxes if I sell my gold bullion coins for a profit? Yes. If you sell your precious metals at a profit, your tax liability to the IRS is at a higher rate than for ordinary capital gains. Contact the IRS for more information.
If you have more questions, please call us Monday through Friday at: 1-800-951-0592.