Our prospective clients often have questions about how to go about buying gold and silver. We have included some common question and answers that we thought may be useful to you. As always, if you have additional questions or would like a price quote, please call us at 800-522-4653.
Questions:
1. Can I walk in to your office and buy or sell my coins?
2. Is there a purchase minimum?
3. What forms of payment do you accept?
4. Is there sales tax on my purchase?
5. How long does it take to get my coins/bars?
6. I don’t live in Arizona. Can I have my metals shipped to me?
7. I have some coins that I need appraised. Should I make an appointment?
8. Is there a fee for appraising my coins?
9. Can I just leave my coins or metals stored with you?
10. Are there any government forms to fill out?
11. What is the “spot” price?
12. Why do some bullion products cost more than others?
13. What happens when I sell back my coins that I paid a higher premium for?
14. What about the possibility of future gold confiscation?
Answers:
1. Can I walk in to your office and buy or sell my coins?
Yes, we are conveniently located at 11801 N Tatum Blvd, Suite 143, Phoenix, AZ 85028. Our office is on the first floor, inside the 2 story office building on the east side of Tatum Blvd, 1/4 mile south of Cactus Rd. Walk-in clients are welcome during business hours and no appointment is required.
2. Is there a purchase minimum?
3. What forms of payment do you accept?
Cashier’s checks, personal checks and wire transfers. Cashier’s checks must be verifiable. Personal checks are accepted but there is a 5 day product hold. Bank wires are required for large or out of state orders. Credit or debit cards are also accepted for transactions under $1,000 and the credit/debit card must be physically presented.
4. Is there sales tax on my purchase?
No. Though Arizona has a sales tax, precious metals and coins are exempt from it.
5. How long does it take to get my coins/bars?
Delivery time depends primarily on the form of payment provided and availability of product. It can range from immediate delivery to 5 business days in most cases (shipped orders may take longer). Our most popular items (American Eagles, Krugerrands, Canadian Maple Leafs) are generally available for immediate delivery. If we don’t have what you are looking for in stock, we can typically deliver within 2 or 3 days, with payment received in advance.
6. I don’t live in Arizona. Can I have my metals shipped to me?
Yes, once we have received your payment, your order will be shipped to you by either registered, insured mail with the U.S. Post Office or UPS (also insured). An adult signature will be required for the carrier to deliver. U.S. Post Office deliveries can take 3 to 5 days from the ship date to arrive. UPS orders are typically delivered the next day (overnight).
7. I have some coins that I need appraised. Should I make an appointment?
Yes, we recommend that if you have more than a handful of coins that you call ahead to ensure that someone can set aside the time to carefully go through your collection. Written appraisals on company letterhead can be provided. Fees may apply, see below.
8. Is there a fee for appraising my coins?
Yes, unless you intend to sell your collection. There is a minimum fee of $50, or $200 per hour for appraisals. If you decide to sell your collection to us at the end of the appraisal, the fee will be waived.
9. Can I just leave my coins or metals stored with you?
No, and it is not advisable to leave your metals with any dealer for a long period of time. We recommend that you keep your metals with your other valuables in a private vault or home safe. For large holdings, we would recommend a private storage facility or depository. See our Storage Services page for more information.
10. Are there any government forms to fill out?
No forms are filled out when you make a purchase, regardless of quantity, unless you pay with physical cash in excess of $10,000.00. Cash received in excess of $10,000 requires us to fill out IRS Form 8300, which involves obtaining certain information from you.
If you decide to sell your precious metals, the sale of certain, specifically named products requires us to fill out a 1099-B gross proceeds report. For instance, selling South African Krugerrands or Canadian Maple Leafs in quantities of 25 or more, or silver bullion in excess of 1000 ounces, we would need to obtain a Social Security number, name and address from you so that we may issue you a 1099-B gross proceeds report at year end.
11. What is the “spot” price?
It is the cash price at a given moment for large quantity metals delivered in New York. It is the basis for determining retail bar and coin prices.
12. Why do some bullion products cost more than others?
The higher price is not typically a result of the dealer’s markup but rather who produced the product. Government mints tend to charge more than private mints for the same amount of gold or silver. Since it costs more for gold dealers to buy government-minted coins in the marketplace, those costs are passed to the customer. For example, a 1 ounce gold American Eagle coin created by the U.S. Mint will almost always cost more than a 1 ounce gold bar produced by the Australian Perth Mint. Government mints command higher prices because there is a greater sense of security in the marketplace when a product carries their seal of approval.
13. What happens when I sell back my coins that I paid a higher premium for?
Buyback prices typically move in tandem with the original purchase premium. In other words, a government-minted coin that initially cost more will tend to fetch a higher price when you want to sell it back to us.
14. What about the possibility of future gold confiscation?
We believe the possibility of government confiscation is about as remote as another 1933 set of circumstances. The dollar/gold redemption policy ended in 1971. There is no restriction currently on dollar creation. The last legal restriction of gold ownership in this country was superseded in January 1975. Many dealers will use this idea of possible future confiscation as a scare tactic to push you into purchasing coins minted prior to 1933 at high premiums above the spot price. Unless you are a coin collector, we always recommend to our customers that they purchase bullion products that trade very closely to the spot price.
For any other questions you have, please give us a call at 800-522-GOLD or email us at info@apmaz.com.
