Questions that are most frequently asked by customers when looking to invest in precious metals. You can click and view any question given below in order to obtain the answer. In case you have any further questions, contact us by calling a Precious Metals Specialist at Gold Silver Group at 1-800-474-1236
When are my prices Secured/”locked in” ?
Transactions are secured at the time of voice confirmation.
Do you require a Social Security Number to purchase precious metals?
Purchases do not require a social security number. Retirement account will require a social security number for custodial purposes.
How long will it take to ship?
Most products are shipped within 10 business days. All orders will be shipped no later than the 15th day following receipt of payment by bank wire or cleared personal or bank check. We use USPS registered and insured services for shipments in most cases.
Can I make a refund or cancel my order?
Refunds will not be issued under any circumstances. All sales are final.
How will my precious metals be packaged?
We take caution to ensure that all packages are carefully and discreetly wrapped. All products are packaged in a box within a box.
Should I buy gold coins or gold stocks?
There are times when some investors may choose to own stock in mining companies. It’s important to weigh the potential risks involved with buying shares in a company instead of the actual physical asset itself. As a sector, mining stocks have significantly underperformed over the last ten years when compared to physical metals.
Should I buy gold, silver, platinum, or palladium?
There are a variety of options available for you to invest in, such as bullion, semi-numismatic, and rare coins all of which Gold Silver Group specialize in. Gold Silver Group strongly believes that diversification is important to having a strong investment portfolio.
How much should I invest into precious metals?
In the current economical climate, Gold Silver Group recommends investing 20-30% of your wealth into precious metals. Others may recommend various amounts. However, it will be best to consult with your certified financial advisor and/or account if you wish to invest more than the percentage we recommend. For more information about investing in precious metals, call a Gold Silver Group Account Executive today!
Are there any risks in investing in rare coins and other precious metals?
Precious metals and coin investments are not for everyone and involve risks. Although precious metals have always retained value. Therefore, Gold Silver Group doesn’t guarantee that coins or metals purchased may be sold back at a profit. As an investor or a collector, we encourage you to educate yourself of the risks, prices, and policies regarding purchase of precious metals.
Can I buy gold or other precious metals at “spot price?”
Typically not. The spot price of gold is an international indicator that changes constantly. It’s not too dissimilar from the price of a barrel of oil. Though movements in the price of oil do affect gas prices, the price a consumer actually pays at the gas pump to fill up a car includes manufacturing and availability premiums. The relationship between gold or silver spot prices and the final cost of a bar or coin is similar to the oil/gasoline comparison. Often times precious metals products will be discussed in terms of their relationship to spot. For example, a buyer might get a quote of “$20 over spot” to buy a gold bar. As such, all precious metals product have two components to their value: The spot price (or “melt” value) and the premium. Those premiums range from as low as a percent or two, all the way up to millions of dollars per ounce for the rarest coins! So in the end, buyers can often purchase products at prices very close to spot, but all products carry some premium.
When exactly do the brokers choose to file the IRS Form 1099-B?
The application of the IRS Form 1099-B in relation to precious metals
In order to sell bullion to a broker of precious metals, a client will have to present the Form 1099-B. This will generally depend on the overall quantity, fineness and the type of bullion that is being traded. In the event that the bullion which is being sold completes all the necessary reporting requirements, the broker will have to fill out the IRS Form 1099-B and send it to the IRS with the complete details of the transaction that has taken place.
List of Items that Require Reports from Brokers
The regulations in the past made it mandatory for all brokers to send a report for any transaction, even a silver dime. These regulations were changed in the year 1992, when a non-profit organization, the Industry Council for Tangible Assets (ICTA) that was committed to the precious metal, currency and rare coin industry, was able to negotiate with the IRS, which established ‘new requirements for reporting on specific products that were related to bullion’. The ICTA understood these negotiations as, the sale of any item listed below which was sold in excess of the quantity that has been listed below will require a report to be sent to the IRS through the mandatory 1099-B Form:
|Items to be Reported(“The Selling List”)||Least Superior*||Lowest Amount Reported|
|Gold Bars||.995||Any size of bar with a sum of 1 Kilo (32.15 troy oz.) or greater.|
|Silver Bars||.999||Any size of bar with a sum of 1000 troy oz. or greater.|
|Platinum Bars||.9995||Any size of bar with a sum of 25 troy oz. or greater.|
|Palladium Bars||.9995||Any size of bar with a sum of 100 troy oz. or greater.|
|Gold Maple Leaf 1oz.||As minted||25 1oz. coins.|
|Gold Krugerrand 1.oz||As minted||25 1oz. coins.|
|Gold Mexican Onza 1oz.||As minted||25 1oz. coins.|
*For bars, every trait not considering if that trait is established as a “good delivery” on every commodity that has been exchanged. – Source ICTA.
Significant Information for you
The broker doesn’t have to record the transaction if the item you are selling is not in the list shown above. It is advised that you should discuss all transactions with your tax adviser in order to understand your responsibilities for reporting on any transaction that includes the sale of numismatic, bullion or precious metal. The information provided here is to assist and educate you, and is in no way intended to provide you with tax advice in any form or shape.
Even though the regulations can be interpreted in a stricter manner, the ICTA understands that the guidelines mentioned above complete and comply with the negotiations between the ICTA and the IRS. However, the information that is provided here is dependent on the discussion between the Internal Revenue Service and the ICTA, and some may differentiate with the interpretation of the regulations by the ICTA. The ICTA strongly warns that any alternate interpretation may not comply or complete with the requirements.
Gold Silver Group Risk Disclosure: If you purchase any precious metal which is in the form of bars, numismatic coins, proof coins, coins or bullion does entail an element of risk which needs to be evaluated carefully before you decide to invest any funds. Gold Silver Group and their agents are not licensed or registered by any government organization and are not tax advisors or financial advisors. Future results are not guaranteed by past performances. Precious metals and gold are considered to be long-term investments. It is suggested that they be held for a period of 5 – 10 years or even more. This pamphlet is meant to be a resource and doesn’t intend to provide you with any tax or financial advice.
What is the length of time I should hold my metals?
Precious metals in physical form are considered to be long-term investments. Therefore, the time frame recommended for holding such metals is generally 5 – 10 years or more. Long-term planning is the best way to comprehend what these precious metals can accomplish for your financial future and portfolio. The values of precious metals may increase or decrease depending on various factors, which are incumbent on the condition of the global and U.S. economies, the supply and demand principle and geopolitical crisis.
Am I required to become a collector for gold investment?
The majority of investors of precious metals aren’t coin collectors. Some people may have interests in collecting coins in order to branch out their assets while advancing their hobby. In case you are intrigued in starting a collection of precious metal coins, our specialists of precious metals can be of assistance to you with any queries you have.
How and where do I wire the funds?
It is not that hard to set up a bank wire, and they are generally completed in one day. In order to acquire the required information to set up the wire transfer account for Gold Silver Group, contact the specialists for precious metals at the number 1-844-763-4046.
Do you offer a minimum order?
Gold Silver Group advocates a minimum IRA rollover sum of up to $15,000 in order to consider any fees that is linked to the process. The minimum order for home delivery of your metals $2,500.
How do I purchase Gold Silver Group precious metals?
In order to attain information or to purchase precious metals, you need to call the number 1-844-763-4046, and the specialists for precious metals at Gold Silver Group will help you.
Am I purchasing a certificate or real gold?
Gold Silver Group doesn’t negotiate in assets that are paper-backed. All customers will be purchasing physical silver, gold, platinum and/or palladium.
Will the precious metals be insured while they are in transit?
Yes, the entire order of Gold Silver Group precious metals will be insured for their entire value while they are in transit. If you purchase gold, it will be insured till you receive the package and sign for it. Customers, who have bought gold for an IRA, will have insurance while it is transported to the Delaware Depository. As soon as the depository will sign the package, the gold will then come under their own insurance policy.
How will the order be shipped?
All Gold Silver Group precious metal orders will be shipped through express mail, with FedEx or the U.S. Postal Service.
What is the comparison between Gold Silver Group and their competitors?
When it comes to Gold IRA rollovers, Gold Silver Group is widely regarded to be an industry leader and we are extremely proud of that. We have managed to achieve such a status, due to our commitment towards offering a hassle-free experience and our passion for unrivalled excellence. Gold Silver Group is in charge of handling the transfer/rollover processes for all their clients. From beginning to the end, we make sure that the transaction is conducted safely, securely, and swiftly.
How do I attain more information from Gold Silver Group?
If you are interested in acquiring more information from Gold Silver Group, then call the number 1-844-763-4046 or visit the contact page of Gold Silver Group.
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