Buying Precious Metals
At Midwest Precious Metals we will consult you on the best precious metals options for your individualized needs. We are proud to be able to offer precious metals at some of the best prices in the industry and we only sell what is in inventory. The inventory is one of the largest in the industry which means we can facilitate very large orders.
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Working with us, you will receive the following benefits:
Free Shipping
No Minimum Orders
Low Cost Storage
Free Insurance
Fast Processing
Consulting Services
Low Premiums
IRA/401K Rollovers
The Buying Process
What is the process for buying precious metals through Midwest Precious Metals?
You may contact us by phone at (920) 888-2025, Monday - Thursday, 9:30 AM – 5:00 PM CST, and Friday from 9:30 AM – 3:00 PM CST. After the initial consultation, clients may purchase precious metals by bank wire only. We will provide you with an email that contains all the instructions. When we receive the wire for your purchase, we will place the trade for you. Please note that once an order has been executed, it cannot be reversed. The United States government does not require us to report any transactions as long as they are received by a bank wire.
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What is your shipping policy?
Every product you buy is in stock and available for immediate shipment. You will not wait weeks or months for an order like you do with other companies! Orders are generally shipped in less than 3 business days from the date that payment clears. When your order ships, you will receive an email with instructions to access your tracking number(s).
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All orders ship for FREE and fully insured.
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Orders from $0-$999.99 ship via UPS Ground. Orders $1,000 and up ship via UPS Next Day Air®. If a package is lost or stolen in transit, it is our responsibility to file a claim and issue you a new package. The orders will ship to homes, offices, banks, depositories, or UPS Customer Centers. Orders will not ship to mail forwarding companies, PO Boxes, APOs/FPOs, or US territories such as Guam and Puerto Rico. Be advised that you may receive a tracking number before the carriers actually scan the package, so if your tracking number does not display tracking information the moment you receive the tracking number, please try again after 5 PM CST.
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**Please note that, for security reasons, clients are restricted from contacting UPS to change delivery instructions.**
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All packing operations are video recorded. In the rare event that a mistake was made, video logs will be reviewed. Any shipping mistakes will be corrected. Upon completion of your order, you may receive a follow-up phone call to ensure delivery completion.
What Should I Buy?
I want to buy gold. Should I buy gold bars or gold coins?
There are three main considerations for gold product selection: premium cost, country of origin, and sell-side tax. Generally, non-legal tender gold bars are cheaper than legal tender coins. Clients seeking to purchase gold for the least possible price favor gold bars. Gold bars issued from government mints are IRA eligible. The downside is that the IRS requires precious metals dealers to file a 1099-B form when repurchasing gold bars in increments exceeding 32 ounces per transaction.
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I want to buy silver. Should I buy silver bars, silver coins or silver rounds?
Just as with gold, there are three main considerations for silver product selection: premium cost, country of origin, and sell-side tax. An additional consideration is form factor. For clients seeking the largest quantity of silver for the least cost (the best bang for the buck), 100-ounce bars are a common solution. 1-ounce silver rounds are also a popular choice. The difference between a “round” and a “coin” is important to understand. A round is a privately minted non-legal tender medallion in the size and shape of a coin. A coin is a product minted by a sovereign mint with legal-tender face value. Both options offer the same silver weight, form factor, and purity (ranging from .999 to .9999 pure depending on product). The round, however, tends to sell at a lower premium because private mints are not subject to the same financial burdens — and taxation — as sovereign mints.
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For silver, there are 1099-B reporting requirements when selling bars in increments of 1000 ounces or more per transaction, or junk silver coins in increments of $1000 face value or more per transaction. All other coins or rounds are exempt from 1099-B reporting.
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I want to buy precious metals but I don't know what I should buy.
This is where Midwest Precious Metals comes in. We understand that everybody has their own unique financial situation and that is why we offer free consulting services on precious metals. During these appointments, one of our experts will go over your needs and financial goals and help you make the best decision. Whether you have a substantial knowledge on precious metals or just heard about them last week, we will answer any questions you may have and ensure that you feel confident with your decision to purchase.