Selling Precious Metals
What happens when I want to sell?
The process is simple. Call us at (920) 888-2025, Monday - Thursday 9:30 AM – 5:00 PM CST, and Friday from 9:30 AM – 3:00 PM CST. Once you have made the decision to sell, your precious metals will have to be sent to the depository in Texas for the authentication process. You have the option of selecting your own shipping and insurance provider or, we offer door-to-door pickup and delivery via UPS for your convenience. If you would like us to arrange shipping, we will e-mail you a shipping label for overnight shipment, and we will schedule a pickup for the following day. Once your metals arrive at the depository in Texas, we will conduct the authentication process. At that point the price will be locked in, and you will be paid by bank wire within two (2) business days. When it comes time to sell your products, the government does require bullion dealers to file reports where applicable. The IRS report is the 1099-B form, and it applies to the following transactions:
Reportable Items
Minimum Fineness
Minimum Reportable Amount
Gold Bars
0.995
Any size bars totaling 1 kilo (32.15 troy oz)
Silver Bars
0.999
Any size bars totaling 1000 troy oz or more
Platinum Bars
0.9995
Any size bars totaling 25 troy oz or more
Palladium Bars
0.9995
Any size bars totaling 100 troy oz or more
Gold 1-ounce Maple Leaf
as minted
25 1-ounce coins
Gold 1-ounce Krugerrand
as minted
25 1-ounce coins
Gold 1-ounce Mexican Onza
as minted
25 1-ounce coins
U.S. 90% Silver Coins
as minted
Any combination of dimes, quarters, or half dollars $1000 face value or more
You might wonder why sales of these specific objects are reportable. These reporting requirements are related to the regulations that require brokers to report all proceeds from stack and commodity transactions. These specific products are currently traded (or used to be traded) on commodity exchanges.
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Form 1099-B reporting requirements do not apply to any other coins. They do not apply at all to American Gold Eagles, American Buffalo, Austrian, Chinese, Australian (Perth Mint coins), or any fractional bullion gold coins. Additionally, they apply only if you sell at least the minimum quantity that is equal to the quantity of a commodity contract for the object.