Questions and Answers:
PLEASE NOTE: For those of you who purchased Bullion related product (Silver Eagles, Canadian Maples, Gold Krugerrands, Gold or Silver bars etc …) from any of our competitors and are having trouble turning that product back into cash, our recommendation is to take that Bullion to a local refinery and have it melted down.
Why? … in many cases, Bullion has heavy reporting requirements (not by government action, but by the nature of the refinery process). The refineries want you to fill out all types of paperwork before they can melt Bullion for payment.
There are dealers who will roll the dice and pay you outright for Bullion, but 57Gold with tight margins, is not one of them.
57Gold only sells Freshly minted Bullion from Direct Mint Sources (there are two that we use). This is great for clients on the buy side as they get 100% authentic product every time. However, for clients looking to sell Bullion, it’s not the best as our interest is limited and most Bullion products end up at the refinery in the melting pot.
On the other hand, for those who purchased quality product (Silver Morgans, Silver Peace, Halves, Swiss Gold etc … ) from ANY ONE of our competitors, we are always looking to purchase that type of product.
There is strong demand for that style product as it is no longer being produced.
Listed Buyback prices are only for the specific packages listed and for product that we originally sold to our clients in those exact configurations. Terms and Conditions of buyback varies from time to time depending on market conditions. Legally, we cannot guarantee the buyback of metals, even though we have always looked at client product first for resale.
Buyback prices may or may not perform, under perform or stay equal with paper spot pricing over time.
For example … In 2008, the paper price for Gold was in the $800-850 range, but physical product was in such shortage, prices for full ounce Gold coins were nearly double that. Of course, metals, in certain situations, could under perform paper prices as well.
It is our belief that Gold and Silver should be held for a minimum of 5 years and should be used more as insurance against a paper dollar collapse than a traditional investment. For those who want dollar for dollar investment options, it is our belief you should visit a licensed investment advisor and participate in paper markets.
Other questions we are asked …
How can 57Gold sell 20-30% below that of select major dealers?
No commission sales people / No celebrity spokespeople / No claims of Gold storage. Just great value and quick service. You will be back for more.
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.
How do I get delivery of Gold coins?
We use Federal Express as they have the best delivery service for precious metals in the industry. We videotape our shipping procedure, fully insure each package and there are no marks of “gold” and “silver” outside each package. We haven’t had a single issue with a shipment since we started way back in 2006.
Do you take credit cards on Gold purchases?
Yes, with certain conditions and limits that can change from time to time. We have very low markups and as a result, the 2-3% charged to us by the credit card companies can turn us upside down on certain orders.
Will you store my Gold for me?
Never. We believe Gold and Silver “storage” is a black eye to the industry and in some cases the metals have not be set aside for customers. We have never offered storage and never will as we believe physical possession for our clients is the only way to ensure 100% security.
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 tax.
If I sell Gold or Silver back to you, how long does it take for payment?
Typically between 10-21 days depending on a number of factors including distance. If a client mails product into us from out of state, the time frame is a bit longer while we wait for product to arrive. In all cases payments are mailed back via Priority Mail and you must sign for the envelope. We do this to ensure that the person who sold the product receives full payment on time. As a side note, buyback pricing includes additional bonus coins.
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. This is the only case where we believe having Gold or Silver “stored” for you makes sense, since these depositories are federally insured.
Do I have to pay taxes if I sell my Gold or Silver for a profit?
Yes, on any profits. Speak with your CPA for details