Buying Precious Metals
Buying precious metals is not that much different from buying many investment products. One big difference is you walk away with a physical item of value, not a piece of paper or a digital representation of value.
Precious metal prices, like other investment products are set by the market. Roberts & Roberts subscribes to data services that provide real time precious metals pricing as well as other commodity and market information and up to the second news services.
The precious metals products include gold, silver, platinum and palladium coins, bars and rounds minted by the United States Mint, mints of other countries and private manufacturers.
Nearly all products have a price based on the market (aka “spot”) price of the metal, plus a premium. Premiums reflect the wholesale cost of the product and can vary based on the production cost, faith in the producer and availability and demand for the particular product at the time. Premiums range from less than 1% percent on up, typically highest for smaller denomination coins and bars. Nearly all precious metals sales are exempt from sales tax.
Purchases can be made in cash, check, bitcoin or wire transfer. Purchases made by personal or business checks require a waiting period to verify funds.
Purchases are not reported and remain private. The only exception is purchases that involve cash or cash equivalents that trigger reporting as required by the “USA Patriot Act of 2001”. Essentially these are only single or related transactions involving $10,000 or more or transactions that are obviously suspect. Our Anti Money Laundering program is published and available for inspection in our office.
We also sell numismatic (rare and collectible) coins. If you have an interest in these types of coins we would be happy to discuss this in further detail.
Roberts & Roberts Brokerage, Inc. maintains a significant inventory of items at our bank vault and can obtain virtually any product via wholesale agreements with bullion houses and banks around the country.
Regular hours are 8:30 AM to 4:30 PM Monday through Thursday and 8:30 AM to 3:30 PM on Friday.