Frequently Asked Questions

Buying From GMRgold

2022-01-03T09:25:00-06:00

What is it like to buy from GMRgold?

Buying Precious Metals such as gold, silver and platinum has never been as easy as it is right now with GMRgold. Simply use our easy, stress-free system for online ordering to get GMRgold's low prices, high quality products and reliable customer service.

What kinds of clients buy from GMRgold?

Our clients range from individual numismatic collectors to major banks, brokerage houses, and dealers. Bullion investors and precious metals speculators also rely on GMRgold.

What are the shipping charges?

You get free shipping for all orders over $75. For orders less than $75, you pay a low shipping fee of $9.95 per order.

What is the minimum I can order?

There is no minimum domestic order at GMRgold. If the order price totals less than $75, you simply pay our low $9.95 shipping charge. For international orders, we have a $250 minimum order when purchasing with a credit card or a $1,500 minimum when making your purchase via bank wire.

Which Precious Metals should I purchase?

Our Precious Metals investment experts suggest you diversify your Precious Metals portfolio with various metals, including gold, silver, platinum and palladium.

What percentage of my portfolio should be in Precious Metals?

Investment pros, including those at GMRgold, recommend you invest 10-20 percent of your assets in Precious Metals. Diversification is still as important as ever within the Precious Metals portion of your overall investment portfolio.

How do I get started with GMRgold?

The first step is to Open an Account. Once your account has been opened, you can start investing immediately.

How much does it cost to open an account?

Nothing. Opening a GMRgold account is absolutely free.

Why do I need to open an account?

When you open an account with GMRgold, you can take advantage of a wide range of benefits that are only available to account holders. Trading is quick and easy with our real-time ordering system. You can place orders, check on payment status and track your package through your account. You can also view your earlier orders and receive notifications when special offers are available for account holders only.

How do I cancel an order?

After we issue a confirmation number, the prices are locked in for both sales and purchases. We take the risk that the market price will change to a price that is less favorable to us. Assuming this risk, we expect both those who sell to us and those who buy from us to go through with the transaction, just as we are committed to doing on our end. In some rare cases, you may have a reasonable need to cancel your order. If you believe this is the case, you can call us during our operating hours.

At that point, we may approve the order and issue you a cancellation number. If you cancel, your order is subject to a $35 cancellation fee as well as our Market Loss Policy. If the cancellation causes a loss to GMRgold, we calculate the loss and add it to your base $35 cancellation fee. The resulting sum will be charged to your credit card, as per our User Agreement. You may not be allowed to make any more orders until this cancellation fee/market loss fee has been paid in full. If a market gain occurs for us because of the cancellation, the gain stays with GMRgold.

How do I pay for market loss if I make a cancellation?

Once we calculate the total of the cancellation fee and the market loss, you may choose to pay the resulting amount by credit card at that time or be billed. If we bill you, you must pay within 30 days. Until the market loss is paid in full, we may limit your ability to sell and buy through GMRgold. If there is a market gain, that amount stays with GMRgold.

Can I use an eCheck to pay for a market loss?

No. Currently, you may only pay the market loss by credit card, personal check or bank wire.

What if I want to change my order after it is confirmed?

We may be able to help you make changes to your order such as choosing a different payment method. You cannot add or remove items after it is confirmed. In certain cases, we can help you make acceptable changes to your order. Contact us for more information.

Is there any discount if I pay by check, eCheck or wire?

Yes. A 4% discount will come off your order at checkout on the website when you choose any of the following payment methods: check, eCheck, bank wire or trade.

Do you accept trade-ins?

Yes. We accept trade-ins of precious metals including gold, silver and platinum. Trade-ins are important to us as they help expand our inventory.

What products does GMRgold sell?

We have a large inventory of coins, rounds, bars, bullion and numismatic items. In most cases, we already have what you are looking for in our inventory.

Back to Frequently Asked Questions

GMRgold Payments

2022-01-02T10:29:00-06:00

Has GMRgold received my payment?

You will know your payment is processed, when you receive our email confirmation that it has been applied to your order. We do this immediately after we process your payment. Until you receive this notice, know that your payment is not yet processed.

Checks

Any time you send a check to our P.O. Box, it goes directly to our bank, where it is processed. Our bank processes checks during the entire business day, up until 5pm. In the event that you track your check and find it has arrived at GMRgold, please be assured that before the next business day is over we will have process it.

Check payments often take at least a week to arrive at GMRgold by mail. The best way to find out if your payment has reached us is to wait for our email confirmation of your payment.

Bank wires

We process batches of bank wires twice per day. When we have processed it, we will send you a notification that your payment has been processed, either at 1 pm or 5pm ET.

Your bank may offer you a 2-day or 3-day bank wire at a reduced rate, but it is important to still choose the Same Day bank wire option. This allows us to know when your payment is processed more easily and let you know if there are any errors. If a 2-day or 3-day bank wire was rejected, we would not be able to inform you promptly so you could try again. For these reasons, GMRgold can only process Same Day bank wires.

Please contact us if you know GMRgold has received your payment but has not yet applied it to your order. We will research the issue and contact you with information on the transaction.

Can I change the method of payment after I place my order?

We can change your payment method with the following results:

You keep your 4% discount if you change between check and bank wire or possibly if you change from bank or check to eCheck.

You receive a new 4% discount if you change from Visa or MasterCard to a check or bank wire; if you change from PayPal to a check or bank wire; and possibly if you change from Visa or MasterCard or PayPal to an eCheck.

The payment amount will not change if you switch from PayPal to Visa or MasterCard.

You give up the 4% discount if you change from Check to Visa or MasterCard; if you change from bank wire to Visa or MasterCard.

We can make the change if you contact us by chat, email or phone when you change from bank wire to check.

To make payments by credit card or eCheck, call us directly.

Is a discount available when I pay by check or wire?

Yes. You receive a 4% discount for payments made by bank wire, check or trade. The discounted prices are listed on our website unless you choose PayPal or credit card when you place your order.

What payment methods does GMRgold accept?

You may pay for your order using a credit card, PayPal, a bank wire, an eCheck or a personal check.

Does GMRgold have a hold time for checks?

Yes. We have a 4 business day hold on checks to allow time for the bank to notify us if there are any problems before we ship your order. Your bank may in some cases add more days to the holding time if they delay confirmation of your payment. Bank wires allow you to forego the holding period and receive our 4% cash discount.

What happens when I choose the eCheck option?

We generate an eCheck at GMRgold for the total purchase price of your order. We use the banking information you provide. The eCheck funds are deposited into our bank the same day or the next day after you place your order.

Am I eligible to pay by eCheck?

To become eligible to place orders using an eCheck, you must first pay for an order by personal check. If after that time the website does not give you the option to pay by eCheck, contact us so we make your account eligible for using eChecks.

How do bank wires work?

After you place an order choosing bank wire as the payment option, we issue you a confirmation number. We provide our bank information, including its name, ABA routing number and our account number and inform you how to proceed from there. We only accept Same-Day bank wires. Your bank may charge you a fee of up to $45 to complete the bank wire.

What are “good funds,” and do you have a policy that covers that?

Good funds are funds that are collected in our bank account and immediately usable by us. We consider personal checks and eChecks as good funds 4 days after we receive them. Same-Day bank wire funds are considered good funds from the moment they are received.

When do you need to receive my payment?

We guarantee that the price you have locked in will still be good if your payment reaches us within 3-5 business days, depending on the amount of the order. Orders of less than $25,000 can reach us within 5 days, but orders larger than that amount must reach us within 3 business days. We may cancel your order if these requirements are not met. Your best option to ensure you meet the time requirement is to send your payment via 2-3 day priority mail through USPS.

What if I don’t meet the payment time requirement?

Sending your payment immediately is the best way to keep the price you were quoted by GMRgold. If we do not receive payment within 5 days for orders under $25,000 or 3 business days for orders over $25,000, we have three options. We may (1) accept your payment and fulfill your order, (2) refuse your payment and cancel the order, or (3) give you a new quote that takes into consideration the market price at the time we receive your payment.

What if I don’t send payment after I get the confirmation?

If we do not receive the funds within the 3- or 5-day time limits, we may do any or all of the following: (1) cancel the order you placed, (2) close your GMRgold account, in which case your ordering privileges with GMRgold will be ended, or (3) hold you liable for our money lost during any market price declines. If we cancel your order because you didn’t send payment, we charge you the difference in the market price that has occurred after the order was placed. If the market price has increased, GMRgold retains the amount of the difference.

Can I pay by credit card?

Yes. You may pay by MasterCard or Visa for orders under $5,000. Only established customers may pay for orders over $5,000 using a credit card.

We review each credit card order and only ship to the billing address associated with the credit card. We only fulfill orders for which the shipping address is the same as the billing address. We may refuse your order if your payment method is in question.

Can I pay by PayPal?

Yes. We accept PayPal payments for all orders under $5,000. We only accept PayPal payments for orders over $5,000 if you are an established customer. We do not accept PayPal for orders over $10,000. You may only use PayPal if you choose a valid U.S. address and make the transaction in US dollars.

Can I pay by ACH or online payments?

No, you may not pay by ACH. You can choose to pay by online bill payment in check form. There is a 4 day holding period for these checks, just as there is for physical personal checks. Only after the 4 days has passed can we ship the order.

Do you allow order cancellations?

When you receive your confirmation number, it indicates we have already locked in your prices for purchases and/or sales. We do not intend to allow cancellations after the order has been confirmed. If you have an unusual circumstance that necessitates a cancellation, you must call us during our business hours to make the cancellation. We will charge you a $35 cancellation fee plus the difference in market price from the time you placed the order until we cancel it. These fees will be charged to your credit card. You will not be able to place any more orders until these fees have been paid. If there is a market gain, GMRgold retains the difference.

Is there a way for me to pay the market loss if I cancel my order?

Yes. You may pay by credit card at the time of the cancellation, or you may choose for us to invoice you with the amount. You must pay the amount of the invoice within 30 days. GMRgold may limit the purchases and trades you make with us until you have paid the cancellation fee and market loss.

Can I pay by eCheck for a market loss?

No, currently you cannot pay for market losses by eCheck. You may pay by credit card, bank wire or personal check.

What currencies can I use to pay for GMRgold products and fees?

We only accept US dollars at this time.

What payment methods are available for the size of order I want to place?

$0.01 - $5,000

Personal check, eCheck, credit card, PayPal, bank wire

Within 5 business days

$5,001 - $10,000

Personal check, eCheck, credit card, PayPal, bank wire Within 5 business days

Within 5 business days

$10,001 - $25,000

Personal check, eCheck, bank wire Within 5 business days

Within 5 business days

$25,001 - $250,000

Personal check, eCheck, bank wire Within 3 business days

Within 3 business days

Over $250,000

Bank wire Within 3 business days

Within 3 business days

Back to Frequently Asked Questions

Pricing

2022-01-01T09:17:00-06:00

Does your posted price include your commission?

Yes, the price on the product page is the price you pay. We do add shipping, handling and insurance charges. However, shipping is free for all domestic orders over $75.

Does GMRgold lock in the prices when I order?

Yes. Whether you place your order with us by phone or on our website, we send you an email confirming the details of your order and the prices we have locked in for you.

For how long is my price locked in?

We lock in your price for 5 business days if it is under $25,000 or 3 business days if it is over $25,000. To take advantage of the locked in price, you are required to make payment within that time. The order you place is a binding agreement, which we honor by locking in your price for the given time period. You can view the confirmation number for you order online and in the confirmation email we send you.

GMRgold may refuse an order if the price on the confirmation is in error. This can be caused by computer issues, sudden changes in the market, or pricing errors. We may also choose to refuse or cancel an order if there is any indication of fraud, suspicious activity or risk for GMRgold.

Your payment must be dated within 24 hours of your order. GMRgold must receive it within 3 business days for totals over $25,000 or 5 days for totals under $25,000. Otherwise, the locked-in price no longer applies to your order. If you do not ensure prompt payment to GMRgold within these time limits, you will be charged the amount needed to cover any market losses plus a $35 cancellation fee.

Is Volume Pricing available with GMRgold?

Yes, on some products. The product page on our website lists the different volumes along with the price for that volume. The more you buy of that item, the more you can save on its purchase price.

Do you offer discounts for large quantities?

Yes. We always offer quantity discounts for large, wholesale orders. In addition, we add extra discounts whenever we can on orders that total over $100,000 or include a large number of the same individual item.

Do you offer a cash discount?

Yes. You get a 4% cash discount if you pay by cash, check, bank wire or trade. The price you see on the website already includes the 4% discount. We add the 4% onto your order price if you pay by PayPal or credit card.

Back to Frequently Asked Questions

Selling To GMRgold

2021-12-31T09:32:00-06:00

Is there a minimum transaction amount for sellers?

Yes. GMRgold can only make purchases of at least $1,000.

What do I need to do to sell my items to GMRgold?

Follow these procedures to sell precious metals to GMRgold:

Open a free GMRgold account online.
Call our Trading Department so we can inform you of the current prices for your items.
Wait briefly for us to send you a detailed packing slip and a confirmation number for the sale.
Place your items securely in a mailing package with the packing slip and confirmation number included inside.
Ship your package to GMRgold.

For your protection, we also recommend the following:

Ship via the US Postal Service.
Insure your package.

When does GMRgold pay me for my items?

Our standard procedure is to send you payment for the items you sell us as quickly as possible. Typically, that will be in 3-5 business days.

For transactions less than $10,000, you may choose to receive your payment in any of the following ways: by check sent via first class mail, by ACH direct deposit, by bank wire. If you choose a bank wire, you are charged a $25 fee for the service.

For transactions over $10,000, you may choose any of the same three options, with no fee if you choose to receive payment by bank wire.

Can I deliver my precious metals directly to GMRgold?

Yes. Just make an appointment with us by phone to come in and deliver your items.

What products can I sell you?

We buy any of the same products we sell, at our discretion.

What would happen if I didn’t send my items to you after I receive confirmation?

Because carriers can sometimes have delays or other issues that slow delivery time, you can avoid problems by calling us with your tracking number or registered mail number. You must do this the next business day after we notify you of confirmation. If you do not call with this information, we may cancel your order. At that point, we will charge you for any market changes. We do not allow customers who have cancelled orders to make new orders in the future.

If you have given us the tracking number in a timely fashion and we do not receive your items within 5 business days, we may choose to give you more time to get us the package.

Does GMRgold accept cancellations?

We lock in your prices for purchases and/or sales at the time we send confirmation. Our standard policy is to not allow cancellations after the order has been confirmed. If you are dealing with a rare situation that necessitates a cancellation, you must call us during our business hours to make the cancellation. We will charge you a $35 cancellation fee plus the amount of any market losses to GMRgold. We charge these fees to your credit card. You will not be allowed to place additional orders until these fees have been paid. If there is a market gain, GMRgold retains the difference.

May I trade in my items?

Yes. Your trades are important to us because the expand our inventory. If you choose to make a trade, we recommend you talk to your tax advisor first.

Can I put my items on consignment with you?

Possibly. In certain cases, we do accept consignment items. Contact us with the details for more information.

Do I have to pay a fee when GMRgold receives my items?

No. There are no receiving fees. When we quote a price for your item, that is the price you will receive.

Are there any hidden fees for selling to GMRgold?

We buy and sell gold bullions, silver bullions, palladium bullion, copper bullion, semi-numismatic coins, foreign coins, rare coins, and paper currency.

We maintain an extensive inventory of coins that are graded fairly and priced reasonably. If you are a serious coin collector, you can buy coins from our online store.

If you want to sell your coins, contact us. We purchase your gold, silver, platinum, and coins. Our pricing is reasonable and we stock a full range of bullion for quick delivery.

Back to Frequently Asked Questions

Precious Metals IRA

2021-12-30T11:16:00-06:00

What type of retirement accounts can be converted into a Gold IRA?

• Traditional IRA
• Roth IRA
• 401(K)

• Simple IRA
• SEP IRA
• 403(B)

• Pension Plans
• TSP - Thrift Savings Plan
• Tax-Sheltered Annuities

You can also hold precious metals in Coverdell Savings Accounts and Health Savings Accounts. If you do not see your account listed here, call us for advice

What will be held in my IRA, a paper certificate or the actual physical asset?

You will be the owner of physical precious metals. No paper certificates are involved.

Where is my gold stored?

Your gold is stored at an IRS-approved storage facility called the Delaware Depository Service Company, located in Wilmington, Delaware. Approved depository facility of NYMEX, COMEX, and CBOT

• "All Risk" insurance coverage.
• State of the Art Inventory Control and Security Systems monitored 24 hours a day, 365 days a year.
• Detailed confirmation of assets received.
• Allows you to store an unlimited amount of precious metals.

Do I have access to my gold in my IRA?

Yes. You may actually visit and inspect your precious metals at the Delaware Depository. If you want to take possesion of your metals through an IRA Distribution, you can either choose to have them shipped to you directly or you can sell them in your account and have cash wired into your bank account.

Why can't I hold precious metals within my existing IRA?

Most banks and custodians are neither approved nor capable of offering the services necessary to facilitate physical asset ownership. Most banks are only equipped for electronic trading and storing information in computers. In most circumstances, all your financial advisor can provide is assistance in purchasing gold ETFs or share of a mining corporation. As we discussed earlier, those do not provide the specific advantages of owning physical meals. Opening a new self-directed Gold IRA allows you the freedom to hold physical Gold and other precious metals directly within your qualified retirement account.

Why do people diversify their portfolios with precious metals?

Providing diversification and liquidity with no credit risk, gold can be especially attractive during periods of increased market volatility. Many individuals and financial professionals choose to diversify retirement portfolios with alternative assets that are not correlated to the stock market.

Can I buy physical gold for my Individual Retirement Account?

You can buy gold coins and bullion, silver, palladium and other precious metals that meet certain fineness requirements.

Can I keep my purchased metals at home?

Not when your metals are held in an IRA. Your physical assets owned by an IRA must be held by a qualified custodian and stored in a secure, IRS-approved depository. Many depositories offer segregated or non-segregated storage. Segregated storage means that your personal metals are identified and stored under your name.

What does the custodian do?

The IRS requires that any IRA be administered by a qualified custodian. Self-directed account custodians do not provide investment advice, but they do provide administrative and reporting services, and will purchase precious metals on your behalf per your direction through your IRA account.

How do I begin the IRA process?

The first step is to open and fund your Self-Directed IRA account. This can be completed through a traditional paper application, but many people choose to use our simple, online application process that can be initiated in under 10 minutes. With eSignature, the process can be completed entirely online. Equity Trust can initiate the transfer of funds if you’re rolling over from an existing account. The timing on this process is dictated by the custodian currently holding the funds.

What happens once my IRA has been funded?

After your account has been funded, you are ready to purchase precious metals within your IRA. Simply instruct your custodian to purchase your desired coin or bullion products.

How easily can I liquidate my precious metals?

You can at any time choose to retrieve your precious metals from the depository storage facility as a full or partial distribution. As with any early IRA distribution, taking a full or partial distribution of your precious metals may result in taxes and penalties unless rolled over to another qualified custodian. You may also choose to sell your metals back to an authorized dealer and the cash received would return to your IRA.

What kind of precious metals can I invest in?

Generally, you may purchase coins minted by the U.S. government as legal tender, such as American Gold Eagles and American Silver Eagles (1 oz, 1/2 oz, 1/4 oz and 1/10 oz). Certain coins minted by other nations as legal tender may also be IRS-approved.

Can I have more than one IRA?

Yes. An investor may have multiple IRAs, but no matter how many you have, your total annual contribution limits remain the same.

Can I transfer money from an existing IRA or 401(k) account to fund another IRA without incurring any tax penalties?

Yes. If you have an existing IRA or 401(k), you may fund an IRA by transferring either the full or a partial amount. Because the funds are being directed into another tax-advantaged account there will be no tax penalties. Equity Trust will facilitate this process at your direction.

The current law allows for both transfers from IRAs as well as rollovers from qualified retirement plans, such as 401(k), 401(a), 403(b), 457, Thrift Savings Plan (TSP) and annuities.

Who is eligible for a Traditional IRA?

If you are under age 70 1/2, and have earned income, you’re eligible for an IRA, including one that holds precious metals.

Are there penalties for moving my IRA or 401(k)?

No. An IRA rollover is a tax-free process with no fees or penalties, if done according to IRS guidelines. Funds received from an IRA are not subject to penalty or taxation as long as they are deposited into your new IRA account within 60 days.

In what form can I receive distributions?

You may receive distributions from your IRA in the form of physical gold, silver, platinum or palladium, depending on what metals are in your account. You may also convert your metals into cash.

When will I be eligible for distributions from my IRA?

At the age of 59 1/2, the beneficiary of an IRA may begin receiving penalty-free distributions from their account.

I want to start a Precious Metals IRA. Are there tax penalties for transferring money for it from the IRA account I have now?

No. The IRA or 401(k) you already have can fund your Precious Metals IRA by transferring it using approved procedures. Your IRA custodian can explain how it works and help you make the transfer.

Are all types of IRAs eligible to transfer or roll over?

Yes. Traditional IRAs, Roth IRAs, SEP IRAs, SIMPLE IRAs and Solo are all eligible if the rollover is direct. Your IRA custodian can explain the details and limitations concerning the rollover or transfer.

Can I start a new IRA with Precious Metals?

Yes, you can start a new IRA with a contribution. When you make your first contribution to a new Precious Metals IRA, your total annual contribution for all IRAs is still the same.

What is the minimum dollar amount I can purchase from GMRgold for an IRA?

The minimum GMRgold purchase for an IRA is $2,000.

What is the minimum dollar amount for Precious Metals I sell back to GMRgold from my IRA?

Our minimum purchase is set at $1,000.

Is owning a Precious Metals ETF the same as making contributions to a Precious Metals IRA?

No. ETFs are exchange traded funds. You receive a stock certificate rather than the physical precious metal. ETFs are more advantageous for investors who are constantly trading, while physical precious metals make more sense for people who want to buy PMs and hold them for a longer period. With physical precious metals, you can always choose to have the physical precious metals in your possession.

Back to Frequently Asked Questions

Tax Reporting

2021-12-29T16:33:00-06:00

Are Precious Metals Taxable?

GMRgold currently does not collect any sales tax on Gold, Silver, Platinum, Palladium or other Precious Metals. For items other than Precious Metals as well as jewelry items, there may be a tax, depending on your state or location. You can see clearly at checkout whether GMRgold will add a tax amount to your purchase.

Is there a tax form for reporting precious metals?

Yes. The 1099-B IRS form is where the proceeds of customer sales of all Precious Metals on the IRS Reportable Items List are reported. Consult a tax professional to learn how this form affects you in your individual tax situation.

What is the purpose of the 1099-B IRS form?

Sales of precious metals made by individuals are reported to the IRS on the 1099-B form. The IRS can use this information to determine if individuals who are selling precious metals to increase their income have indeed reported the income from their sales to the IRS. For more information on this form and what it means to you, consult your tax professional.

When do dealers file the 1099-B form?

Dealers file the 1099-B whenever a customer sells the minimum amount of any of the precious metals items on the IRS Reportable Items List. The reporting details vary with the specific product sold. Please consult a tax professional for more information on how this affects your personal tax situation.

Which items are on the IRS Reportable Items List?

The 1099-B instructions on the IRS website explain the rules about which transactions you need to report on the IRS form 1099-B. The guidelines below, provided by the ICTA, are used to report precious metals on the 1099-B. These details may change without notice.

Gold bars of .995 fineness totaling 1 kilo (32.15 troy oz.) or more.
Silver bars of .999 fineness totaling 1000 troy oz. or more.
Platinum bars of .995 or purer totaling 25 troy oz. or more.
Palladium bars of .9995 or higher totaling 100 troy oz. or more.
Gold 1 oz. Krugerrand totaling 25 or more 1 oz. coins.
Gold 1 oz. Canada Maple Leaf totally twenty five or more 1 oz. coins.
U.S. 90% silver totaling $1000 face value or more of a combination of dimes, quarters or half-dollars.

Back to Frequently Asked Questions

Miscellaneous

2021-12-27T10:52:00-06:00

What is GMRgold’s return policy?

Because we value your business, GMRgold guarantees customer satisfaction. We are happy to make refunds, exchanges or returns on all sales that meet our criteria. To take advantage of this guarantee, you must notify GMRgold’s Customer Service department by phone at 1 (877) 795-9585 within 14 days from the date you received your package. In addition, you must keep all items in their original packaging. You are responsible for any shipping charges to return your items to us, and they must be securely packaged and clearly addressed. We do not refund shipping and handling charges on your original order. GMRgold reserves the right to refuse any returns that do not adhere to these requirements.

Your satisfaction is important to us. If you are disappointed with your order, we encourage you to call us so we may have a chance to help you resolve any issues you have with your order. We are committed to giving you the best products and service possible. If you request an exchange, we reserve the right to select an acceptable replacement or refund your money if none is available.

If you return bullion products, GMRgold may require you to pay for any market loss that occurs between the time you received the package and the time we received it in return. If there is a market gain on your item, GMRgold retains the amount of the gain.

We do our best to supply you with accurate product information and pricing on our product pages. Yet, despite our diligence, typographical and pricing errors can happen. If you rely on product page pricing or information that is in error, GMRgold reserves the right to refuse cancel orders placed while the error was on the website. We will contact you about any incorrect pricing for directions or notify you that we have cancelled your order.

We may post additional return policy terms concerning returns, refunds, exchanges and cancellations on the product pages on our website.

Do I Need a Return Authorization Number?

Yes. You must notify our Customer Service department by phone during our normal working hours on business days Monday-Friday. When you call, we will issue you a Return Authorization Number. Once we receive your return package, we will calculate any market loss, which we may charge to your credit card. We do not charge the $35 cancellation fee on any return packages. If you prefer, you may pay the market loss yourself using a credit card immediately, or we will send you an invoice. You must pay any market loss within 30 days. You will not be allowed to order any items from GMRgold in the future until the market loss amount is paid in full. Market gains remain the property of GMRgold.

Are there any risks involved?

You are making an investment when you purchase precious metals, so there is always some degree of risk. The value of PM products can change dramatically given certain economic conditions such as bullion’s current market price and the perceived rarity of an item. Prices can go up, benefitting you, but they can also go down, and that is where the risk lies. It is important to learn as much as possible before you invest and keep enough cash in reserve before buying bullions or coins.

Does GMRgold report Precious Metals purchases to the IRS?

We are not required to report sales transaction details to the IRS or any other tax agency unless your situation is covered under the IRS Form 8300 requirement.

What is a troy ounce?

The troy ounce is a unit of weight, most often used in the US to measure the weight of Precious Metals, and particularly, of Gold. The ounce most Americans are familiar with is the avoirdupois ounce, which is different from the troy ounce. The troy ounce is equal to 31.1035 grams.

What is a troy pound?

A troy pound is a weight unit that equals 12 troy ounces.

Back to Frequently Asked Questions

Precious Metals

2021-11-01T08:18:00-05:00

What is this I hear about a silver "surplus"?

This is a bit of a misnomer. There is no such thing as a "surplus" of silver. Nobody is storing unwanted or excessive silver on pallets outside of a warehouse due to lack of space. The word "surplus" is used only in an accounting sense, and has to do with investment demand. Give us a call, we'd be happy to go through the particulars with you!

Won't increased silver mining make silver worth less?

In theory, yes. In practice, no. Annual increased silver mining is offset by old mines shutting down. Also, newly increased investment demand for silver is far higher than total new silver mine production.

Should I purchase silver instead of gold?

About 160% of gold mined each year is purchased by investors. That extra 60% is from central bank selling and leasing.

In contrast, about 7% of silver mined each year is purchased by investors. The rest is consumed and lost by industry.

Silver is a much smaller market, silver is more rare, harder to buy, and harder to find. There are plusses and minuses to each and we recommend a varied portfolio. But if "smart money" is spent buying gold, then the smartest money is buying silver.

How do I begin to learn more about investing?

Start thinking about investing in many areas of your life! It all compounds. But if you're looking specifically into Precious Metals, give us a call. We're happy to chat about all of the options, pros and cons, and put together a great strategy for you.

Should I wait for silver prices to dip, before I buy?

People have been asking us if they should wait for a dip since silver was $5 per ounce. If you don't have any silver, it's a great option to add value to your portfolio, regardless of price. The longer you wait, the more you will pay, typically. Give us a call and we'll talk through your options on buying silver today!

What is the historic value of silver and gold?

This is a broad question with a broad answer.

In the bible you could hire a priest (like a lawyer) all year, for food, shelter, one suit, and ten shekels of silver, which is about 2.5 ounces of silver.

In 1430's in Florence a man could live very comfortably on 16 ounces of gold per year, bank clerks earned 2-5 ounces per year, and a maidservant earned just over 1 ounce of gold per year. A Multi million dollar mansion would sell for just over 100 ounces of gold.

The 600 year silver chart is a popular chart, but it needs to be updated.

In the U.S. in the early 1900's a day's wage varied from about a silver dollar to a silver quarter, to a silver dime, depending on the work.

How and why will the world ever go back to using silver and gold as money, and what will it be worth?

Paper eventually fails and returns to its intrinsic value, which is about the value of used newspaper. No matter how many zeros are printed on the paper it does not increase the value.

As silver and gold continue to rise in price, they will attract ever more investment, especially as more and more people understand its ability to value, and as more and more people want to preserve savings, and grow their wealth.

How will silver or stocks be valued if there is no paper money?

When silver and gold are money, everything is valued in terms of silver and gold.

What are First Spouse Gold Coins?

The United States Mint issues one-half ounce $10 gold coins to honor the nation’s first spouses by featuring their images in the order they served as First Lady. This series of First Spouse Gold Coins were issued on the same schedule as the Presidential $1 Coins that honored the presidents.

On July 29th, 2007, The US Mint issued four First Spouse Coins featuring portraits of the first four spouses of the presidents – Martha Washington, Abigail Adams, Thomas Jefferson's Liberty, and Dolley Madison. This series of gold coins was designed to acknowledge the unique work, life, and contribution of the spouses of the presidents to the welfare of their nation.

What are the benefits of investing in gold coins?

There are several reasons why you should invest in gold coins, but we'll share you the most important ones:

• Protect your portfolio and wealth even if an economic crisis occurs in China, US, or Europe. You'd be better off with gold than with paper money or other paper assets.
• Protect yourself should a banking crisis occur. For example, if one of your banks collapses in the future.
• Protect your savings against the fluctuating currency devaluations.

What are the risks involved?

Although there are many advantages of investing in gold coins, there are also risks involved and if you're a new investor, you should be aware of these risks beforehand:

• Gold's price often fluctuates and can become "expensive" in relation to the US dollar. A trusted advisor like GMRgold can help you avoid the pitfalls of this natural fluctuation.
• Gold coins do NOT offer you interests or dividends as your savings accounts, or money market accounts, or bonds or stocks do.
• You'll need to consider how to store gold in a safe place and storing your gold coins in your home is equivalent to keeping your money on the table: it's not safe!

What is the difference between MS70 and PF70 gold coins?

Mint State (MS 70) gold coins are produced significantly in higher volumes, are not in circulation, and usually issued for coin collectors, meaning they're carefully produced and handled as compared against "ordinary coins" that are mass produced for general circulation.

Proof (PF70) gold coins are produced in higher standards of finish, distinguished by its sharpness of detail with a mirror-like, brilliant surface. (The flat background of the coin has a highly polished surface finish while the raised parts have a matt finish, giving a higher level of contrast between the two.)

How / Where to 'safely' buy gold coins?

You can 'safely' buy gold coins from several places, including visiting a local gold coin store, online stores such as Amazon or eBay, or from our online store.

What do you buy and sell?

We are committed to transparency in our fee structure. There are no hidden fees when you sell to GMRgold.

How should I clean my coins?

Don't! It's not necessary. Leave them in their natural state as gold doesn’t tarnish. Cleaning or polishing coins, even with great care, will often take away their original Mint value.

Is sales tax collected on these coins, bullion, or currency?

No. There is no sales tax collected on coins or bullion in the state of Texas. But sales tax will be collected on currency and supplies as required by the state.

How will you pay me if I wanted to sell you coins or bullion?

We will either pay you by cash or check, whichever method you feel comfortable with, and payment will be made instantly. And if you’re under the age of 18, we won’t be able to buy anything from you. The local and state law of Texas doesn't allow this. If we decide to purchase from you, however, you'll need to submit a valid photo ID, phone number, and your thumbprint for purchases we make.

What's the best type of gold bullion I should buy?

In the US, gold Eagle from the US Mint is by far the most popular bullion coin, and its resale value is better than any other bullion coin traded in the American market. It doesn't really matter which form of gold bullion you buy, but for the long run, we highly suggest you go for the gold Eagle.

Which gold bullion or coin is best for me?

On this website, we offer major types of bullion coins. We have also added detailed descriptions about each one. Since every gold buyer is unique and has a different taste, the type of gold you'll buy depends on what appeals to you the most. This doesn't mean that you are not allowed to put all your eggs in different baskets – you may choose to own as many different bullion coins as you want to.

However, if you do not have a strong preference, we highly suggest you to buy US gold Eagle coins as they're widely accepted and have a strong resale value.

Shouldn't I buy 'pure' gold over 'impure' gold?

A lot of people want to buy 'pure' gold (.9999 or finer). But, you need to understand that coins which have 90% of 91.7% of pure gold were actually made from the full weight of the gold. In order to toughen the soft gold for better handling than 'pure' gold, it is alloyed with copper and silver. Whether you buy pure gold or alloyed (impure) gold, it's your choice. Over the past thousands of years, gold coins have contained alloy to make them harder.

Is gold easy to sell?

Of course, they are. Gold sells easily anywhere in the world, 24/7. In fact, it's a billion dollar industry, where gold is traded in a 24-hour cycle, from London to Paris to New York to San Francisco to Australia to Japan to India to Turkey, and finally, back to London.

Visit our online store to see some of the finest and best-selling gold coins.

If the price of the gold coin rises, where can I sell it?

Anywhere in the world. But GMRgold runs a business of buying and selling gold bullion (gold coins and gold bars), and we hope that you'll contact us so that we can bid on your gold should you ever decide to sell in the future.

Why should I purchase from you?

Here are few reasons why you need to choose GMRgold to buy or sell gold and silver coins:

• We have been in the coin, bullion, and scrap business for many years, serving newbie and advanced collectors.
• We maintain one of the most diverse and largest inventories of collective coins available around the world.
• Our prices are extremely competitive.
• We stock a wide range of gold and silver bullion, offering a narrow buy and sell spread. The delivery of the item is on-time and immediate.
• We treat our clients with honesty and fairness. Check out our Trustpilot reviews to know what our customers are saying about us, our products, and our services.

Back to Frequently Asked Questions