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General
Q: How much silver is produced in the world each year?
Each year, silver mines produce about 650 million ounces. Approximately 200 million additional ounces come from scrap recycling, and another 100 million ounces from investor or government selling, for a total of about 950 million ounces. Of this, about 42% is consumed by industry, 28% by jewelry, 20% by photography, and 5% consumed in coins and medallions. This consumption adds up to 95% of total available silver each year! Consequently, this leaves only about 5% of the total, or just 47.5 million ounces per year.Q: How much gold is there in the world?
The annual worldwide production of gold is approximately 50 million troy ounces per year. In the world there are currently somewhere between 120,000 and 140,000 tons of gold "above ground". In order to visualize this, imagine a single solid gold cube with edges of about 62 feet. That's about 10 feet shorter than a tennis court.Q: Was gold illegal to own at one time?
Yes, in this country, from 1933 to 1974 U.S. citizens could not legally own gold bullion without a special license. In 1975 these restrictions were lifted and gold can now be freely held without any licensing or restrictions.Q: What is bullion?
Bullion (bul yen) synonym. precious metals n. precious metals such as gold, silver, platinum, and palladium manufactured in an acceptable form for trading, investing, or monetary purposes. The form generally being bars, ingots, or coins such as American Eagles, Canadian Maples, rounds from private mints, Johnson-Matthey ingots, etc.Q: What is the best way to store bullion?
For those new to purchasing precious metals, the question of how to store precious metal bullion coins and bars is very important, but sometimes confusing. Investors should always consider the following three primary factors: security, size, and liquidity.Q. How high is the quality of your coins?
Our coins are of the highest quality. Each coin is inspected for brilliance and detail prior to inclusion in your order. All of our silver and gold rounds are guaranteed for content and purity.Q. Will you hold or store my order for me?
No. We are not set up to store your order and strongly recommend that you always take delivery of all silver or gold you purchase from any vendor.Q: Will you buy precious metals from me?
No. To keep our operations as streamlined as possible, we do not operate as a full service bullion dealer.Q. Will you mint a custom coin for me or my organization?
Yes, we are able to create custom coins. Please contact us to discuss the various options that are now available.Q: Do bullion coins come with a certificate of authenticity?
Yes, a maker's mark and statement of weight and purity is stamped directly onto the bullion, whether coins or ingots. The bullion itself bears its own "certificate" from whichever mint or refinery produced it. Gold and silver have unique elemental qualities that are easily tested for authenticity. Typically, any coin shop, jeweler or pawnbroker can quickly recognize an authentic bullion coin.Q: Do you sell my personal information?
No. We do not sell your personal information, nor will a telemarketer call you on behalf of Silver and Gold Mint Direct. For more information, please review our Privacy Policy.Ordering
Q. How do I order gold or silver bullion coins?
Simply use our online order form, and follow the instructions there. We have developed a state of the art shopping cart connected with live silver and gold quotes so you can simply make your purchases online at the best prices possible without ever having to talk with any of our staff.Q: Can I place a phone or mail order?
No. We have committed substantial resources in building an online service to facilitate the most efficient and quickest method of doing business. Phone and mail orders are substantially more expensive to support.Q. Why are your prices so low?
Because you are essentially buying from the mint, you are not paying premiums that distributors and dealers typically charge. We add a nominal fee to the huge volume discount prices we get from the mints and because we buy in such huge quantities we can pass those volume savings on to you.Q: Who can buy from Silver and Gold Mint Direct?
Our clients consist of collectors, accumulators, investors and speculators. Whether you want to purchase large quantities or individual items, we are happy to help.Q: Do you have a minimum order?
Yes. We have a $100 minimum order requirement. It costs about as much to process, handle and ship a one-coin order as it does for multiple coins such as 10 or more.Q: Do you add a commission fee to your posted prices?
No. The prices you see are the prices you pay. The only charges we add are for shipping, handling, and insurance.Q: Are my prices locked in when I place my order?
Yes, provided you have already funded your account. When you place your order, your price is based on the up to the second quote.Q: Do you have quantity or wholesale discounts?
No. Our prices have already been calculated for high volume wholesale orders. The prices you will be paying for even a $100 order will still be generally lower than most people will pay purchasing elsewhere even large quantities of $10,000 or more.Q: What are the limits on how much gold and silver I can own?
Private gold and silver ownership in the United States has no size limitations. You are free to possess as much gold and silver as you wish.Q: Why have I not received an Email Confirmation after opening my account and placing an order?
Due to spam filtering software you or your ISP may be using, you may experience a problem receiving our communications, please try one of the following:- Add the silvergoldmintdirect.com domain to your accepted emails list.
- Check your bulk or spam mail boxes
- Contact your ISP or system administrator to find out how to add us as an accepted email source
Q: Is my online order with you secure?
Yes. Our Authorizenet certified website encrypts your transaction information using Authorizenet SSL-128 bit encryption. Since we are an Internet based service, your security is of the utmost importance to us.Payments
Q: What forms of payment does Silver and Gold Mint Direct accept?
We accept personal checks, bank wire, cashier's checks, certified checks and money orders.Q. What is your preferred payment method?
Personal Check. This is generally the easiest and most cost effective payment method.Q. What is the Clearing Period for personal checks, money orders, or cashier's check?
Our Clearing Period for paper payment instruments is seven business banking days. Although most paper payments may clear in a very short period, our clearing period is necessary to protect us against NSF or fraud.Due to the number of payments we process, we are unable to call on each payment to verify its date of clearance. Furthermore, due to recent changes in banking privacy policy, most banks are unable or unwilling to verify the needed information to validate the clearance of a check.
Q: Why are Money Orders/Cashier's Checks not better than Personal Checks?
Although we accept Money Orders and Cashier's Checks, there is no benefit with regards to the Clearing Period. Furthermore, this payment type may be subject to IRS Cash Reporting requirements.Q: Do you accept PayPal?
No. We sell high value product on extremely low margins and can not accept PayPal due to the risks and associated costs related to this a form of payment.Q: Do you accept Cash?
No. Our operation is not designed to handle physical Cash transactions.Q: Can I use an Escrow Service to pay you?
No. We will not facilitate transactions using an escrow service due to the added transaction expense, activity costs, and risks related to this form of payment.Q: Do you accept Third Party payments?
No. We can not accept Third Party payments due to provisions in the Patriot Act.Q: What is your payment address?
For our current payment address, please refer to the Payment Instructions section of your account (under Member Services).Q: When is my payment due?
You must fund your account first before placing a firm order. If funding by personal check, once we receive your payment, the Clearing Period begins. As soon as the Clearing Period has ended, your account will show as funded and you may then go to the shopping cart and place your order and lock in your price.Shipping
Q: How is my order shipped?
Silver and Gold Mint Direct orders are shipped Priority Registered/Certified/Insured U.S. Mail, UPS & Federal Express. Each package is fully insured and requires a signature upon delivery. Packages sent Priority Registered or Certified and Insured U.S. mail can take on average 3 - 5 business days. Overnight and two-day delivery can be arranged by our staff. Tracking numbers are available upon request.Q: How do you wrap your packages?
All of our packages are carefully and discretely wrapped, so as to avoid any indication as to the contents. Our shipping address will simply say "SGMD" along with our return address.Q: How will my order arrive?
We only ship with the major courier companies. These include U.S. Mail, Express Mail, UPS, and FedEx and are selected based upon our discretion. Each package is fully insured, requiring a signature upon delivery, so if it's lost in transit, you are not responsible.Q: Can I pick-up my product from your location?
No. For security purposes, our various facilities are private. Furthermore, our distribution system is not designed to transfer product in person to the public.Will you deliver product outside the U.S?
No. Unfortunately, we are not set up to distribute outside the U.S at this time. Please check back with us on occasion as we eventually plan to expand our services.Taxes, Regulations
Q: Are bullion transactions over $10,000 reported to the government?
Only if they involve cash or cash instruments such as cashiers checks, which total $10,000 or more. There is no required reporting of transactions involving personal checks or bank wires. Currency regulations involving cash amounts over $10,000 were designed to hinder money launderers and drug dealers.Q: Do I have to report my gold coin purchases to the Government?
No branch of federal, state, or local government has specific interest in how much gold you might own. The U.S. Mint, a division of the Treasury Department, strikes the Gold Eagle bullion coins, and supports their sale with national advertising, sales brochures, gift boxes, and so on, but they do not keep track of who is buying it from their dealers.Q: Do I have to pay taxes if I sell my bullion coins for a profit?
If you purchase bullion and later sell it at a profit, likely you will have either a long-term or short-term taxable gain.Silver and Gold Mint Direct does not offer tax advice on the tax treatment of your transactions. Please contact your tax advisor concerning your particular reporting requirements (i.e. Capital Gains). Please know that we cooperate fully with law enforcement agencies when information is legally requested.
Q: Are bullion purchases from Silver and Gold Mint Direct subject to State Sales Tax?
Your bullion order is not subject to Sales Tax. At the present most of our orders are shipped from Utah, but Utah does not assess a sales tax on bullion sales.Q: Is Silver and Gold Mint Direct registered with the SEC or any government regulatory agency?
Silver and Gold Mint Direct, LLC is not, nor required to be, registered with the SEC since we are not trading securities. Furthermore, we are not required to register with any other regulatory body.Q: Is Silver and Gold Mint Direct required to report my transaction to the government or any other agency?
In general, we are not required to report your transaction to any authority. However, single or related Cash transactions (including Money Orders and Cashier's Checks) of $10,000 or more are likely to trigger IRS Cash Reporting requirements.Any activity that is deemed as efforts to circumvent Silver and Gold Mint Direct's policies or the IRS Cash Reporting requirements may result in a Suspicious Activity Report (SAR) being filed with the IRS.
Q: Why is my Social Security Number requested when I choose money order or cashier's check as my form of payment?
Our policy is to require proper identification on Cash sale transactions (including Money Orders and Cashier's Checks) so that a Form 8300 can be prepared and filed, if required.Q: Is the IRS Cash Reporting requirement applicable to my transaction?
Due to the ambiguous nature of related transactions please assume when making multiple payments via Cash Instruments (Money Orders and Cashier's Checks) in excess of $10,000 in a 12-month period your transactions will likely be reportable to the IRS. If Form 8300 is filed in reference to you and your transactions, you will receive a written statement on or before January 31st of the year following the calendar year in which the cash is received and reported.Payments made with a single Cashier's Check in excess of $10,000 are not reportable under IRS Cash Reporting requirements. (The issuing bank is responsible for reporting, if required)
Security
If an investor's greatest concern is security, registered storage facilities, as well as many banks, offer vaults devoted exclusively to safeguarding bullion commodities. Typically, these facilities offer additional insurance policies for a minimal monthly fee.
Size
Bullion products come in many weights and sizes, which often determine their suitability for specific storage locations. For example, some precious metal bars can weigh up to 70 pounds. For practical reasons, those interested in purchasing bulk quantities of bullion will probably want to enlist the services of a registered precious metal storage facility. Those looking to keep their investment closer at hand may want to consider purchasing smaller sized bullion coins, which can be stored and transported more easily.
Liquidity
Liquidity is a major factor for many who invest in precious metals. Home storage is an option for those who require immediate access to their bullion investments. Alternatively, bullion banking facilities can offer investors 24-hour access to their private accounts. Investors can check their account status, or buy and sell bullion online from the convenience of their home or office computer.