Below you’ll find the most frequently asked questions on the different precious metal bullion products Kitco Offers.
- What is the difference between precious metal bullion and numismatic coins?
- Why is there a difference between the spot price listed on your website and the price that I pay?
- Are the products that you sell taxable?
- Do you sell mint-condition or proof coins? Can I request new (uncirculated) coins?
- Why do my coins/bars appear spotted or dirty?
- Can I buy bullion bars from a specific refiner or bullion coins from a specific year?
- Do the bars that you sell include assay certificates?
- Do you sell precious metal bullion products not listed on your website?
- Do you report any transactions to the IRS or the Canada Revenue Agency?
Kitco only sells precious metal bullion coins (and bars) that are traded for the value of the precious metal they contain. Numismatic coins, on the other hand, derive their value from their condition, vintage, rarity, history and collectability. Such coins are typically sold by coin dealers rather than bullion dealers.
The spot price is the price at which a precious metal is trading on the open commodity market. It does not include the (usually high) costs of refining the raw, newly-mined metal and manufacturing coins and bars from it. This inherent fabrication cost is factored into the prices listed on our bullion product list.
Kitco does not charge sales tax for any U.S. transaction.
For Canadian transactions, we charge tax on:
- 22 karat gold coins (Krugerrands, American Eagles, etc.)
- All palladium products (bullion and Pool)
- All rhodium products (bullion and Pool)
Kitco does not always sell mint-condition or proof coins. In addition to coins sourced directly from various national mints, our stock contains coins that have been sold to us by individual customers. While we do sell some new or uncirculated coins, we cannot guarantee that the coins you receive will be new. Because the value of precious metal bullion coins is based on the metal they contain, the condition (new or pre-circulated) of any coin does not affect its market value.
It is likely that the coins/bars that you received may have been previously owned. Sometimes, even new coins and bars can appear spotty with red- or white-tinged marks, flecks or streaks. Such spots and marks on coins/bars are a relatively common occurrence and are not at all problematic. Most of these spots and marks are just residues of chemical and coatings used in the manufacturing process. Often, they can be polished off with a soft cloth. Even if they are hard to clean off, they do not impact the value of the coin/bar because they are not impurities but just superficial marks.
Your coins/bars are no less valuable because they have these marks. The value of precious metal bullion coins and bars depends primarily on their metal content and not on their appearance. Minor blemishes and regular wear and tear do not deplete the value of precious metal bullion coins and bars. Your coins/bars will fetch their full market price whenever you resell them.
Kitco mostly sells circulated precious metal bullion coins and bars. We cannot guarantee the availability of a specific refiner, year or condition for any bar or coin we sell. The market value of precious metal bullion bars and coins does not depend on their manufacturer, year of mintage or appearance. Minor blemishes and regular wear and tear do not deplete the value of precious metal bullion coins and bars. The bar or coin that you receive will therefore retain its full market value regardless of its age or manufacturer.
Most precious metal bullion manufacturers do not issue assay certificates with their bars. However, all bars are stamped with the names of their makers, their weight and their purity. In some cases, precious metal bullion bars also bear a serial number. These markings attest to the bars’ fineness and genuineness and are widely recognized and accepted by bullion dealers the world over. The value of precious metal bullion bars is therefore not dependent on the presence or absence of an assay certificate. Moreover, most of our bars are sourced from suppliers who meet the stringent criteria for inclusion on industry-standard Good Delivery lists, links to which are listed below.
Gold Silver LBMA - Gold & Silver Platinum Palladium LPPM - Platinum LPPM - Palladium
Kitco often has items in stock that are not listed on our website. To enquire about items such as different ounce size bars and precious metal bullion coins from Australia and China, please call 1 877 775-4826 or 514 313-9999.
No, Kitco does not report customer’s transactions to the IRS or the Canada Revenue Agency. It is your responsibility to research the tax implications of purchasing and selling precious metals and to file any documentation that may be required in your tax jurisdiction.