Gold $2,623.20 1.18%
Silver $29.51 1.68%
Platinum $929.27 0.72%
Palladium $919.02 1.27%
McGruff Gold Dealers Alabama

Buy Gold Online in Alabama

The history of gold in Alabama dates back to the 19th century when mines were discovered in the state. In fact, thanks to the gold industry, Alabama was able to recover from the American Civil War.


Today, people continue to invest in gold and buy precious metals as they are relatively stable and safer investments compared to stocks and paper assets. Investing in gold can help protect your portfolio from market volatility. As a result, gold investing has become increasingly popular. Similarly, residents choose to invest in silver, platinum, and palladium to diversify their portfolios.

Acquiring gold and precious metals can be done easily online, but before you go on doing so, take a look at some rules and regulations on buying gold and other precious metals in Alabama.

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Alabama IRS Regulations

Sellers of gold in Alabama are subject to a federal capital gains tax, which is only applied when you make a profit from a particular transaction. The capital gains tax rate can be 0%, 15%, or 20%, depending on the filing status and the income you make from the transaction. However, the total cannot exceed 28% of the transaction value.
Filing Status0%15%20%
SingleUp to $44,625$44,626 to $492,300Over $492,301
Head of householdUp to $59,750$59,751 to $523,050Over $523,051
Married filing jointlyUp to $89,250$89,251 to $553,850Over $553,851
Married filing separatelyUp to $44,625$44.626 to $276,900Over $276,901

IRS-Approved Precious Metals

The IRS allows a list of precious metals to be included in a gold IRA. If you wish to invest in gold, the products have to match the following requirements to be included in a gold IRA:

Purity standards should be 99.5% for gold products, 99.95% for silver products, and 99.95% for platinum and palladium products.
Bars, rounds, and coins must be issued and distributed by refiners, assayers, or producers accredited or certified by NYMEX, COMEX, NYSE/Liffe, LME, LBMA, LPPM, TOCOM, and ISO 900. Moreover, the producer should meet minimum fineness requirements of at least 99.5%.
Proof coins should be distributed in original mint packaging, be in excellent condition, and have a certificate of authenticity.
Small bullion coins should be produced according to specific weight specifications (except for 100-ounce gold, 400-ounce gold, 1,000-ounce silver, 50-ounce platinum, and 100-ounce palladium bars).
Non-proof bullion coins should be in brilliant, uncirculated, and undamaged condition.

IRS-Approved Gold Products Include:

American Eagle bullion or proof coins
Australian Kangaroo or Nugget bullion coins
Australian Lunar Series coins
Austrian Philharmonic bullion coins
British Britannia (2013 or newer)
Canadian Maple Leaf coins
Chinese Panda coins
Credit Suisse – PAMP Suisse bars
U.S. Buffalo bullion coins

IRS-Approved Silver Products Include:

American Eagle bullion or proof coins
America the Beautiful coins
Australian Kookaburra coins
Austrian Vienna Philharmonic coins
British Britannia (2013 or newer)
Canadian Maple Leaf coins
Chinese Panda coins
Mexican Libertad bullion coins

IRS-Approved Platinum Products Include:

American Eagle bullion or proof coins
Australian Koala bullion coins
Canadian Maple Leaf bullion coins
Isle of Man Noble bullion coins
The only IRS-approved palladium product is the Canadian Maple Leaf coin.

IRS Forms

If you sell gold in Alabama, you have to report your income to the IRS using Schedule D of Form 1040. The form should be included in your annual tax return. For a few types of products, you need to file Form 1099-B instead. Those products include:

90% silver U.S. dimes, quarters, or half dollars at a $1,000 face value
Twenty-five or more one-ounce gold Maple Leaf, Krugerrand, or Mexican Onza coins
One-kilogram or 1,000-troy-ounce gold and silver bars.

Alabama Taxes on Gold

All gold, silver, platinum, and palladium products with more than 90% purity are exempt from sales tax in Alabama. The state extended its no-sales tax policy to precious metal bullion in 2022, making it one of the best places to buy gold online.

Gold Prices

The selling price of gold depends on multiple factors. Gold bars for sale are generally valued based on their weight and purity. This is their face value, as they don’t have any historical or artistic significance.

The price of gold coins also depends largely on their purity and weight. However, some coins may be valued higher than their face value. This is because they may have a historical significance due to their rarity, scarcity, artistry, and demand.

Types of Gold Coins, Bars, and Bullion in Alabama

Gold coins for sale come in four different forms. They generally weigh between a few grams and a few ounces and contain 99.9% gold. However, some older coins may contain 90% or 92% gold. The gold coin price is usually based on size and gold content. However, sometimes the price can be higher than the gold spot price due to rarity, demand, and design elements. The types of coins are:
Bullion
Bullion coins are collectible items that are valued for their historical and aesthetic significance. They can be obtained from certified gold dealers in physical stores or online and come with a certificate of authenticity.
Proof
Proof coins are high-quality coins with high purity standards that are issued in very limited quantities. They are produced by the U.S. Mint and also come with a certificate of authenticity.
Numismatic
These are old, collectible, and rare coins that are valued higher than their face value because of their scarcity and design elements.
Semi-numismatic
Semi-numismatic coins are coins that take elements from both bullion and numismatic coins. They are valued based on their rarity, scarcity, design, and purity.

Gold Bar Sizes

Gold bars weigh between one gram and 400 ounces and mostly contain 99.9% gold. All gold bars for sale have their purity, weight, and manufacturer’s name inscribed on them. The gold bar price is usually based on gold content and size. If you're looking to buy gold bars, they also come in four different types, including:
Cast bars
Showcases modern precision with clean lines and a uniform matte finish, optimized for easy storage.
Minted bars
Highly refined, featuring high-gloss finish, sharp edges and tamper-evident packaging for added security.
Hand-poured bars
Uniquely shaped with slight imperfections, showcasing the traditional goldsmithing process.
Hand-poured, cast, and minted ingots
A blend of old and new techniques, offering an artisanal, rustic appeal.

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