The state of Arizona is very rich in mineral resources. In fact, gold mining first started in 1774 and continued until 1849. Throughout its gold mining history, the state produced more than 489 tons or 16 million troy ounces of gold. It's no surprise that many people today look to invest in gold, especially in Arizona.
In addition to gold, residents also choose to invest in silver, platinum, and palladium as a way to diversify their portfolios.
To buy precious metals online in Arizona, visit a reputable gold dealer’s website and browse the available investment options. Whether you want to invest in silver and gold, you can choose different precious metal product options from the dealer’s list of offerings, like gold coins and bars.
The IRS considers precious metal investments capital assets that are classified as collectibles. Consequently, individuals who sell gold and other precious metals will be subject to capital gains tax. However, capital gains tax is due only if the precious metals are sold after being held for at least one year. Additionally, you will only be subject to capital gains tax on the profit you receive once the gold sale is complete.
The capital gains tax is equal to your marginal tax rate. It can reach a maximum of 28%. Depending on your income, the tax rates are 0%, 15%, and 20%. The capital gains tax rates for 2023 are broken out as follows:
|Single||Up to $44,625||$44,626 to $492,300||Over $492,301|
|Head of household||Up to $59,750||$59,751 to $523,050||Over $523,051|
|Married filing jointly||Up to $89,250||$89,251 to $553,850||Over $553,851|
|Married filing separately||Up to $44,625||$44.626 to $276,900||Over $276,901|
When opening a gold IRA account, the IRS has strict regulations regarding the types of precious metals you can invest in. The requirements are as follows:
If you're wondering how to invest in gold, here's a guide to gold bars and gold coins for sale: Gold coins typically weigh one to two ounces. However, you may find half-ounce and quarter-ounce coins at some dealers.
Gold coins also come in varying qualities. For instance, older minted coins contain 90% to 92% gold, and newer coins contain 99.9% gold. Some dealers also sell alloyed gold coins, which contain 91.7% gold, with the remainder being made up of silver or copper.
The gold coin price is often based on the size and gold content. However, some coins can cost more than the gold spot price based on rarity, demand, and design elements.
There are four types of gold coins:
Gold bars come in various sizes, ranging from a few grams to 10 ounces. The gold bar price is most often based on purity, gold content, and size.
Gold bars have a minimum international purity standard of 99.5%, and each bar is stamped with its weight in gold, fineness, and serial number. Gold bars come in several styles, including: