Gold $2,622.97 1.17%
Silver $29.51 1.67%
Platinum $929.27 0.72%
Palladium $919.02 1.27%
McGruff Gold Dealers Arizona

Buy Gold Online in Arizona

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.

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Arizona IRS Regulations

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:

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

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:

The purity standard of gold is 99.5%, silver is 99.9%, and 99.95% for platinum and palladium.
Bars, rounds, and coins must be produced by an accredited or certified refiner, manufacturer, or assayer and meet minimum fineness requirements. The producer must be accredited or certified by NYMEX, COMEX, NYSE/Liffe, LME, LBMA, LPPM, TOCOM, ISO 9000, or a national government mint.
Proof coins must be in excellent condition and encapsulated in complete, original mint packaging. A certificate of authenticity must also accompany them.
Small bullion bars must be manufactured to exact weight specifications.
Non-proof bullion coins must be in brilliant, uncirculated condition and free from all damage.

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

The IRS requires investors to report profits when selling gold or other precious metals. Individuals must complete Schedule D of Form 1040 on their annual tax return to report income.

However, you might also be required to complete Form 1099-B, depending on the type of metal sold. This includes:

90% silver U.S. dimes, quarters, or half dollars at a face value of $1,000
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

Arizona Taxes on Gold

When you buy gold, the sales tax in Arizona is 5.6%. However, this is the minimum rate across the state, and local authorities can add additional taxes. Nonetheless, precious metals, including gold, silver, platinum, palladium, and monetized bullions, are exempt from sales taxes, impacting the price of gold. However, copper products, accessory items, and processed items don’t fall under the exception of sales taxes.
Accessory items include holders, tubes, and coin flips. Processed items are precious metals that third parties process into items valued more than their precious metal content, such as colorized coins.

Gold Prices

Several elements, such as the mint, fineness, rarity, condition, size, dealer, and demand, have an impact on the price of gold. Typically, the higher the gold content and the larger the size of the gold coin or bar, the more it will cost. Nevertheless, the cost of gold has steadily risen over the decades, contributing to the notion that gold is a good investment.

Types of Gold Coins, Bars, and Bullion in Arizona

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:

Bullion
Bullion coins historically served as a form of currency. However, they are now collectible items and investments. Bullion coins are typically purchased as a hedge against inflation and the stock market. Their value is attributed to the rarity and aesthetic beauty of the item.
Proof
Proof coins are the highest quality gold investments and are often produced in limited quantities. These coins are produced by the U.S. mint and come with a certificate of authenticity.
Numismatic
Numismatic coins are collectible or rare coins. These coins are valued less for their fineness or gold content and more for their historical and artistic significance.
Semi-numismatic
Semi-numismatic coins include the characteristics of both bullion and numismatic coins. This means that they are valued based on their rarity, artistry, as well as finesses and purity.

Gold Bar Sizes

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:

Hand-poured, cast, and minted ingots
A blend of old and new techniques, offering an artisanal, rustic appeal.
Hand-poured bars
Uniquely shaped with slight imperfections, showcasing the traditional goldsmithing process.
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.

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