Gold $2,660.06 -0.89
Silver $31.20 0.3
Platinum $968.66 0.88
Palladium $1,030.46 0.43
McGruff Gold Dealers Connecticut

Buy Gold Online in Connecticut

Connecticut, known as the "Constitution State," has a rich history dating back to the early colonial days. While it may not have been the epicenter of a gold rush like California, its residents still recognize that gold investing is a secure and long-term growth opportunity.


That’s why many Connecticut residents choose to invest in gold and buy precious metals for long-term growth. Many also invest in silver, platinum, and palladium to diversify their portfolios.


Before diving into the world of precious metals, you should be well-informed about both federal and state regulations. The IRS has specific guidelines regarding capital gains tax on gold, and Connecticut has its own set of rules concerning sales tax on precious metals.

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Connecticut IRS Regulations

When you sell gold or other precious metals, be prepared to pay federal capital gains tax as mandated by the IRS. Precious metals are viewed as capital assets and are categorized as collectibles. If you've held onto your precious metals for over a year before selling, you'll be liable for this tax.


The capital gains tax aligns with your marginal tax rate, capped at 28%. Depending on your income bracket, the capital gains tax rates can be 0%, 15%, or 20%. Here's a detailed breakdown of the capital gains tax rates for 2023:

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

Keep in mind that you will not be required to pay capital gains tax until the sale of your precious metals has been finalized.

IRS-Approved Precious Metals

If you're thinking about opening a precious metals IRA, it's vital to know which assets are IRS-approved. The IRS has stringent criteria for the types of precious metals permissible in an IRA:

The gold must have a purity of at least 99.5%, silver 99.9%, and both platinum and palladium 99.95%.
The metals, whether they are bars, rounds, or coins, should be produced by an accredited or certified refiner, manufacturer, or assayer. This producer must have accreditation or certification from recognized institutions like NYMEX, COMEX, NYSE/Liffe, LME, LBMA, LPPM, TOCOM, ISO 9000, or a national government mint. Additionally, they should meet the minimum fineness requirements.
Proof coins should be encapsulated in their original mint packaging, be in pristine condition, and come with a certificate of authenticity.
Small bullion bars should adhere to precise weight specifications.
Non-proof bullion coins should be brilliant, uncirculated, and free from any 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 sole IRS-approved palladium product is the Canadian Maple Leaf coin

IRS Forms

Upon selling your gold or other precious metals, you're obligated to report the profits to the IRS. Sellers should complete Schedule D of Form 1040 on their yearly tax return.

Depending on the type of metal sold, the IRS might also require Form 1099-B. This form is necessary when selling:

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

Connecticut Taxes on Gold

Connecticut residents must also be aware of the state's sales tax when they buy silver, gold, or other precious metals. Even online purchases are subject to Connecticut's sales tax.

Connecticut has a statewide sales tax of 6.35%. However, this rate can be higher in certain localities, like particular cities and counties. As a result, investors who buy precious metals in Connecticut could pay more in certain locations.

On the bright side, Connecticut has a precious metals sales tax exemption. If you purchase more than $1,000 of precious metals, the sales tax is waived.

Gold Prices

The price of gold is influenced by various factors, including its mint, purity, rarity, condition, size, the dealer's pricing, and overall demand. Generally, gold with higher content and larger size tends to be pricier. Over the years, gold has seen a consistent rise in its value, making it a sought-after long-term investment.

Types of Gold Coins, Bars, and Bullion in Connecticut

Gold coins usually weigh between one to two ounces, but some dealers might offer half-ounce and quarter-ounce coins. The quality of gold coins varies, with older ones containing 90% to 92% gold and newer ones boasting a 99.9% gold content. Some gold sellers also provide alloyed gold coins, which consist of 91.7% gold, complemented by silver or copper.

The gold coin price is often determined by its size and gold content. However, certain coins might be priced above the gold spot price due to their rarity, demand, and unique design elements.

Gold coins can be categorized into four types:

Bullion
Historically used as currency, these coins are now seen as collectibles and investment assets. Their value is derived from their rarity and aesthetic appeal.
Proof
These are top-quality gold investments, produced in limited quantities by the U.S. Mint, and come with a certificate of authenticity.
Numismatic
These are collectible or rare coins, often older, valued more for their historical and artistic significance than their gold content.
Semi-numismatic
These coins blend the characteristics of both bullion and numismatic coins, valued for their rarity, artistry, purity, and fineness.

Gold Bar Sizes

Gold bars are available in a range of sizes, from a few grams up to 10 ounces. The price of a gold bar is primarily based on its purity, gold content, and size. Gold bars should have a minimum purity standard of 99.5%. Each bar is stamped with details like its weight in gold, purity level, and a unique serial number.
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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