Gold $2,660.76 -0.92
Silver $31.26 0.13
Platinum $969.09 0.84
Palladium $1,030.89 0.38
McGruff Gold Dealers Delaware

Buy Gold Online in Delaware

Delaware, known as the "First State" since it was the first to ratify the U.S. Constitution, has a rich history intertwined with the foundation of America. Today, residents of Delaware continue to be pioneers, not just in history but also in securing their financial futures by investing in gold.

Many Delaware residents choose to invest in gold and buy precious metals for long-term growth. They also invest in silver, platinum, and palladium to diversify their portfolios.

If you want to buy silver or gold, you should understand both federal and state regulations. While the IRS has its guidelines on gold investments, Delaware offers unique advantages for those looking to buy gold online.

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Delaware IRS Regulations

When you decide to sell gold or other precious metals, be aware that the IRS will require you to pay capital gains tax on any profit. Precious metals are considered capital assets and are classified as collectibles. If you've held onto your gold for more than a year before selling, you'll be subject to this tax.

The capital gains tax aligns with your marginal tax rate, but it won't exceed 28%. Depending on your income, the rates are set at 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, you must know which assets are IRS-approved. The IRS has set specific standards for the types of precious metals permissible in an IRA:

Gold must meet a purity standard of 99.5%.
Silver should have a purity of 99.9%, while platinum and palladium must be 99.95% pure.
Bars, rounds, and coins should be produced by a refiner, manufacturer, or assayer accredited by institutions like NYMEX, COMEX, or a national government mint. They must also meet the minimum fineness requirements.
Proof coins need to be in their original mint packaging, in excellent condition, and come with a certificate of authenticity.
Small bullion bars should adhere to exact weight specifications.
Non-proof bullion coins should be brilliant, uncirculated, and free from 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

When you sell gold or other precious metals, you'll need to report the profits to the IRS. This is done using Schedule D of Form 1040 on your annual tax return. Depending on the type and quantity of metal sold, you might also need to fill out 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

Delaware Taxes on Gold

One of the significant advantages of buying gold in Delaware is the absence of sales tax on precious metals. Whether you're purchasing gold, silver, platinum, or palladium, Delaware does not impose a state sales tax on these transactions. This tax benefit makes Delaware an attractive location for both residents and non-residents to buy gold and other precious metals.

Gold Prices

The price of gold is influenced by various factors, including its rarity, condition, and global economic conditions. Over the years, gold has proven to be a resilient and stable investment, often acting as a hedge against economic downturns.

Types of Gold Coins, Bars, and Bullion in Delaware

Gold coins can vary in weight, typically ranging from one to two ounces. Their quality also differs, with newer coins having a gold content of 99.9%. Some gold sellers might offer alloyed gold coins, which consist of 91.7% gold, with the rest being silver or copper.

The gold coin price often depends on its size and gold content, but certain coins might cost more than the gold spot price due to their rarity, demand, and design.

There are four primary types of gold coins:

Bullion
These coins were once used as currency but are now seen as collectible items and investments.
Proof
High-quality gold investments are produced in limited quantities by the U.S. Mint.
Numismatic
Collectible or rare coins are often valued for their historical significance.
Semi-numismatic
A blend of both bullion and numismatic coins.

Gold Bar Sizes

Gold bars are available in various sizes and are priced based on their purity and weight. They must meet a minimum purity standard of 99.5%. Gold bars can come in styles like:
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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