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

Buy Gold Online in Georgia

Gold was first discovered in Georgia in 1828 in present-day Lumpkin County, Dahlonega. The mines in the Georgia Gold Belt continued to produce gold for years, making gold investing a popular long-term investment opportunity for residents.

While it was popular to invest in gold, residents also chose to invest in silver, platinum, and palladium as a way to diversify their portfolios.

Today, Georgians buy precious metals as a long-term growth opportunity. However, before you invest in silver and gold, ensure you are up to date with federal and state laws and taxes. When you’re ready to buy gold online in Georgia, visit a gold dealer’s website to browse their products and choose gold coins and bars to invest in.

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Georgia IRS Regulations

When selling physical gold and other precious metals, you will be subject to federal capital gains tax by the IRS. This is because the IRS considers precious metal investments to be capital assets that are classified as collectibles. As a result, if you sell gold after holding it for at least one year, you will be subject to a tax on the profit you make.

The capital gains tax is equal to your marginal tax rate. The rates are 0%, 15%, or 20%, depending on your income, but can reach a maximum of 28%. Here are 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

IRS-Approved Precious Metals

If you are considering opening a precious metals IRA, you should be careful about the types of assets you invest in. This is because the IRS has restrictions on the types of precious metals allowed in the IRA. The restrictions are as follows:

The minimum purity standard for gold is 99.5%, 99.9% for silver, and platinum and palladium must be 99.95% pure.
Bars, rounds, and coins must be produced by an accredited or certified refiner, manufacturer, or assayer. The producer must be accredited or certified by NYMEX, COMEX, NYSE/Liffe, LME, LBMA, LPPM, TOCOM, ISO 9000, or a national government mint. The producer must also meet minimum fineness requirements.
Proof coins must be encapsulated in complete, original mint packaging. They must also be in excellent condition and include a certificate of authenticity.
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

Investors must report all profits from selling gold and other precious metals to the IRS. To do so, gold sellers must complete Schedule D of Form 1040 on their annual tax return.

However, Form 1099-B might also be required depending on the type of metal that is sold, such as:

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

Georgia Taxes on Gold

In addition to capital gains taxes, Georgians are also taxed when buying gold, even if it is online. The sales tax rate in Georgia is currently 4%, affecting the price of gold. Nonetheless, depending on local municipalities, the total rate can be as high as 9%. However, gold, silver, and platinum bullion products are exempt from sales tax. On the other hand, the state of Georgia requires the collection of sales taxes on palladium and copper products and accessory and processed items.
Bullion products
include coins or other currency made of gold, silver, or other metals used as a form of exchange.
Accessory items
include holders, tubes, and coin flips. In comparison, processed items are products that are processed by third parties, such as jewelry and statues.

Gold Prices

Several factors influence the price of gold, including mint, purity, rarity, condition, size, dealer, and demand. Generally, the higher the grade of gold and the larger the coin or bar, the higher the price. Still, gold prices have risen steadily over the decades, making gold a good investment for many.

Types of Gold Coins, Bars, and Bullion in Georgia

Most gold coins for sale come in four denominations ranging from one-quarter to one ounce. They also come in varying qualities. For instance, older coins minted in the 1800s contain 90% to 92% gold. In comparison, newer coins minted after 2006 are made of 99.9% gold. In addition, you may find alloyed gold coins that are comprised of 91.7% gold, with the remainder made 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 were primarily used as a form of currency. However, they are now collectibles and investments. These coins are typically purchased as a hedge against inflation and the stock market. The value of bullion coins is attributed to the item’s rarity and aesthetic beauty.
Proof
Proof coins are the highest quality gold investments and are often produced in limited quantities. These coins are manufactured by the U.S. mint and come with a certificate of authenticity.
Numismatic
Numismatic coins are rare collectible coins. As a result, they are valued more for their historical and artistic significance rather than their fineness or gold content.
Semi-numismatic
Semi-numismatic coins include the characteristics of both bullion and numismatic coins. In turn, these coins are valued based on their rarity and artistry, as well as finesses and purity.
You can also buy gold bars. Gold bars come in various sizes, ranging from a few grams to 10 ounces. The minimum purity standard for gold bars is 99.5%. The gold bar price is most often based on purity, gold content, and size.

Gold Bar Sizes

Each gold bar is stamped with its weight in gold, fineness, and serial number. These bars come in a variety of 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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