Gold $2,623.20 1.18%
Silver $29.51 1.68%
Platinum $929.27 0.72%
Palladium $919.02 1.27%
McGruff Gold Dealers Missouri

Buy Gold Online in Missouri

Gold deposits are not very common in Missouri. Unfortunately, all the gold discovered in the state is extra-fine and in small amounts near the Missouri River. However, this didn’t stop Missourians from wanting to buy gold as it holds long-term growth opportunities.

If you would also like to start gold investing, make sure you are aware of federal and state laws, such as capital gains and sales tax rates. Once you have familiarized yourself with the rules and regulations, visit gold dealers’ websites to browse their products and buy precious metals.

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Missouri IRS Regulations

You are subject to IRS capital gains tax if you sell gold or other precious metals. This is because the IRS considers precious metal investments collectibles. Therefore, if the precious metal is held for at least one year and then sold, you will be taxed on the profit. Note that the capital gains tax will only be applied after the transaction is completed.

Your capital gains tax is equal to your marginal tax rate. The capital gains tax rates are 0%, 15%, or 20%, depending on your income. However, it can reach a maximum of 28%. Below is a breakdown of the capital gains tax rate 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’re considering opening a precious metals IRA, be sure to invest in silver and gold, but be careful about the types of assets you can invest in because the IRS has strict regulations. Here are the requirements that your precious metal products must meet:

The minimum purity standards: Invest in gold with a minimum purity standard of 99.5%, or invest in silver with 99.9% purity. You can also invest in platinum and invest in palladium with purity standards of 99.95%.
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. Additionally, the producer must meet minimum fineness requirements.
Proof coins must be encapsulated in complete, original mint packaging and in excellent condition. They should also include a certificate of authenticity to prove legitimacy.
Small bullion bars must be manufactured to exact weight specifications.
Non-proof bullion coins must be in brilliant, undamaged, and uncirculated condition.

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 are required to report the profits to the IRS. To report the income, sellers must complete Schedule D of Form 1040 on their annual tax return.

However, depending on the type of metal that is sold, Form 1099-B might also be required by the IRS. Form 1099-B is required at the time of sale when you sell:

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

Missouri Taxes on Gold

In addition to capital gains tax, Missouri residents who buy gold in-store or online may also be subject to sales tax. The sales tax rate is 4.225% in Missouri. Nonetheless, local municipalities can add an additional 1% to 4%, reaching a maximum of 8.225%.

However, according to Missouri law, all purchases of precious metals, regardless of the amount or form of the metal, are free from sales taxes. These include gold and silver bullion, coins, and collectibles.

Gold Prices

Several factors influence the price of gold. These characteristics include the mint, fineness, rarity, condition, size, dealer, and demand of the gold product. Typically, the higher the gold content and the larger the size of the gold coin or bar, the more it will cost. Nevertheless, gold prices have been rising gradually over the years, as it is seen as a relatively stable long-term investment.

Types of Gold Coins, Bars, and Bullion in Missouri

Gold coins for sale typically weigh one to two ounces. However, you may also find lower denominations such as half-ounce, quarter-ounce, and one-tenth-ounce coins available at some dealers. In addition, gold coins come in different grades, with newer coins containing 99.9% gold while older coins have 90% to 92% gold. Some dealers also sell alloyed gold coins, which are comprised of 91.7% gold, with the remainder being made up of silver or copper.

There are four types of gold coins:

Bullion
Bullion coins are collectible items that previously served as a form of currency. These coins are typically purchased as a hedge against inflation and the stock market. The value of bullion coins is attributed to their scarcity and visual appeal.
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 that are typically older. These coins are valued less for their fineness or gold content and more for their historical and artistic significance.
Semi-numismatic
Semi-numismatic coins combine the characteristics of both bullion and numismatic coins. Therefore, they are valued based on their rarity and artistry, as well as finesses and purity.

Gold Bar Sizes

Gold bars come in various sizes, ranging from a few grams to 10 ounces. You can buy gold bars with minimum purity standards of 99.5%. Make sure they are stamped with their weight in gold, fineness, and serial number. These 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.

Gold Buying Guide by State

Click on your state to learn more about investing in gold, silver, and other precious metals in your area.
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