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FAQ

 

Who buys gold?

Anyone can buy gold.  Precious metals (gold, silver, platinum, palladium) have been tangible assets since their discovery.  Throughout history gold has made many poor men rich, has promoted trade amongst strangers and countries, and the very dollar we spend is supposed to be based on gold.  While there is a variety of gold to buy, one common item is gold coins.  There are many years of coins, countries that produce it, and a vast variety of designs.  Regardless of all of this, anyone can own gold. You don’t need a finance degree, or a stock portfolio.  You can start with buying one gold coin.  Then when you have more money keep adding to your gold stash.  Anyone from a construction worker, teacher, doctor, lawyer, to senator can buy gold.  It is an asset attainable for anyone.

 

Who should I buy gold from?

When buying gold there are good gold firms and bad ones.  At Pacific Rim Trading, we have over 4 generations of being in the gold business.  Questions about each coin should be asked, like what is the quality of the coin?  How is it held?  Why buy this coin versus that one?  You need to be able to trust your gold firm.

 

Do I have to pay taxes on my purchases from Pacific Rim?

No, there is no sales tax on bullion purchases of gold or silver when buying from Pacific Rim Trading. Pacific Rim Trading is located in Washington, where bullion is considered legal tender and exempt from sales tax regardless of the size of the order.

Yes, if you buy numismatic coins, they are considered collectible and are not legal tender therefore making them elgible for sales tax. 

 

What is Spot?

Spot is the current market price of the metal, like gold or silver.  The spot of precious metals is always changing just like the stock market. To check back on trends of precious metals including gold, visit our charts page by clicking here.

 

What is Premium?

Premiums are the additional cost of a precious metal like gold that is above the spot price. The premium on precious metal includes costs like distribution, dealer fees, and fabrication.  Specifically, the rarer the coin the higher the premium is based on the supply and demand of the product. 

 

Why buy gold coins?

Did you know that millions of gold bullion coins were sold weekly?  Gold coins are great investments to hold onto.  It is not best to plan on trading gold coins for income, but gold coins are more for holding onto or passing down.  Owning gold and silver coins is also holding history. When you are looking at gold coins, the coins that are more commonly used are easier to sell such as the American Eagle Gold Coin and Canadian Maple Leaf Gold Coin.

 

What is bullion?

Bullion is a refined and stamped weight of precious metal.  Gold bullion coins are measured by the weight of the coin, such as 1 ounce, ½ ounce, or ¼ ounce. You can also buy gold bullion bars which are typically owned by banks and governments, but can also be owned by individuals. Bullion can also be used as legal tender.

 

To see gold bullion click here

To see silver bullion click here

 

What are Numismatic Coins?

Numismatic coins are no longer produced and are more of a collection.  Numismatic coins are valued for their rarity versus the actual metal content (although there are some coins that have high metal content and are very rare).   These coins are worth more than their metal content or the current spot value based on their rarity.

 

What are some examples of Numismatic Coins?

 

Why is there a clock during checkout?

The clock is there to give you 5 minutes to checkout to guarantee the price(s) of your purchase. With the price of gold, silver, platinum, and palladium always changing the prices on PacificRimCoins.com is always changing to keep up with the current price.  Do not let the clock bother you, even if checkout takes longer than the original 5 minutes, the product is still going to be available for sale, the price just make change.

 

Why buy silver?

Silver is a good investment due to its affordability, vast number of uses and potential for substantial long-term gains.

 

Why buy silver now?

Buying silver now is a great way to diversify your portfolio at an affordable price. Silver is up more than 20% in 2016 but still easy to attain.

 

Why buy silver coins?

Silver coins are more collectible than coins, have legal tender status and if there were an economic crisis are a great commodity to trade.

 

Why buy silver bars?

Silver bars are a great way for a new metal investor to build up their portfolio.  They are also easy to store and can be had for a lower premium over spot cost.

 

What is the value of gold pesos?

Gold pesos are available in the following denominations: 50 pesos, 20 pesos, 10 pesos, 5 pesos 2.5 pesos and 2 pesos

 

Why buy Gold Pesos?

Gold pesos have high purity content.  They are easily acquired and very affordable.  Gold pesos have a low premium in relation to other gold coins.

 

What is palladium?

Palladium is a rare, white/silver metal that looks similar to platinum.  Palladium is more abundant than gold or platinum.

 

What is palladium worth?

Palladium is generally worth half the price of platinum, and cheaper than gold as well due to its higher abundance.

 

Compare palladium versus platinum.

Platinum is a rare precious metal and looks very similar to palladium at first glance.  They have similar practical uses in both the auto and jewelry industry.  Palladium is more abundant than platinum leading to a much lower cost.  Platinum is a much denser metal.

 

What are gold coins worth?

Gold coins are worth as much as their weight in precious metals.  Typically have a higher street value versus face value due to purity and weight.  For example the Gold American Eagle coin has a face value of about $5 and a street value of $120 and up due to its high metal purity and weight.

See our gold scrap calculator to find out how much your gold is worth.  The calculator has gold categories broken down into purity and weight to show an accurate value of your gold.  Pacific Rim does buy gold and silver, contact us more information. 

Click here to find out value of gold

 

What kind of gold should you buy?

This is a daily question for buyers.  Buying gold is not a straight forward answer.  Buying gold depends on what the buyer wants to do with the gold.  If you are interested in buying gold as a hobby you should look at what appeals to you.  Many gold coins have amazing stories along with top notch art work.  If you are looking to hedge financial uncertainty diversify your portfolio while holding a tangible asset then contemporary bullion coins will best serve your purpose.  There are those buyers who want to hold gold as capital, and the gold coins with the most gold were those minted before 1933.

 

When should I buy gold?

Regardless of when you buy the gold, realize that gold is a financial asset.  When the stock market goes down and there are financial crises in the United States, this is when typically the price of gold goes up.  This is when people want to hold their asset versus gamble in stocks of companies that can go belly up.  The price of gold fluctuates hourly, daily, monthly, etc.  You should look at the average price of gold of a specified time period and see the price of gold at that time applies.  If you have questions on this, feel free to call or visit Pacific Rim Trading.  With over four generations of history in the precious metals industry, there is no pattern that they have not seen and evaluated.

 

Is there a One Million Dollar Coin?

Yes, can you believe it?  In 2007, the Royal Canadian Mint made 5 One Million Dollar Gold Coins. The coin has a mass of 100 kg(which is 3215 troy ounces).  It is certified by the Guiness Book of World Record as the largest gold coin of all times. The coin was beautifully designed by Stan Witten.  When asked why would Canada make a Million Dollar Coin, they said, "because we can."