FAQ

We have a no-cancellation policy for all orders placed. However, if you need to cancel, a 10% restocking fee will apply, regardless of whether your items are on presale or have already been shipped.

To place an order over the phone with one of our customer service representatives, your order must meet a minimum of $500. However, you are welcome to place orders of any amount directly on our website. If you’d like assistance, feel free to call us at 917-204-0009 or 917-388-3378. You can also visit us in person at New York Gold Market, 33W 47th Street, Window #2, New York, NY 10036.

Yes, you can! You’re welcome to visit us in person at New York Gold Market, 33W 47th Street, Window #2, New York, NY 10036, where we’ll inspect your precious metals or rare coins on the spot and provide you with an immediate price. Alternatively, you can give us a call at 917-204-0009 or 917-388-3378, and we’ll provide you with a quote over the phone. Once you have the quote, you can lock in the price. You can also email us at Newyorkgoldmarket@gmail.com for further assistance.

Buying gold and silver online can be a secure and convenient option, but it’s important to research and choose reputable dealers. Always ensure that the dealer is certified, offers transparency regarding pricing, and has positive customer reviews. Be cautious of potential scams, counterfeit products, or overly high premiums. Verify the authenticity of the metals through certifications and assay cards whenever possible.

Yes, in some cases, you may be able to use your gold and silver as collateral for a loan. Many pawnshops, private lenders, or specialized precious metal lending services offer loans based on the value of your metals. The loan amount will depend on the current market value of your gold or silver and the lending terms. Make sure to understand the loan agreement and fees before proceeding.

Yes, we do! You can visit our retail store at 33W 47th Street, Window #2, New York, NY 10036, USA. Please note that there is a minimum purchase requirement of $1,000 for in-store purchases. If you're interested in a specific product, we recommend calling us at 917-204-0009 or 917-388-3378 beforehand to confirm its availability.

"Pre-sale" refers to items that are not yet in stock for immediate shipping. The pre-sale date indicates when we expect to start receiving shipments of the product from the manufacturer. Typically, we aim to ship pre-sale orders on the same day we receive the stock. Generally, all pre-sale orders for an item are shipped within a few days after the listed pre-sale date.

Your order may have been canceled as part of our risk prevention measures designed to verify transactions. If the cancellation was due to "lack of verification" or being flagged as "high risk," we recommend placing a new order and using check or wire transfer as your payment method. If you have any questions, feel free to contact us at 917-204-0009 or 917-388-3378, or email Newyorkgoldmarket@gmail.com for assistance.

Please be sure to carefully inspect the package when it arrives. If you notice any damage to the package, refuse the delivery, and it will be returned to us. Once we receive the returned package, we will inspect it and send a replacement after it has been properly repackaged. If you accept the package and later discover any damage or missing items, please take clear photos of the affected products and email them to Newyorkgoldmarket@gmail.com. Our customer service team will review the photos and contact you to resolve the issue.

While many dealers accept credit card payments for precious metals, some may charge additional fees due to processing costs. It's important to check with the dealer about payment methods accepted and any associated fees. Additionally, using a credit card may not be the most cost-effective option due to potential interest rates or cash advance fees. It's often recommended to use a bank transfer or other payment methods to minimize costs.

Privately minted bars and rounds generally offer the lowest premiums compared to government-issued coins, making them a top choice for many investors. These products often provide the best combination of uncirculated quality and low cost, creating an attractive option for those looking to maximize their investment.

To lower costs even further, some buyers may choose to purchase items with imperfections, such as scratches, dents, or tarnishing, which are often available at a discount. Investors who aren’t as concerned with aesthetics can typically get more precious metal for their money. These items are classified as "Bargain Bin" products and are offered at a discounted price at New York Gold Market.

No, they are not. It's important to understand that physical precious metals and mining stocks are two distinct asset classes. Gold is a tangible form of money, while mining stocks are financial assets that carry additional risks beyond just the market price of gold. For example, during the turbulent market conditions of 2008, when gold prices overall increased, the leading gold miners index (the HUI) actually lost nearly 30% of its value. In fact, since its inception, the HUI gold stocks index has underperformed the price of gold—though it can outperform during strong bullish periods for the metal.

A bullion coin is primarily valued based on its metal content, such as gold, silver, or platinum, and is typically minted by government authorities. Numismatic coins, on the other hand, are valued based on rarity, condition, and historical significance, and may carry premiums above the metal content. Bullion coins are often more liquid and easier to trade, while numismatic coins are more collectible and less liquid.

This may seem like an unusual question, as no one typically asks, "What can I do with stocks, bonds, or bank deposits?"

However, physical precious metals offer far more flexibility than traditional paper assets. While stocks or bonds are primarily for selling, donating, or occasionally borrowing against, gold and silver coins can be used in many more ways.

Because precious metals exist outside the financial system, they can serve a variety of purposes beyond just investment. Unlike digital entries in a bank account, gold and silver coins are beautiful and carry intrinsic aesthetic value, offering pride of ownership and sentimental significance, especially when given as gifts.

Silver, in particular, has numerous applications in high-tech, industrial, and medical fields. It possesses germicidal properties and can be used for water purification, preserving milk, or treating wounds (things you definitely can’t do with stocks or bonds!).

Though your coins could theoretically be melted down and repurposed, most likely, you will hold onto them until you're ready to sell or barter. Since gold and silver have universally recognized value, they can be used as a form of money in transactions with any willing party across the globe.

Gold and silver are measured in troy ounces, a unique unit of measurement that dates back to the Middle Ages and is believed to have originated with traders in Troyes, France. When you see gold or silver prices quoted “per ounce,” it refers to "per troy ounce." A troy ounce is about 10% heavier than a standard Avoirdupois ounce. Specifically, one troy ounce equals 31.1 grams or 480 grains, while a common ounce equals 28.3 grams or 437.5 grains.

Generally, purity doesn’t play a significant role, as the main factor to consider is the melt value of the product. For example, while popular one-ounce gold bullion coins may have slightly different purities, they all contain one full troy ounce of gold. When it comes to silver, the purity issue typically arises with "junk silver," such as 90% or 40% U.S. silver coins. When purchasing junk silver, you're essentially paying only for the silver content, with the copper filler included at no additional cost. For pre-1965 90% silver dimes, quarters, and half dollars, there is 0.715 ounces of silver for every $1 of face value (e.g., 10 dimes, 4 quarters, or 2 half dollars totaling exactly $1).

That said, there are situations where purity does matter. For example, if you're purchasing bullion for a precious metals IRA, the IRS has specific purity requirements, and products (other than American Gold Eagles) must meet those standards.

The reason many coin dealers recommend rare or numismatic coins is that they typically offer higher profit margins for the dealer compared to bullion products. However, the numismatic market is less liquid, meaning there can be a significant difference between the buying and selling prices. The condition of the coin plays a big role in its value, and there are various other factors that can make it difficult for even experienced buyers to navigate the market.

Liquidity can be especially limited for rare or uncommon coins, and unless the dealer is actively seeking the specific coin you purchased, they may be unwilling to buy it back. At that point, you'd need to find another buyer yourself.

On the other hand, bullion coins, bars, and rounds are much more liquid and can be easily traded at any time, as their prices are tied to the global spot price of gold or silver. You always know the current market value, with only a small premium above the spot price.

For most investors, low-premium bullion products are the safest, most cost-effective, and most straightforward way to invest in precious metals.

Some people argue that numismatic coins would be exempt from any future government confiscation (like the collectible gold coins were in 1933). However, we don’t put much stock in this theory. The risk of relying on it as the primary reason to buy numismatic coins outweighs the speculative potential of that market.

Additionally, there are risks when purchasing numismatic coins, particularly from local dealers, coin shows, or online marketplaces like eBay. Coins could be tampered with or misrepresented in terms of their grade, and counterfeit coins are a concern—even if they contain real gold or silver—since the price of a genuine numismatic coin can be many times higher than the value of the metal it contains.

Speculating on rare coins is akin to investing in art—it’s a specialized field, and if you plan to invest serious money, you must know what you’re doing.

That said, collecting rare coins can be a rewarding hobby if you appreciate their historical value and beauty, but it’s not typically the most secure or efficient way to invest in precious metals.

Proof coins will generally maintain a premium over regular silver Eagles due to their distinctive finish. However, whether this premium increases in line with rising silver prices is uncertain. It might, but more likely, it will not.

While some collectors value the brilliant luster and high contrast of proof coins, the demand for these aesthetic qualities may not grow at the same rate as the demand for more affordable precious metals. Ultimately, how much you value the collectible or historical aspects of the proof coins is a personal choice. However, as silver expert David Morgan often advises, the best way to invest in silver is to maximize the number of ounces you can purchase for your money.

If your goal is to protect your wealth and benefit from rising silver prices, it’s better to avoid paying the higher premium for proof coins. Instead, focus on acquiring more ounces of low-premium silver.

Even if silver prices rise significantly, it’s unlikely that the premiums on proof coins will increase proportionally enough to outperform standard bullion. During a precious metals bull market, premiums on collectible coins tend to decrease as a percentage of the overall value.

One key factor to consider is the "bid/ask" spread, which is the difference between the purchase price and the selling price. For proof coins and other numismatics, this spread can often be 30%, 40%, or even more, whereas bullion coins, rounds, and bars typically have a bid/ask spread of under 10%.

Market manipulation cannot change the fundamental laws of supply and demand. Over time, prices will reflect the reality of limited supply and increasing demand for gold and silver. Even if prices are currently suppressed, these conditions will eventually lead to supply shortages. This creates an opportunity to acquire gold and silver at a price below their true value, positioning you to benefit as the market corrects itself.

Like all markets, gold and silver markets can be influenced by large institutional traders, central banks, and governments. Precious metals are no exception. There have been instances where major banks, including Deutsche Bank, HSBC, ScotiaBank, Merrill Lynch, and JP Morgan Chase, have faced criminal and civil charges for manipulating gold and silver markets. Since 2015, these banks have paid over $10 billion in penalties to settle market manipulation charges.

Government-sanctioned manipulation can be more covert and harder to address. U.S. government entities like the Exchange Stabilization Fund and the Working Group on Financial Markets (often referred to as the “Plunge Protection Team”) have been known to intervene when markets shift unpredictably. There is evidence suggesting that central planners may suppress gold prices through methods like secret "swaps" with other central banks.

Not necessarily. Gold is considered a counter-cyclical asset, meaning it tends to show little to no correlation with the stock market and other conventional assets. In fact, it often rises when stocks fall, particularly if large numbers of investors turn to gold as a safe haven.

During extreme credit crises, such as the one in 2008, gold may experience temporary sell-offs due to forced liquidations. However, despite some short-term volatility in late 2008, gold ended the year in positive territory, demonstrating its resilience even in times of economic turmoil.

The specific price at which you choose to sell your silver isn’t as crucial as understanding silver’s role as a currency. What matters is how the value of goods, services, and other assets will be priced in terms of silver ounces.

In the future, silver is likely to increase not just in value relative to the dollar, but also compared to foreign currencies, stocks, bonds, real estate, and many other assets. In other words, silver's purchasing power will likely rise, allowing you to exchange it for a wide range of assets that would be extremely affordable in terms of ounces of silver.

Silver is a form of money. When the time comes to exchange some of your silver, you should be able to easily convert it into paper currency. However, if people become hesitant to accept paper money, precious metals, including silver, will likely become a leading medium of exchange.

All orders are final. By completing your purchase, you enter into a legally binding agreement, and cancellations are not accepted once an order is confirmed. However, we do offer a return, refund, or exchange policy on all items sold. You must notify New York Gold Market’s Customer Service at Newyorkgoldmarket@gmail.com or by calling 917-204-0009 or 917-388-3378 within seven (7) business days of receiving your order. Be sure to follow the instructions provided by our team for processing your return or exchange.

The tax treatment for bullion coins, rounds, and bars is consistent across the board.

The IRS currently classifies gold, silver, platinum, and palladium bullion as "collectibles," despite the fact that most bullion items don't carry collectible premiums. This classification can be confusing and unfair, but it remains in place until the U.S. Treasury changes its regulations or legislation like the Monetary Metals Tax Neutrality Act (H.R. 1089), introduced by Rep. Alex Mooney (R-WV), is passed to eliminate income taxes on precious metals.

As it stands, bullion sold after being held for a year or longer is taxed federally at the 28% rate for collectibles. Bullion held for less than a year is taxed at personal income tax rates, similar to short-term capital gains taxes on stocks or bonds.

It's important to note that investors are not taxed just because their metal holdings increase in value. Capital gains tax is applied when the metal is sold, and a gain or loss is realized in terms of fiat currency.

Additionally, dealers are increasingly required to assess sales tax on purchases in states that impose sales tax on precious metals transactions.

Our hours of operation are Monday through Thursday, from 10 AM to 5 PM EST and Friday from 10 AM to 3 PM EST. Feel free to reach out to us during these hours by calling 917-204-0009 or 917-388-3378, or by visiting us at New York Gold Market, 33W 47th Street, Window #2, New York, NY 10036.

No, we do not disclose your transactions to the government or any third parties. In extremely rare cases, certain reports may be required, but this occurs in only about one in every ten thousand transactions. If such a situation arises, we make every effort to notify our customers in advance. For more details, please refer to our Non-Disclosure Policy page. If you have any concerns, feel free to reach out to us at Newyorkgoldmarket@gmail.com or by calling 917-204-0009 or 917-388-3378.

Storing your precious metals securely is crucial for protecting your investment. It’s recommended to store them in a safe, secure location such as a personal safe at home or a safety deposit box at a bank. For large quantities, consider using a professional vaulting service to ensure maximum security and insurance coverage. Keep in mind that physical access to your metals may be restricted depending on your chosen storage method.

We guarantee the authenticity of all our products, offering a 100% authenticity assurance. Our items are typically sourced directly from the Mint of origin or trusted authorized distributors. Upon arrival at our facility, each product undergoes thorough verification using multiple methods, including the Sigma Metalytics Verifier and an XRF machine. Additionally, our in-house experts inspect all items to detect any counterfeit goods. Some products also come with an Assay Certificate, Certificate of Authenticity, or are enclosed in an Assay Card, further confirming their legitimacy.

Retail bullion products such as bars, rounds, and coins generally come with a small premium over the spot price. This premium covers various costs, including minting expenses, the dealer's overhead and profit, as well as any wholesale premiums the dealer must pay to acquire the inventory.