Q: Do I need to establish an account to do business with UCPM?
A: No, currently you do not need to open an account to either buy or sell to United Coin & Precious Metals.
Q: Do you have minimum order requirements with respect to buying or selling?
A: No, United Coin & Precious Metals has no minimum or maximum order limitations with respect to buying or selling.
Q: Are the prices indicated on your website the actual prices I will be paying for the product?
A: Yes, the prices indicated are the actual prices; however on all California orders under $1,500 we are required to collect sales tax of 7.75%. Also, there may be shipping charges on orders under $5,000. Everything will be explained at the time we confirm your order.
Q: What are the shipping and handling charges for my order?
A: On all orders over $5,000 postage and insurance are on us. Orders under $5,000 will have a maximum shipping charge of $25. We will confirm totals at the time of order confirmation.
Q: How is my order shipped?
A: Orders are shipped via USPS registered insured. All orders require a customer signature at the time of delivery.
Q: Can you ship my order to my post office box?
A: Yes, orders sent USPS registered, insured can be sent to a PO Box.
Q: May I pick up my order in person?
A: Yes, if fact we encourage you to do that. We offer a friendly, comfortable, and secure location in downtown La Jolla, CA.
Q: Who is responsible for product lost or damaged during shipping?
A: Shipments from United Coin & Precious Metals shipped to the customer are insured by UCPM. When you ship product to us you are responsible for metals lost or damaged in transit. You can obtain insurance by shipping with the USPS registered/insured. If product is lost or damaged in transit, you will be responsible to file a claim with the third party carrier. You will have recourse with the third party carrier only and not with United Coin & Precious Metals.
Q: Does United Coin & Precious Metals charge commission on trades?
A: No, when you do business with UCPM you are dealing with one of the owners. As you can see from our transparent pricing structure our margins are minimal, allowing you to get the most metal for your money and allowing us enough profit margin to stay in business.
Q: With so many choices how do I decide one bullion product over another?
A: We agree that the number of viable options can be overwhelming particularly if you are a first time precious metal investor. We would like to speak with you and get an idea of your goals and objectives. We will explain the subtle differences between the products such as, product premiums both buying and selling and how they can shift over time, liquidity in the US and abroad, risk, divisibility, etc…
Q: When will I receive my order?
A: You can expect an average of 4 to 6 business days from when we ship your order. All orders will require customer signature. Anything but a direct signature on your part will void the insurance provided by United Coin & Precious Metals.
Q: Does UCPM offer a storage account for my precious metals?
A: ABSOLUTELY NOT. I would discourage anyone from this practice as I have heard first hand of numerous horror stories over the years. Always avoid dealer controlled coin storage programs, even those offered by reputable and well established firms. Literally millions of dollars have been lost when the company closes its doors and your material is nowhere to be found. Also, a common practice is for dealers to “float” your metals, in effect using your product for store inventory. You have now added an additional layer of risk. We recommend bank storage which is totally safe and secure. For large volume consider an independent storage facility such as Delaware Depository (DDSC) which is used by the Chicago Board of Trade.
Q: Can I get a refund on my purchase?
A: Not in the conventional sense of a dollar-for-dollar replacement. We do however buy back all the precious metals and certified coins we sell at market prices posted on our website. My hope would be to buy back all the products we sell for more than you paid.
Q: If paying by wire transfer, where do I send the funds?
A: When you place your order over the phone, or in person, all the appropriate information will be provided with your confirmation number.
Q: Can I cancel my order?
A: Once we have issued a confirmation number, all prices are locked in whether you are buying or selling to us. It is not our intention to enter into a buying and/or selling agreement, accepting the risks only to have them canceled.
Q: Do you accept trade-ins of gold, silver, platinum, etc…
A: Yes, in fact we encourage it as we are always looking for new inventory. As the ratio between gold and silver or gold and platinum shifts you may want to consider reallocating your position. For example when the ratio between gold and silver was down to 30 to 1 many investors shifted their position silver into gold.
Q: How do I sell to UCPM?
A: Selling to UCPM is easy as you do not need to open an account, simply bring your precious metals, coins, jewelry, etc… to our showroom and you will receive an offer on the spot. Most of the popular bullion items will be posted on our website with the buy price clearly posted. For collector coins and jewelry those items will need to be seen before we can make an offer. If unable to visit our showroom you can send your material to us via USPS registered insured. Always call us prior to sending anything to our location so we know what and when to expect your items.
Q: When I sell to UCPM when and how will I receive payment?
A: If you bring your items to our location you will be paid on the spot either cash or company check. For transactions in excess of $25,000 you will be given the option of company check or wire transfer. If you mail your items to us a company check will be sent by the next business day. For amounts in excess of $25,000 you will be given the option of receiving a wire transfer.
Q: Do you accept consignments?
A: Occasionally, call us let us know what you have in mind. Generally, our consignments are limited to numismatic rarities.
Q: Are my prices locked in when I place my order?
A: Yes, when you receive our confirmation number your price is locked in.
Q: How long are my prices locked in for?
A: On telephone orders your payment must be postmarked within 24 hours from when you receive your confirmation number and must be received in our location within 5 business days. On wire transfers our bank must receive payment within two business days from when you received your confirmation number.
On local orders your payment must arrive in our location within 24 hours from when you receive your confirmation number. On wire transfers our bank must receive payment within two business days from when you received your confirmation number. We realize on occasion there are justifiable circumstances causing delay of payment. If this is the case, call us and explain the situation and we will evaluate on a case-by-case basis. United Coin & Precious Metals, Inc. reserves the right to cancel any order that does not meet the above criteria.
Q: What forms of payment do you accept?
A: At UCPM we accept cash, cashiers’ check, certified check, personal check, wire transfer, and money order. We also accept and encourage trade of all types; numismatic rarities, collector coins, scrap gold, jewelry, sterling, etc… Also, repositioning, that is if you would like to transfer silver into gold, gold into silver, gold into platinum, etc… we will work closely with you.
Q: What are the holding periods on checks?
A: On cashier’s check and certified check you can take your order with you that day as long as we can verify your check with your financial institution over the telephone. Otherwise you must wait for your check to clear (up to 10 days depending on the location of your financial institution) if we cannot verify. On personal checks there is a 10 business day holding period for your check to clear. Consider using a wire transfer if this wait time is too long.
Q: Does UCPM accept credit cards?
A: Currently we do not accept credit cards. As you can see from our buy/sell spreads our profit margin is narrow, the cost of credit card acceptance would have to be passed on considerably raising the sell price.
Q: How much should I invest in precious metals?
A: Most investment professionals recommend between 10-20% of your overall portfolio should be invested in hard assets. With all the financial uncertainty, geopolitical unrest, etc… many believe even a heavier allocation is appropriate. The decision is up to you.
Q: Should I buy gold, silver, or platinum? How much of each?
A: In general there is a fairly close correlation with respect to the price movement of each metal. Although each metal has its own unique characteristics that can cause one to under/over perform in relation to the other. For this reason diversification is important to reduce your overall risk. The overall allocation you choose is largely dependent on how much risk you are willing to accept.
Q: Do you report my purchases to the IRS?
A: Currently there is no requirement to report our sales transactions to the IRS, federal, state, or local agencies, unless you fall under the Form 8300 reporting requirement.
Q: Do you report my sales to the IRS?
A: The IRS requires precious metal dealers to report certain bullion transactions from non-corporate sellers under Form 1099-B. For a listing of the bullion items and minimum quantities that fall under this requirement visit our Transaction Guide section under Reportable Bullion Transactions.
Q: How do I fund a precious Metals IRA?
A: At UCPM we can assist you with the process of putting precious metals into your self-directed IRA. It is a straight forward three-step process which we can help facilitate through our partnership with uDirect IRA Services.
Q: Does UCPM ever backorder items?
A: We do our best to keep an adequate inventory on hand of most of the popular bullion items. We cannot possibly stock everything or control product shortages. We will confirm at the time you place your order the availability of your item and help you find an alternative if necessary.
Q: Is it my responsibility to report my losses and gains on my income tax returns?
A: Yes, it is your responsibility to accurately report gains and losses on your income tax returns. It is not the responsibility of UCPM or any other third party for such reporting.
Q: I was told to have my American Silver Eagles graded by PCGS to maximize value?
A: Nonsense, there is absolutely nothing to be gained by having your modern bullion coins graded by the grading services. There are literally millions of high-grade, ungraded American Silver Eagles sitting in mint tubes. Don’t be fooled by the low population numbers. Save your money and buy more silver.