I'm ready to make a precious metal purchase. What should I do next?
If you have never made a purchase through Scotsman before, the first thing to do is either call us on the telephone and speak to one of our precious metals representatives, or visit
us at our store and introduce yourself. We'll discuss with you the various types of products available and the current market values of these products. None of our precious metals traders are on commission and there is absolutely no cost, pressure, or obligation associated with speaking to a Scotsman employee.
I have decided what to buy. Can I come in today, make a purchase, and leave with the product?
In most instances, if you pay with cash or a bank wire, you can leave with the precious metals product you purchase. However, from time to time, we are oversold or are waiting for a particular product to arrive from one of our network exchanges. In these instances, you can still make a purchase so that you do not risk a price increase, but it could take a few days before you are able to take delivery.
Please Note: We are only able to accept cash up to $9,999 per person per 24hr period. This limit applies to cash purchases only. There is no dollar limit when buyers pay via bank wire, check, or cashier's check.
I would like to order over the telephone and have my purchase shipped? How does that work?
Please review our Payment and Delivery page for complete details.
What are my payment options?
Similar to purchases of stocks, CDs, and bonds, required payment for precious metals is cash, check, cashier's check, or bank wire. There is usually a holding period of seven to 10 days before we are able to release precious metals purchased with a check. If paying by cashier's check, the entire amount of the purchase must be on a single cashier's check, and we ask that you obtain the business card of the bank teller who issued the check to you and submit it to us when making payment. Please review our Payment and Delivery page for complete details.
Your Precious Metals buy/sell sheet lists your buy and sell prices. Are there any other fees or commissions associated with buying precious metals from you?
No. Unlike many precious metal traders, Scotsman works on a bid/ask system with no additional hidden fees or commissions. The prices listed on our Precious Metals buy/sell sheet are the total prices.
I see a column on your Precious Metals buy/sell sheet for bullion club members. What is that all about?
First, it is free to be a bullion club member, so there is no cost or obligation. You simply come in and fill out a contact form. Then, about once a month (or less) we might send you an email letting you know of some sort of special offer or legitimate opportunity. If you are willing to put up with that, we'll give you a nice little discount when you buy, and pay you a little more when you sell.
Can I lock-in a price over the telephone and then pick-up and make payment at a later time?
Only bullion club members are allowed to lock-in a price over the telephone. When a buyer locks-in a price, they are obligated to make good on their purchase promise, even if the price falls. Likewise, we are obligated to make good on our sell promise, even if the price increases. No exceptions. Scotsman, at its sole discretion, reserves the right to limit the order size of a locked-in telephone order and/or to refuse to lock-in a price over the telephone. Because of the fluctuations in precious metal prices, we are currently unable to lock-in price over the telephone unless the buyer has money on account with our company. For more information, please call our bullion manager Clay Teague.
Do I have to pay Missouri sales tax on the precious metals I purchase?
No. The State of Missouri treats precious metals in the same manner as other recognized investments such as stocks, commodities, bonds, and CDs are treated. Therefore, purchases of precious metals are not subject to Missouri sales/use tax.
Does the relationship between the market price and the amount in which you sell a precious metal product fluctuate?
Yes, but fluctuations are seldom. Normally, price fluctuations occur when there is a supply or demand change for a particular product in the open market. For example, if at any given time there was a surplus of 90% silver in the open market, the premiums for 90% silver might decrease.
Does Scotsman report my purchase of precious metals to the government?
No. The United States Government does not require us to report to them who purchases precious metals from us.
I have a question not addressed above. Would you be willing to answer my question?
Absolutely. Feel free to email us, call us at 314-692-2646 during our regular business hours, or visit us at our store in West St. Louis County, Missouri.