Pennsylvania Precious Metals License Applications are applications that must be submitted by business entities who wish to purchase, sell, or exchange precious metals in the state of Pennsylvania. These applications are processed by the Pennsylvania Department of Banking and Securities, which ensure that the business meets the state's legal requirements. There are three types of Pennsylvania Precious Metals License Applications: the Precious Metals Dealer License, the Precious Metals Refiner License, and the Precious Metals Manufacturer License. Each application requires the applicant to provide necessary information such as business name, address, type of business, and the type of metals they intend to work with. Applicants must also provide financial and legal information, and may be subject to a background check. Once the application is approved, the business is allowed to purchase, sell, or exchange precious metals in the state of Pennsylvania.
Pennsylvania Precious Metals License Application
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FAQ
Dealers make their money on the ?premium,? the amount charged over the spot price. For a US Mint Gold Eagle, you may pay a premium of $60 above the spot price of gold. But before you assume that a gold dealer makes $60 per coin, you must also consider that dealers do not buy these coins at the spot price either.
Platinum is mostly popular as a bullion metal investment. Most investors prefer to use jewelry for investing. Its market price can be volatile, and you may need to take some risk in investing in precious metals with platinum.
Tangible asset: Precious metals are real assets that hold value beyond investment purposes such as jewelry or industrial uses. It's a fairly liquid investment: You can quickly sell precious metals (especially investment products) and convert them to cash.
There are eight metals that are considered precious. They are gold, silver, platinum, palladium, rhodium, ruthenium, iridium, and osmium.
Pennsylvania Statute Title 73 P.S. section 1932 (a) requires a dealer in Precious Metals obtain a license from the Sheriff of each and every county in which the dealer purchases precious metals. As set by the Attorney General a $50 fee shall be paid into the treasury of the county where the license is issued.
A precious metal dealer is defined as any natural person, partnership, or corporation, either as principal or agent engaging in the business of buying secondhand items containing precious metal, including, but not limited to jewelry, watches, eating utensils, candlesticks, and religious and decorative objects.
Precious metals are metals that are rare and have a high economic value due to various factors, including their scarcity, use in industrial processes, hedge against currency inflation, and role throughout history as a store of value.