A New California Gold Rush Sparks After Winter Rains

A New California Gold Rush Sparks After Winter Rains

Is it time to grab your gold pan? Many believe we are seeing a new Gold Rush in California following the winter storms we had earlier this year. Because of the large amount of rain and snowmelt, rivers and streams are running at faster rates than we have seen in a very long time. This has led to many gold miners believing that it’s enough movement to loosen up the gold deposits in the mountains. Many modern-day prospectors are calling it the “Gold Rush 2.0” and are heading out in hopes of striking big.

Nick Prebalick, the owner of California Gold Panning in historic Jamestown, says that “the strong currents from the heavy rains have cleared out much of the debris in waterways, helping to better expose gold nuggets. It also cleared all the sediment,”

Prebalick continues, “You used to have to dig three more feet to get down to the bedrock where the gold is,” he explains that bedrock is the heaviest material that settles at the bottom of rivers and creeks. He says the rain “Cleared everything out, so it’s really easy to get down where the gold is now.”

However, we don’t believe that another Gold Rush is happening at any time in the near future. Our owner, Michael Brewart, explains that “We haven’t been getting any people coming in with any [larger than normal] quantities or any amount in the last couple weeks, but I have heard that with the weather that there’s a lot of interest in trying to find gold.”

So while some people think that a surge in gold is imminent for the near future, we haven’t seen any actual proof of this yet.

Although another Gold Rush doesn’t seem likely, we are still open for business! If you have any gold or silver items including jewelry, coins, bars, or bullions you’d like to sell, come visit California Gold and Silver Exchange’s office in Upland, California. We also sell gold and silver for those looking to purchase from a reputable seller. Contact us if you’d like to make an appointment.

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What is Chinese Gold and Why is it More Expensive?

What is Chinese Gold and Why is it More Expensive

The Chinese culture has a very long history with gold. In Chinese culture, gold represents wealth, power, longevity, and happiness. Gold is often considered to be one of the most valuable and significant gifts one can give. This is why it’s often given at important life events such as birthdays, weddings, childbirth, and the New Year.

China notoriously has a very high standard for gold which can make it a sought-after commodity. Many people get Chinese gold as a gift or purchase it in China or Hong Kong without actually realizing its true value.

Where Chinese Gold Comes From

China is not only one of the largest consumers of gold, but they are also the world’s largest gold producer. The majority of the gold in China comes from one of the Chinese gold-only Northern China craton margins. Gold is also often mined in the eastern provinces of Shandong, Henan, Fujian, and Liaoning. There have also been slight increases in gold production in some of China’s western provinces such as Guizhou and Yunnan. The gold mined from these reserves is often stored in vaults in Beijing.

Why It’s More Expensive than Other Gold

While all gold is the same no matter where it comes from, Chinese gold is often marked at a higher price tag than gold from other countries. This is for two reasons:

  • The world’s gold supply is low right now.
  • Demand for gold is offset for all types of gold; however, Chinese gold is often 22 karats.

Chinese or Hong Kong gold is often marked with “999”, “9999”, or “999.5” to indicate its purity. Chinese gold may also be marked with Chinese symbols that indicate its purity:

足金 千足 万足
99.0% minimum purity 99.9% purity 99.99% purity

We Buy Chinese Gold

At California Gold and Silver, we can buy and sell high-quality metals at a fair price. You can contact us to schedule an appointment or visit our office in Upland, California. Please feel free to reach out with any questions you may have!

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What Happens to Your Jewelry After You Sell It to Us?

Have you been thinking about selling some of the gold or silver jewelry you have laying around at home? If you have, you may have wondered what we do with it once you sell it to us. We’ll give you a hint: we don’t resell it. What happens instead is that it gets repurposed into gold and silver bars or bullion.

We do not resell your jewelry.

While reselling jewelry may seem like the obvious thing to do, it doesn’t quite make sense for us as gold and silver traders. It’s easier to invest in gold and silver in a bar, bullion, or coin form than when it’s jewelry. This is the main reason we don’t resell your jewelry. Instead, we repurpose your jewelry into more investable materials.

It’s melted down into gold bars or bullion.

After you sell your jewelry to us, it gets melted down into gold and silver bars and bullion to make it easier to invest in. Your jewelry is heated to a very high temperature before it’s poured into a mold, then cooled to form a gold or silver bar. You can see examples of this process in the video below.

Check out this video to see how gold jewelry and scrap is melted into bars and bullion:

*Do not attempt to do this at home. This process should only be completed by professionals.

Ready to sell your gold or silver jewelry?

If you are ready to sell your gold or silver jewelry, contact us at California Gold and Silver and set up an appointment. Have questions? Check out our FAQ.

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How Do Taxes on Gold Work?

taxes on gold

You may not know that when you invest in gold, you must pay taxes on any physical gold assets you own. This can be slightly confusing since taxes on gold investments are slightly different than other assets. Taxes may vary depending on certain factors such as your state, city, county, and the amount of gold you’ve purchased and sold.

How Gold is Classified

Gold is classified as a collectible, making it a little bit different than other investments. Gold is classified as a collectible because of its rarity and value. Silver, palladium, and titanium are classified this way as well. This classification does not change depending on what form your metals are in. This means that bullion, bars, and coins are all still considered collectibles by the IRS.

Capital Gain Taxes on Gold Investments

When you sell gold and make a profit, it’s taxed as a capital gain. Capital gains on gold change depending on how long you’ve held your gold. Gains held less than a year are taxed the same as ordinary income. Gains held more than a year are taxed as ordinary income; however, after one year they are maxed out at a 28% tax rate. Since the IRS doesn’t treat gold as a special asset, this means that there are no specific rules when it comes to capital gains taxes. You’ll have to plan accordingly with your tax or financial advisor if you want to minimize your tax bill on the gold you’ve traded.

 

three large gold bars on many dollar bills

Taxes on Self-Directed IRAs (SDIRAs)

If you’ve used gold as an asset on your self-directed IRA, or SDIRA, you may be wondering how taxes work on that. Since IRAs are not subject to federal taxes, the taxes collected on your SDIRA will be slightly different than your normal taxes. Also, if you withdraw money from your SDIRA early, you’ll be subject to taxes and possibly even withdrawal penalties. When you start an SDIRA, you can choose whether your contributions will be made before or after tax. For example, if you’ve opened a Roth SDIRA, your contributions are made with after-tax dollars and therefore, withdrawn tax-free.

Reporting Requirements

Tax liabilities are not due when the initial sale of metals is made. Instead, metal investments are reported on Form 1040 on your tax return. You may also need to fill out Form 1099-B depending on the type of metal that you are selling because it may be considered income. Examples of items that need to be reported are:

  • $1,000 face value of U.S. 90% silver dimes
  • Quarter or half dollars
  • 25 or more 1oz Gold Maple Leaf, Krugerrand, or Mexican Onza coins
  • Gold or silver bars that are 1kg or 1,000 troy ounces

Tax bills for these sales are due at the time of your regular income tax bill.

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How to Identify Sterling Silver Flatware

Sterling silver flatware can be a great way to make some extra cash. However, identifying your flatware to make sure that it’s truly sterling silver can be a little more difficult. Sterling silver is 92.5% silver, which is part of the reason it is so valuable. It can also be refined while keeping its original value. Sterling silver flatware is one item that keeps both its resale value and appeal, which makes it a sought-after item by many collectors and silver traders. In this article, we’ll teach you how to identify your flatware so you can know if what you have is truly sterling silver. Always talk to your CPA or Financial Advisor before making investments.

Look for Indicator Marks

The first thing you can do is check for indicator marks or stamps on your flatware. Usually, sterling silver will have a mark that indicates it as sterling silver. It may also have a British Hallmark that indicates what kind of flatware you have. Another indication that you have true sterling silver is that the flatware pieces are usually darker in color and more lightweight than normal silverware.

Check for Numbers

Another way you can identify if your flatware is sterling silver is by looking for a .925 stamp. Real sterling silver is marked with “.925” because it is 92.5% silver. This is one of the easiest ways to tell if what you have is real sterling silver or not. If your piece is not full sterling silver, it’s likely that you have EPNS (Electroplated Nickel Silver), Nickel Silver, German Silver, Roger’s 1847 Silver, International Silver, or another type of plated silver.

Identify Plated Items

Plated items are items that only have a coating of sterling silver, and are not solid silver. This makes them less valuable than solid sterling silver. If your items are plated, they will often have the words single-plated, double-plated, triple-plated, or quadruple-plated on them. While these items aren’t as valuable as their solid counterparts, they are still extremely durable.

Figure Out if You Have a Set or Individual Pieces

You’ll want to know if you have an entire set of sterling silver flatware or just odd and end pieces. Full sets are more valuable than individual pieces, and therefore, more likely to be on a collector’s radar. Check to make sure all your pieces have the same markings on them. If they don’t, it’s possible that you have some pieces that aren’t a part of the set.

Ready to Sell Your Silver? Contact Us!

California Gold and Silver is a highly-rated gold and silver trader in Upland, CA. If you have sterling silver flatware that you’d like to get appraised, contact us to set up an appointment!

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Which Coins Are Worthless and Which Ones are Valuable?

If you’ve got a handful of coins clinking around in your drawers or in a box under your bed, you may be wondering if they are valuable. But how can you tell which coins are worth something? We’re here to tell you which coins are worthless and which ones are valuable. Always talk to your CPA or Financial Advisor before making investments.

Which Coins Are Worthless?

Susan B. Anthony Coins

Susan B. Anthony coins tend not be worth much. There are two reasons that these coins don’t hold much value. The first is that they were extremely common when they were in circulation. It is very rare to come across one that actually has worth to it since so many are common mints. Second, is that there was a lack of interest and confusion when it came to the coins that caused most of the variations to not be in circulation at all. The supply of these coins is very high, while the demand is low. Often, you won’t get more than the face value of the coins.

Sacagawea Coins

Like the Susan B. Anthony coins, the Sacagawea Dollars don’t often hold much value besides the very few rare varieties that exist. These coins are also often only worth their face value, and while they are a great addition to a coin collection, they won’t make you money.

Presidential Dollar Coins

Presidential dollar coins are another type of coin that is only worth its face value. Presidential dollar coins are fairly common on the market and make a fun gift for kids or collectors, but aren’t worth trying to make a sale on. These coins stopped being in production around 2011 because they had a very low demand.

Wheat Back Pennies

Wheat back pennies are coins that are commonly misrepresented as being worth a lot of money, but in reality, they aren’t worth more than a few cents. There are millions of these pennies on the market, and there are only two pennies (the 1909-s and the 1909 BVD) that have value. However, these two pennies are so extremely rare that it’s highly unlikely that you will ever come across one.

Which Coins Are Valuable?

American Flowing Hair Dollar (1794)

The American Flowing Hair Dollar first appeared in 1794, and only lasted until around 1795. The 1795 version is more common than it’s earlier counterpart which makes the 1794 coin extremely valuable.

Draped Bust Half Dollar (1797)

Draped bust half dollars were minted between 1796 and 1807. However, the 1797 draped bust half dollar is a very rare version of the coin with less than 4,000 coins ever minted with only a few hundred still left circulating today.

Liberty Seated Dollar (1870)

Liberty Seated Dollars from 1870 are extremely rare and valuable coins. With only 15 minted of the 1870-S variety, these coins are in high demand and could fetch you over a million dollars if it’s in pristine condition. However, the regular strike 1870 coins are also valued around $100,000 (in pristine condition) and have around 415,000 in circulation.

Morgan Silver Dollar (1889)

It’s possible that you have an 1889 Morgan silver dollar sitting around at home. With over 21 million minted, these coins are valued at around $25,000 if they’re in pristine condition. These coins are also valuable because each mint of these coins has its own distinctive mark.

Any PCGS or NGC Coins

Any coin that is graded by a national grading organization like the Professional Coin Grading Service (PCGS) or the Numismatic Guaranty Corporation (NGC) will have value to it. If you buy coins that are already graded by one of these organizations, it’s likely that your coin has potential resale value that can make you a profit.

Should You Clean Coins Before Selling Them?

You should never clean coins before you sell them. Even if you have a coin that is extremely valuable, cleaning it could greatly diminish the value. Even if your coins are very dirty, you should never attempt to clean them before you bring them to be graded. Professional coin dealers won’t mind that they’re dirty, and they will take the proper steps to remove the dirt if it’s necessary.

Want to Buy or Sell Gold and Silver Coins?

If you have coins that you are ready to sell, or you’re prepared to invest in gold and silver coins, California Gold and Silver can help! You can contact us to schedule an appointment or visit our office in Upland, California. Please feel free to reach out with any questions you may have!

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How to Tell if Your Silver Coins Are Valuable

You may find yourself with an excess of silver coins. Or, maybe you’ve been keeping an eye on the silver market prices and you’ve been waiting for the perfect time to sell your coins. Either way, how do you tell if your silver coins are valuable? If you want to be able to have an idea of how much you’ll get for your silver coins before you go to sell them, there are a few ways you can determine their value. Always talk to your CPA or Financial Advisor before making investments.

First, Figure Out if Your Coins Are Bullion or Numismatic

The type of coin you have will help to give you a more accurate idea of how much your coins are worth. Your coins will often be bullion coins or numismatic coins. If you have bullion coins, there are fewer factors that go into determining the value of the coin. This means that it will be easier to get an accurate measure of their value. Bullion coins are purely for investing since they themselves hold a numeric value. On the other hand, numismatic coins are more often collected by collectors and hobbyists.

How to Tell if Your Silver Bullion Coins are Valuable

Silver bullion coins are slightly easier to determine their worth than numismatic coins because bullion coins have a numeric value based on their weight and how much silver they contain.

Queen' Beast Completer Coin Front

Purity

Your silver coins should have a stamp on them that says 800, 900, 925, 958, or 999. This stamp will tell you how much silver is in your coin. 999 is 99.9% pure silver while 800 is 80% silver. The higher the purity, the higher the value of your silver coins.

Weight

The weight of your coins is probably one of the most accurate ways to tell if your silver coins are valuable. Since the silver market is measured by weight, you can look at the current price of silver and use that to determine your coin’s value based on how much your coins weigh. Silver is measured in troy ounces, which is a special unit of measurement for gold and silver. Troy ounces are based on 12 ounces to a pound instead of 16 ounces to a pound. One troy ounce is equal to 31.1034768 grams.

How to Tell if Your Numismatic Coins Are Valuable

Numismatic coins are collectibles, which means that there are very specific things that go into the coin’s value. While most collectors will already have an idea of what their coins are worth, people new to collecting may not know what to look for. Since you can’t simply just weigh numismatic coins, you’ll have to do a little bit of research on your coins to tell if your silver coins are valuable.

australia koala platinum

Number Minted

The number minted refers to how many coins were originally made and therefore how many are on the market. Coins with a lower mint number may be more valuable since they are rarer.

Grade and Quality

The grade or quality of your coin also plays a part in determining how much your coins are worth. Coins in better condition are often more valuable than ones that are damaged or flawed. The grade and quality of your coins is not equal to the cleanliness of your coins, and you should never clean your coins before you sell them.

Demand

Lastly, another important thing to research when figuring out if your coins are worth anything is to check their demand. Coins in high demand will be more valuable than those that are not in demand. You can easily do a quick online search to see if your coins are in demand. While you don’t ever want to sell your coins on websites like Ebay, you can use the website to see how much the coins are going for and if there is a high demand for them.

We Buy and Sell Silver Coins

We buy and sell many different kinds of silver coins. Silver coins of note that we are currently buying are:

Silver Dollar Coins

  • Morgan

  • Peace

  • American Silver Eagle.

  • Silver Eisenhower Dollars (Blue Ike or Brown Ike – however, they must be in this special set)

 

Wartime Silver Nickels

We buy wartime silver nickels. We buy coins in the years 1942-P and 1942-S to 1945. Wartime silver nickels look dirty and are 35% Silver.

Silver Coins We Do Not Buy

We do not buy Susan B. Anthony, Sacagawea, or Presidential Dollar Coins.

Silver Coins We Sell

We currently have a stock of 2023 Silver Britannia with Kings Charles coins for sale.

Ready to Buy or Sell?

If you are ready to buy silver coins or sell your silver coins, you can schedule an appointment with us. Please don’t hesitate to contact us if you have any other questions.

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What’s the Difference Between Karats, Carats, and Carrots?

When you start to invest in gold and diamonds, it’s important to know the terminology associated with each trade. Each of these investment opportunities uses karats or carats as a form of measurement. However, there are a few differences in how carats and karats are measured.

Carats

Carats are a unit of measurement used specifically for diamonds. While most people believe that carat refers to the size of the diamond, it actually refers to the weight. One carat is equal to 200 milligrams. While diamonds are priced on their weight, or how many carats they are, they are also priced based on their cut, clarity, and color.

Karats

Unlike carats, karats don’t refer to the weight of gold, but they instead refer to their purity. Gold ranges from 9 karats to 24 karats with 24 karats being 100% pure gold. Often, people will choose 14-karat gold for jewelry since it is extremely durable and more affordable than other karats. 14-karat gold is about 60% pure gold and 40% other metals. 18-karat gold is another popular choice since it is about 75% pure gold. 18-karat gold also has gorgeous color quality and is very durable. Since 18-karat gold has a very high gold content, it is less likely to irritate the skin.

…Carrots?

Carrots are a delicious root vegetable, and a great healthy choice to add to a meal. They also make a delicious snack on their own!

We Buy Gold, Silver, and Diamonds

If you have gold, silver, and diamonds you’d like to sell, you can bring them into CA Gold and Silver Exchange in Upland, California. We will test, weigh, and price your coins, bullion, and jewelry in our store. We also sell coins and bullion if you are looking to purchase or start investing. If you have questions, don’t hesitate to contact us.

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Gold and Silver Are in Demand – Shop Our Stock

Gold and Silver Are in Demand

Gold and silver are high in demand right now, which is good news for investors. However, this means that it can be more difficult to locate gold and silver items to trade. Here at CA Gold and Silver, we still have both gold and silver items in stock including coins, bullion, and bars.

The Silver Shortage Causes a Peak in Demand

According to the website Chief Investment Officer, “Demand for silver is estimated to have reached a record high of 1.21 billion ounces in 2022, up 16% from the prior year, per the Silver Institute. Gold demand was up, too, some 18%, although it failed to match its 2011 record, the World Gold Council found” (ai-cio.com). This increase in demand comes from the current silver shortage we are experiencing. Since silver is used as an industrial material, and not only for investment and jewelry like gold is, there is a greater disparity in the amount of silver that is available. Only about 25% of our silver comes from mining, so simply increasing our mining production isn’t a viable solution to the shortage.

 

Gold and Silver

Gold Prices Reaching All-Time High

We’re seeing a steady increase in the price of gold this year, and it’s predicted that prices will continue to rise as the year goes on. Currently, we’re seeing gold at the highest it’s been in over ten years, and predictions say that the price of gold will remain high. This has led more people to turn to invest in gold to combat rising inflation prices.

Another big factor in the demand for both silver and gold is the reopening of China’s economy along with others. China is currently the largest trader of precious metals in the world. With their Covid-19 restrictions lifting, and their economy slowly reopening, the demand for gold and silver continues to rise.

We Have Silver and Gold in Stock

If you are an investor that is looking for gold and silver items to buy or sell, come see us at CA Gold and Silver! We have both gold and silver coins, bars, and bullion in stock in all weights and karats. You can see what items we have available here, or call us today for pricing.

(Always talk to your CPA or Financial Advisor before making investments.)

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We Exchange Crown Gold

We Exchange Crown Gold

You may have heard the term “crown gold” before. But what is crown gold, and how is it different from other types of gold? If you aren’t already investing in crown gold, now is a great time to get started in investing in precious metals. At CA Gold and Silver, we exchange crown gold. Always talk to your CPA or Financial Advisor before making investments.

What is Crown Gold?

Despite its name, crown gold does not refer to the gold used in creating crowns for your teeth. Crown gold is the purest form of gold that you can buy on the market today. The term crown gold refers to a 22-karat gold alloy. The name was introduced in 1526 in England under Henry VIII’s reign, referring to the gold that was used in the crown coin. It has a proportion of 22 parts out of 24 pure gold, and it is less prone to wear than 23-karat gold which tends to be softer.

What is the Best Type of Gold to Exchange?

Generally, gold bars are the most recommended route to take if you want to make the largest return on your investment. Gold bars tend to hold the most value, and they are the most versatile in weight. Because of this versatility, you have the most flexibility when it comes to how much you are willing to initially spend on your trade. It’s also a good idea to look for the highest purity of gold you can find since higher purities often are worth more.

What Kind of Crown Gold Do You Exchange?

We exchange crown gold in nearly every form. Commonly, we buy and sell gold coins, bullion, and bars. We can evaluate and buy gold jewelry even if it’s broken, and we also accept dental gold.

Common Gold Coins We Buy:

  • American Gold Eagle
  • American Gold Buffalo
  • South American Krugerrand
  • Canadian Maple Leaf
  • Mexican Gold Peso
  • Chinese Gold Panda
  • Austria Philharmonic
  • $20 Coins, Liberty Head and St. Gaudens Type
  • British Gold Sovereigns
  • Austria Hungary Gold Corona
  • Austrian Gold Ducat
  • Swiss Gold Franc
  • French Gold Franc

Learn More About Gold Items We Buy

What Gold Items We Sell

We sell many different types of gold coins, bars, and bullion. Our stock is frequently updated, and can be found here.

Ready to Start Investing?

Contact us to start buying and selling gold.

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