License & Permit
Precious Metals Dealer Bond
A license bond that a business buying or selling gold, silver, and other precious metals files to get a state or local dealer license.
- Required by
- State licensing agencies in some states, and some cities and counties
- Bond amount
- Set by whoever requires the bond. We confirm it.
What this bond guarantees
The bond protects the public and the licensing agency (the obligee). It guarantees the dealer will follow the precious metals dealer law, and anyone injured by a violation, such as a seller who is cheated, can claim up to the bond amount.
Who needs it
- Gold and silver buyers
- Jewelry stores that buy precious metals
- Coin and bullion dealers
What the underwriter looks at
- Owner credit
- Net worth of the business
- Licensing and complaint history
Requirements vary by state and by who asks for the bond. Send us the request you received and we will confirm exactly what it calls for.
Common questions
Does every state require this bond?
No. Ohio requires a bond of at least $10,000 unless the dealer shows a net worth of $10,000 or more. Florida registers secondhand and precious metals dealers but its statute does not require a bond.
How long must I keep the bond?
In Ohio, a dealer using a bond must keep it for at least two years after it stops doing business in the state.