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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.