FAQs
Find answers to common buying, selling, bullion, rare coin, and Bitcoin questions. If you cannot find what you need, contact the team directly.
Bullion and Rare Coins FAQ
What is market loss?
Market loss is the difference between the locked-in bullion order price and the current market price when a customer cancels, fails to pay, or does not deliver as agreed. If the market moves against the customer's position, the customer is responsible for that loss.
When is the price locked in?
The price is locked once the customer confirms the order, whether online, by phone, or in person. At that point, the transaction is binding.
What happens if I cancel or fail to pay?
Polyak calculates the market loss and bills the customer. If the market moved in the customer's favor, the customer does not receive a gain or refund.
What if payment or delivery is late?
Delays may cause the order to be canceled and may trigger a market loss charge. If unpaid, the matter may be sent to collections or legal action.
Can market loss charges be waived?
Management may waive charges only in very rare cases, entirely at its discretion.
Does Polyak Precious Metals have minimum or maximum order amounts?
There are no minimum or maximum order amounts, but all orders require 100% prepayment before the price is locked.
How much should I invest in precious metals?
Many experts suggest allocating 5-20% of a portfolio to physical precious metals, but the right amount depends on the investor and their adviser. Precious metals are volatile and carry risk.
How do I buy from or sell to Polyak Precious Metals?
Call and speak with an account executive at 415-233-7206.
What payment methods does Polyak Precious Metals accept?
Accepted payment methods include the following terms:
| Payment method | Terms |
|---|---|
| Cash | Price can be locked when the order is placed if cash is received by end of day. Available only for same-day in-store pickup. |
| Bank wire | Price can be locked when the order is placed if funds arrive in Polyak's bank account by end of day. Customers must call for wire instructions. |
| Personal or business check | Price locks when the check is received. Checks are held for 3-7 business days before items are released. |
| Cashier's check | Price locks when the cashier's check is received. Cashier's checks are held for 1-3 business days. |
| Credit card | Visa, Mastercard, Discover, and American Express are accepted in store with valid picture ID. A 3% merchant fee applies. |
| Bitcoin | Price locks when the order is placed. Bitcoin purchases have a $100 minimum and $100,000 maximum. |
Can I sell diamonds to Polyak Precious Metals?
Yes. Polyak makes competitive offers on diamonds, especially diamonds over 1 carat.
Cash for Gold
Why should I sell my items to Polyak Precious Metals?
Polyak offers higher payouts than competitors by keeping overhead low, relying heavily on word-of-mouth referrals instead of expensive advertising, and focusing on quick, safe, efficient transactions.
How do I calculate the value of gold and silver at home?
Scrap jewelry value depends on three factors: spot price, purity, and weight.
| Factor | Explanation |
|---|---|
| Spot price | Check current gold, silver, and platinum market prices from sources such as Kitco or The Bullion Desk. |
| Purity | Jewelry often has markings near the clasp or lock showing karat or purity. |
| Weight | Gold value is calculated in grams, requiring a jewelry scale. |
Common purity examples include:
| Marking | Purity |
|---|---|
| 10k / 417 | 41.7% gold |
| 14k / 585 | 58.5% gold |
| 18k / 750 | 75% gold |
| 22k / 916 | 91.6% gold |
| 24k / 999 | 99.9% gold |
| Sterling / 925 | Sterling silver |
To estimate value, divide the spot price by 31.1 to convert from troy ounces to grams, then multiply by purity.
Can I sell diamonds to you?
Yes. Polyak is currently paying competitive prices for diamonds.
Why do I have to provide ID and a fingerprint?
California Business and Professions Code 21628 requires a valid form of identification and fingerprint from sellers. This requirement does not apply to bullion or rare coin transactions.
Bitcoin
Do you accept Bitcoin?
Yes. Polyak accepts Bitcoin for orders between $100 and $100,000.
How do I pay with Bitcoin?
Contact Polyak at 415-233-7206. Purchases below $1,500 are subject to 8.75% California state tax.
How long do Bitcoin payments take to process?
Bitcoin payments may take up to one business day to be received. Once received, the payment clears immediately. The purchase can then be picked up in store or shipped.
What is the Bitcoin exchange rate?
Use BitPay to check the current Bitcoin exchange rate.
Do you accept other cryptocurrencies?
Not currently. Polyak only accepts Bitcoin at the moment, but is looking into accepting other cryptocurrencies in the future.