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Metal Trader

Discover what a precious metal trader is and what it does

What is a precious metal trader? What is it for and what exactly is this type of business? It is, in fact, a still virtually unknown topic and, above all, somewhat inaccurate.
So, let’s see what it is, what tasks this type of business carries out, what they offer and how they can be of use to anyone who wants to invest in gold, but with reliable guarantees.

A metal trader is, in short, a company that deals, on a professional level, with the purchase and sale of precious metals, mainly gold, but also with the sale of other types of less valuable metals, but still of interest to anyone who wants to secure their savings, such as silver, platinum, copper, palladium, etc.

However, the activities carried out by the metal trading store could be confused with stores which buy gold, which are well-known and found everywhere in our cities. Compared to the latter, however, the precious metals trader is governed by different and much stricter rules.

The difference between a metal trader and a gold buyer

So, what is the main difference between a precious metal trader and a classic gold buyer? The fundamental difference lies in the expertise and guarantee that only the metal trader can offer. To be able to operate in the market, this type of business must receive authorisation directly from the Bank of Italy to purchase and sell precious metals and, therefore, possesses all the legal requirements to operate legally and be recognised as a "professional gold operator".

This permission, therefore, issued by the Bank of Italy, allows the metal trader to legally operate and trade in precious metals, employing trained, qualified and expert sector-based staff and partners.

Another difference is in the type of activities permitted by law, only and exclusively to the metal traders, which in addition to buying gold and other precious metals, can melt and rework them before reselling them. This means that metal traders may trade in gold and precious metals, such as cast bars, sovereigns and coins, also as an investment.

Moreover, to open a recognised activity and hence receive the approval of the Bank of Italy, it is essential to have certain specific requirements, established by law.

  1. First of all, the business must have a guaranteed share capital of at least 120,000 Euros and one of the following legal forms: Ltd, company limited by shares, LLC or Cooperative;
  2. It must have the entry “gold trader” as its corporate purpose;
  3. employees and collaborators of the metal trading business and, in particular, the technical, commercial and administrative staff, must be able to prove that they have no criminal record;
  4. comply with all the legal obligations foreseen for metal trading businesses.

Metal trader: legal requirements

What are the specific legal obligations for a metal trading business? In addition to the points listed above, all the buying and selling operations and gold exchanges must be declared, following precise entry models, through a specific policy program.
The data about the buyer (and the person making the statement), the data identifying the seller, the date on which the transaction is carried out, the specific type of the operation, the amount of precious metal bought and sold (expressed in grams) and the corresponding value must all be included in the documents that are filled in by the metal trading store operator.

Italian Law No 7 of 17 January 2000 specifically regulates the sector and activities of metal traders. Among other requirements, the law stipulates that to be able to melt gold, the operator must be enrolled in the list of professional gold dealers and it is the Bank of Italy, as previously mentioned, that communicates and officially publishes the list of the companies authorised to carry out this type of activity.

Orovilla is enrolled in the list of professional gold traders, recognised by the Bank of Italy (UIC No 5000211) in compliance with Italian Laws and, in particular, Law 7/2000 that has also permitted, among other things, trade of gold as an investment among private individuals; our operations conform to ISO 9001:2008 and are certified by TUV.

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PeroVia Pitagora, 11 - 20016, Pero (MI)
MM1 - fermata Molino Dorino
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orovilla@orovilla.com
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Tel: +39 02-8853-215
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orovilla@orovilla.com