Tools commonly used in the Bullion Dealers (Wholesale) industry for day-to-day tasks and operations.

• X-ray fluorescence (XRF) analyzer
• Melting furnace
• Assay scale
• Refining chemicals
• Ultrasonic cleaner
• Crucibles
• Graphite molds
• Tongs
• Safety equipment (gloves, goggles, aprons)
• Digital calipers

Common products and services typical of NAICS Code 423940-36, illustrating the main business activities and contributions to the market.

• Gold bars
• Silver coins
• Platinum ingots
• Palladium bullion
• Precious metal scrap
• Gold dust
• Silver shot
• Platinum wire
• Rhodium bars
• Copper bullion

The specific certifications, permits, licenses, and regulatory compliance requirements within the United States for this industry.

• Certified Coin Dealer: A certification that allows bullion dealers to buy and sell coins with confidence. The certification is provided by the Professional Numismatists Guild (PNG), which is a nonprofit organization that promotes the hobby of coin collecting and the buying and selling of coins. The certification requires a background check, adherence to a strict code of ethics, and a minimum of five years of experience in the industry.
• Precious Metals Dealer License: A license that is required in many states to buy and sell precious metals, including bullion. The requirements for the license vary by state, but typically include a background check, a surety bond, and proof of financial responsibility. The license is issued by the state's department of financial regulation or similar agency.
• Anti-Money Laundering (AML) Compliance: A set of regulations that require bullion dealers to implement policies and procedures to prevent money laundering and terrorist financing. The regulations are enforced by the Financial Crimes Enforcement Network (FinCEN), which is a bureau of the U.S. Department of the Treasury. Compliance with AML regulations requires ongoing training, risk assessments, and reporting of suspicious activity.
• Commodity Futures Trading Commission (CFTC) Registration: A registration that is required for bullion dealers who engage in futures trading. The registration is issued by the CFTC, which is a federal agency that regulates commodity futures and options markets in the United States. The registration requires compliance with a set of regulations that are designed to protect investors and maintain market integrity.
• Sales Tax Permit: A permit that is required in many states to collect and remit sales tax on bullion sales. The requirements for the permit vary by state, but typically include registration with the state's department of revenue or similar agency. Failure to obtain the permit can result in fines and penalties.

A concise historical narrative of NAICS Code 423940-36 covering global milestones and recent developments within the United States.

• The history of the Bullion Dealers (Wholesale) industry dates back to ancient times when gold and silver were used as currency. The first gold coins were minted in Lydia, a kingdom in Asia Minor, around 600 BC. The industry has since grown and evolved, with notable advancements such as the introduction of paper currency and the establishment of the London Bullion Market Association in 1987. In the United States, the industry has seen significant growth since the 1970s due to the legalization of gold ownership and the rise of gold prices. In recent years, the industry has faced challenges such as increased regulation and competition from digital currencies. Despite this, the industry remains a vital part of the global economy, with bullion dealers playing a crucial role in the trading of precious metals.

The anticipated future trajectory of the NAICS 423940-36 industry in the USA, offering insights into potential trends, innovations, and challenges expected to shape its landscape.

• Growth Prediction: Stable

  The future outlook for the Bullion Dealers (Wholesale) industry in the USA is positive. The industry is expected to grow in the coming years due to the increasing demand for precious metals such as gold, silver, and platinum. The growth in the industry is also attributed to the rise in the number of investors who are looking for a safe haven for their investments. The industry is also expected to benefit from the increasing use of precious metals in various industries such as electronics, medical, and aerospace. However, the industry may face challenges such as fluctuations in the prices of precious metals and the increasing competition from online retailers.

Recent groundbreaking advancements and milestones in the Bullion Dealers (Wholesale) industry, reflecting notable innovations that have reshaped its landscape.

• Introduction Of Blockchain Technology: Bullion dealers are increasingly using blockchain technology to track the origin of precious metals and ensure their authenticity.
• Use Of Artificial Intelligence: Some bullion dealers are using artificial intelligence to predict the prices of precious metals and make informed decisions.
• Expansion Of Product Offerings: Bullion dealers are expanding their product offerings to include other precious metals such as palladium and rhodium.
• Adoption Of Eco-Friendly Practices: Some bullion dealers are adopting eco-friendly practices such as using recycled precious metals and reducing their carbon footprint.
• Integration Of Online Platforms: Bullion dealers are integrating online platforms to reach a wider customer base and provide a seamless buying experience.