How to find reputable gold dealers (and avoid scams) in 2025
Earlier in March the price of gold per ounce finally broke through $3,000. Economic worries are driving investors to buy in, with many looking to hedge against inflation. While gold can be a smart portfolio addition, finding trustworthy dealers is imperative in this loosely regulated market.
What credentials should you look for in a precious metals dealer? And, perhaps as importantly, how can you spot scams before investing? Below, industry professionals share their top advice for protecting your gold investment.
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How to find reputable gold dealers (and avoid scams) in 2025
Experts encourage focusing on verifiable credentials, business history and transparent practices when choosing where to buy gold. Reputable dealers often have one or more of these:
- Professional Numismatists Guild (PNG) membership: The PNG has been around since 1955 and has strict standards. "Applicants [must] have at least five years of experience as a professional numismatist, a clean ethical record and offer return privileges for misrepresented items," explains Brandon Aversano, CEO of The Alloy Market, a gold buying company.
- American Numismatic Association (ANA) affiliation: "Look for dealers accredited by the ANA," advises David Beahm, president of Blanchard and Company, an investment firm specializing in rare coins and precious metals. The ANA can expel businesses that receive customer complaints and don't follow a strict code of ethics.
- Better Business Bureau (BBB) accreditation and high rating: "Companies serious about their reputation will invest resources to maintain good standing [with] the BBB," highlights Aversano.
- US Mint Authorized Purchaser status: "There aren't many credentials with real weight [in this] loosely regulated industry," notes Brett Elliott, marketing director at American Precious Metals Exchange (APMEX). "But [being] an Authorized Purchaser with a US Mint is a strong indicator of legitimacy."
- State registration compliance: Beahm recommends checking if your state requires gold dealers to register with a state agency. Then, verify the dealer on that agency's site.
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Steps to finding legitimate gold dealers and platforms
In addition to checking credentials, follow these steps to find established gold dealers online or in your area:
- Review business registration and history: "Start by checking basic business registration through your Secretary of State website," advises Beahm. "Next, verify how long they've operated under that name — many scammers rebrand frequently."
- Read reviews: "Research gold dealers the same way you would any company you intend to place a large order with," says Elliott. Look beyond their website for reviews on Google, Trustpilot, the BBB and industry forums.
- Examine pricing transparency: "Make sure [the dealer has] clear and transparent pricing," warns Aversano. "Beware of any hidden fees at checkout [and] confirm they have secure payment methods."
- Review their return policy and buyback program: "Policies about buybacks and delivery times [should be] straightforward," says Beahm. A robust return policy shows the company is confident in its products.
- Verify product authenticity guarantees: Legitimate gold items should have proper documentation. "Expect to pay extra for a product with a certificate of authenticity," Elliott points out.
- Ask for customer references: "Legitimate dealers maintain relationships with satisfied buyers," explains Beahm. Getting direct feedback can tell you how the company handles problems and whether customers make repeat purchases.
Warning signs of gold investment scams to watch for
"Unfortunately, due to [gold prices] being so high, there are a lot of scams going on," Aversano cautions. Stay alert for these red flags that could indicate a deceptive operation:
- Prices well below market value: "All businesses need to produce a profit, and it's rare for any company to sell items at spot price or below," warns Aversano. Walk away if prices seem too good to be true.
- Pushy sales tactics: "Don't deal with any company pressuring you to buy," Aversano advises. Legitimate dealers let you take your time to decide.
- Lack of verifiable contact details: "All reputable dealers will list their contact information," notes Aversano. "It's common for scam sites to use fake addresses or not list an address [at] all."
- Unallocated storage arrangements: "[Watch] out for businesses that sell you gold and then offer to store it in [an] unallocated vault," cautions Elliott. "There have been fraud cases where metals were neither audited nor insured properly."
- Wire transfer payment requirements: "A big [red flag] you may not have heard of is dealers refusing credit cards," warns Beahm. "They want wire transfers because they're irreversible."
The bottom line
Vetting dealers before investing will protect you from the growing number of scams in the gold market. "Never trust inbound calls from organizations offering gold investment services," emphasizes Aversano.
Finally, when making your purchase decision, remember why you're considering gold in the first place. If you're buying gold to diversify away from the stock market, Beahm suggests physical gold (e.g., gold bars, gold coins). Start small with recognized products that are easy to sell when needed.
