Where can beginners buy gold?

You may already be familiar with the appeal of gold investing, whether you're looking for a hedge against inflation or a way to keep your portfolio intact during periods of downturn. But after you make the decision to invest, you'll still need to figure out how to actually buy your gold.

Luckily, there are plenty of options today for both new and seasoned gold investors. Just because the process of buying gold may be different than other assets, that doesn't mean it needs to be intimidating for beginners.

Before you start, it can help to nail down your individual investment goals, timeline and the amount you'd like to invest. Then, you can begin to buy gold using one of the investment options below.

Learn more about how you can benefit from gold investing today with a free information kit.

Where can beginners buy gold?

Here are three ways beginner gold investors can buy the precious metal.

Gold IRA through a gold investment company

If you're a long-term investor focused on retirement and you want to simplify the process of buying gold, consider opening a gold IRA. This type of individual retirement account offers the same benefits as regular traditional or Roth IRAs, but you can hold a physical gold investment with the account.

To invest with a gold IRA, there are certain requirements you must meet regarding both the quality of your gold and where you keep it. That's where working with a trustworthy gold investment company can come in handy. These companies can guide you through the process of buying IRA-eligible gold and may help connect you with an IRS-approved custodian to store the gold in your IRA.

Find out more benefits of investing with a gold IRA with a free investors kit now!

Reputable dealer of gold bars and coins

If you're interested in a physical gold investment you can maintain yourself, you may want to use a reputable online or in-person dealer to buy gold bars or coins.

There are a few ways you can tell whether a potential seller is trustworthy. Make sure you read customer reviews and look out for any red flags about quality or price. Also, do your research to determine what specifications you're looking for — including weight, size and purity. It can help to know the current spot price of gold, too. While there will likely be a markup on your purchase price, knowing the current price per ounce of gold can help you determine whether you're getting a good deal.

Don't forget to consider insurance and how you'll store your physical gold. Depending on the amount, you may want to opt for a safe at home or safe deposit box at your bank. You can also work with a custodian (typically for a fee) to keep your gold safe long-term.  

Brokerages

You can avoid physical gold storage and the process of buying gold bars or coins altogether, while still gaining exposure to the gold market. Both gold ETFs and stocks in gold-adjacent businesses, such as gold mining companies, can help you diversify your portfolio with gold.

Just be aware that factors beyond gold's value can influence the performance of these types of investments. Unlike physical gold, your investment in gold stocks may fluctuate depending on the company's business decisions and operations.

Nevertheless, investing in gold ETFs or gold stocks can be more familiar for beginner gold investors. In fact, you can buy into these investments directly through the brokerage you may already use for the rest of your portfolio.

Learn more about the best ways for you to begin investing in gold now with a free investment guide.

The bottom line

Investing in gold can be a great way to diversify your portfolio and protect your investments against future economic downturn, inflation and other economic changes. Beginners can also benefit from the plentiful options for gold investing today — including working with a gold investment company to invest in a gold IRA, buying physical gold from a reputable dealer or investing in a gold ETF through a regular brokerage.

If you're considering buying some of the precious metal, speak with an expert (such as a financial advisor) to determine how it best fits into your individual financial plan. You can also start learning more about the benefits of gold today with a free information kit.