Where to buy gold bars and coins
Gold has been considered a reliable investment for many decades, and for many investors, it proves to be especially valuable during times of economic instability and rising inflation. That's part of why gold has remained so popular in recent years; its reputation as a safe-haven asset has encouraged many investors to add it to their portfolios for protection against the unusual economic climate.
Beyond acting as a financial safety net, though, gold offers a number of unique advantages to investors, and its recent bull run makes it even more appealing. For example, those who bought gold earlier this year have seen the value of the precious metal climb by over 25% so far — and analysts expect even more price growth over time. There are also various ways to invest in gold, including physical options, gold individual retirement accounts (IRAs), gold exchange-traded funds (ETFs) and gold stocks.
For many, though, owning physical gold — whether in the form of gold bars or coins — is particularly appealing. These tangible assets not only hold potential for long-term value growth but also high liquidity, making them easy to buy or sell when necessary. Investors looking to purchase physical gold have a wide range of options to explore, and it's worth considering the different methods for acquiring gold bullion.
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Where to buy gold bars and coins
Where you opt to buy gold depends on your preferences, but these are the best places to consider.
Licensed online retailers
Online gold retailers offer the convenience of purchasing gold bars and coins from the comfort of your own home. These dealers are a popular option due to their accessibility, wide variety of products and pricing transparency. Some even offer discounts for buying in large quantities or paying for your purchase by credit card.
However, when buying gold online, it's smart to conduct your due diligence and select a reputable seller. As with any financial product, there are scammers out there. So, look up the reviews and reputation of any retailer you're considering on sites like the Better Business Bureau and Trustpilot to make sure you'll be working with legitimate professionals who treat their customers fairly.
Some of the most trustworthy and well-known gold dealers include JM Bullion, American Precious Metals Exchange (APMEX) and American Hartford Gold.
Local precious metal retailers
You can also visit a physical store to buy gold bars or coins. This allows you to inspect the gold in person and ask staff any questions you have about its authenticity, purity and other factors.
As with online dealers, do research ahead of time to find ones with solid reputations. Compare prices between several retailers before purchasing, and bear in mind that prices from traditional retailers may be higher than online retailers due to the overhead costs of maintaining a brick-and-mortar location. And, before buying gold anywhere, be sure you know the current spot price so you can make an informed decision.
Explore how gold investing could benefit you here.
Banks
Some banks in the U.S. sell gold bars and coins (as well as silver coins). This can be a good option for investors who prefer the public accountability of a federally regulated institution. However, your options may be limited compared to what you'll find at an online retailer. You can call your local bank to find out if they sell gold.
What to look for
Wherever you purchase your gold bars and coins, there are some things to look out for to ensure you get the best product at the best price. When evaluating physical gold, consider its:
- Purity: Investment-grade gold must be at least 99.99% pure.
- Weight: The size and weight of the gold you buy will affect its cost and how easy it will be to store.
- Authenticity: Perform a DIY test such as the magnet test, ping test or float test to detect if the gold is fake or impure.
- Premium over spot price: Compare multiple sellers' prices against the current spot price of gold to ensure you get a fair deal.
The bottom line
When buying physical gold, make sure you're buying from a reputable dealer offering competitive prices and excellent customer service.
While you can buy gold bars and coins from pawnshops or individual sellers on marketplaces like eBay and Craigslist, it can be harder to verify the authenticity of their offerings, plus these sellers may have fewer reviews to rely on. It's best to stick with the options listed above to ensure you invest wisely.
