Perhaps after considering your options, you have decided that precious metals will hedge your investments.
But now you could be wondering where to buy gold. For a new buyer, the gold market can appear complicated and full of contradictory advice. Hundreds of web sites hang around the internet, filled to the brim with offers. It is enough to make one’s head spin.
Never fear, this article will show you where to buy gold and how to do it safely. Give yourself a head start and get your free gold guide here (insert link).
Today, there are two basic types of gold dealers. There are those who sell their wares online and then there are the businesses that operate in the real world. We will discuss each in turn.
Brick And Mortar Shops
Also known as that shop you can physically visit in real life. Here, one can expect to find gold jewelry. Also, if you want to know where to buy gold coins, there is a good chance you can find them there as well. But such places are not worth a visit if you would rather want to find out where to buy gold bars. It is simply not practical for store owners to stock up on gold bars. They do better business by selling small and selling often.
- You can view any product in person before you buy. This option is available online too but in some cases, what you order is not always what arrives. Worse, the ad did not reveal its real condition.
- You get to talk, in real time, with the seller. Some buyers understandably want quick and informative answers. Nothing is more off-putting than leaving a query at a site and never receiving an answer.
- If coins and jewelry are more appealing to you than gold bars or gold stocks, then a physical store can be a great experience. Any collector worth their salt loves to browse!
- You can even sell your gold, given the opportunity. Some physical shops buy and sell the precious metal as part of their business. Doing the deal in person can also be faster than an online transaction.
- A seller might get pushy and this is uncomfortable. One can always just close the tab on an online gold dealer that attempts to force a sell. Face to face, that is not always so easy.
- The range of available products is not as wide as what is available online.
- There are not always customer reviews available for mortar shops, unless they have a website. Authentic reviews are important to know beforehand if a dealer offers good prices, expertise and a buy back policy. It is not a good idea to walk blindly into a gold deal.
A second kind of dealer exists in the real world. The private seller. This person wants to sell their private collection and sits on the border separating mortar and online shops. Private sellers can go either way. Some prefer to post ads on the internet and conclude the sale without ever meeting the buyer. Others prefer to meet with a potential client.
- This may sound predatory – but often private sellers offer gold because they need money quickly. In some cases, you can get a real bargain this way. It is rare but it does happen.
- You get to meet with like-minded individuals.
- Private sales have fewer hassles than dealing with companies but this is not always a good thing (see drawbacks).
- Needless to say, it is not always safe to meet a complete stranger. Especially one that knows you will show up with money, if that was the arrangement. Scam artists can and will lure people this way.
- There is little chance that the private seller will offer a buy back policy. There may be less legal hassles, sometimes just an exchange of goods and money. But this offers the buyer little legal protection if there is an issue.
- The chances of unknowingly buying stolen goods rises exponentially. You only have the person’s word for it that the gold was acquired legally.
When given the choice of where to buy gold, most people opt to buy precious metals online. If you are in favor of this avenue, get this free gold guide (insert link) to put you on the fast-track.
You can buy gold from private seller ads, as previously discussed, but also from companies and financial institutions. There are countless retailers out there. Roughly, all of them own the same plus points and negative sides.
If the purchase of physical gold, bars or coins appeals more, then rather look for a reputable company. Financial institutions do not usually ship the gold and instead issue you with some kind of proof of ownership.
- There is no pressure to buy as there might be in a physical shop. You can browse at your leisure and leave the page if unsatisfied.
- You can visit all the stores you want in a single day, sometimes even a single hour. This, in the real world will take much longer and add transport expenses. Nobody truly wants to drive for hours and pay for liters of fuel to go and browse different gold dealerships.
- Talk about convenience. Forget about elaborate haggling and meeting arrangements with private sellers. Online companies are mostly super user-friendly. A few clicks can purchase items instantly.
- You get the critical chance to research your chosen retailer. If a seller’s reputation does not hold up to scrutiny, you can safely walk away. There are also web sites that will have reviews, ratings and assessments of gold dealers.
- There is no lack of choice. Online retailers offer gold in nearly all of its forms. You can pick from jewelry, coins, bars, stocks and much more.
- You can compare prices in the comfort of your own home. Competitive pricing is a good thing because you get to choose the best priced deal. With private sellers or physical shops, they can keep the price high because there is not always immediate competition vying for your attention.
- A reputable retailer will offer a buy back guarantee.
- It is safer than meeting with a stranger you have just met on the internet.
- There can be extra shipping and handling fees. Shopping around should allow you to see which dealers offer reduced fees or ship for free.
- If you are an impatient person, waiting for delivery can be a downer. This is not always a problem, however. Look for sites that offer speed or overnight shipping.
- Scam artists do not just meet victims in person. The majority claim to be legitimate online businesses. The gold world has its fair share of this bad element. This is why background research is important as well as finding a company with an excellent reputation.
- There are sellers who do not use registered mail. This is a red flag no buyer should ignore. It is not always a sign of a scam but if your gold gets lost in the mail, there is no way to track.
- If you buy gold in a form that requires professional storage, you will receive proof of ownership. However, the gold remains in the seller’s vaults and one can never be sure if the product ever existed. Once again, avoid fraud by thoroughly researching the dealer.
At the end of the day, it is all about how this wonderful precious metal can benefit you. Gold is a good investment, a solid brick in your wealth structure and a commodity you will always be able to re-sell.
How much security and profit gold brings you depend on the decisions made at the beginning. That is why choosing the right dealer is so important. If you take ownership of overpriced, stolen or nonexistent gold, then you could end up in financial trouble. You could even face unpleasant lawful consequences.
A wise gold investor makes sure that things go right from the start.
Good research, patient choices and forming relationships with reputable dealers before you buy can remove risks. This leads to a smoother, less expensive experience and that is what you want when you purchase gold. Any precious metal acquired as cheaply and safely as possible will return bigger profits in the future.
Your first handshake with gold should be a good one. A bad experience is enough to make anyone cut their losses and walk away. Yet, gold is the last investment one should walk away from. Any disadvantages usually come from wrong choices, such as selling and buying when waiting is the better option.
Whether it’s your local mortar shop or the online gold community, you should have an idea by now of where to buy gold. Either way, you should feel comfortable and assured that you have buyer’s protection.