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Where to buy physical gold (and how to compare dealers)
Local coin shops versus online bullion dealers, how to compare the real price you pay over spot, shipping and insurance, buy-back terms and the red flags to walk away from. No rankings, no price predictions.
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This page is general education, not financial or investment advice. Prices change constantly. Talk to a licensed professional before buying or selling.
The two main places people buy
- A local coin shop. You see and hold the item before paying, you can pay in person, and there is no shipping wait. Premiums on small items can be higher, and stock is limited to what the shop has.
- An online bullion dealer. Large dealers carry thousands of coins and bars, list prices openly and update them with the spot price through the day. You pay shipping (often free over a minimum order) and wait for delivery.
Many buyers use both: online for common bullion coins and bars, a local shop for selling back or for a quick look at something unusual.
Compare the real price, not the headline
The number that matters is the total you pay per troy ounce of gold, compared with spot at the moment you buy:
- Price of the item at your payment method. Card and PayPal prices are usually a few percent higher than bank wire or check prices.
- Plus shipping and insurance, if any.
- Plus sales tax, which depends on your state and sometimes on the order size.
- Divided by the actual gold content in troy ounces (a 1 oz coin of 22-karat gold still contains 1 troy ounce of gold).
Do this sum for two or three dealers on the same day. See bid, ask and premiums for why the premium exists at all.
Questions to ask any dealer
- Buy-back: Will they buy the same item back from you, and how is the buy-back price quoted? A dealer that publishes buy prices is easier to compare.
- Shipping and insurance: Is the package fully insured until it reaches you, and does it need a signature?
- Returns and price locks: Once you confirm an order, the price is usually locked; cancelling can cost you if the price moved.
- Reputation: How long have they been in business, and what do independent reviews and the Better Business Bureau say?
Example of an online dealer
For example, JM Bullion is a large US online dealer of gold, silver and platinum coins and bars that publishes its prices, including separate card and wire prices. Compare its total cost per ounce with other dealers and with a local shop before you buy. We have not audited any dealer and we do not rank them.
Red flags
- Pressure to buy today, or a "special" price that disappears if you hang up.
- Unsolicited calls or ads pushing rare or "collectible" coins as an investment. Collectible premiums can be very high and hard to get back when selling.
- Promises that gold "can only go up," or price predictions of any kind.
- A price far below spot. Real gold is never sold far under spot; that is a classic sign of fakes. See how to spot fake gold.
After you buy
Keep the receipt, keep coins in their original capsule or tube, and plan where the gold will live. See storing gold.