Buying gold safely checklist

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Before you buy

• Decide why you want gold and how much of your savings it should represent
• Learn how the spot price and troy ounces work
• Decide on the form: coins, bars, jewelry or funds. See bars, coins and funds
• Understand premiums, bid and ask
• Check how gold purchases and sales are taxed where you live
• Plan where you will store it before it arrives. See storing gold

Choosing a dealer

• Choose an established dealer, mint or jeweler with a physical address and long track record
• Read independent reviews and complaints
• Confirm the dealer publishes both buy and sell prices
• Check return, shipping and insurance policies
• Avoid sellers who cold-call, pressure you or promise guaranteed returns
• Be cautious with marketplace and social media sellers

Checking the price

• Compare the price per troy ounce of pure gold across at least three dealers
• Calculate the premium over spot as a percentage
• Ask for the dealer's current buyback price on the same item
• Add shipping, insurance, payment fees and taxes
• Walk away from prices below spot, a common sign of fakes

Choosing the product

• Prefer widely recognized coins and bars from known refiners. See bullion coin comparison
• Check stated weight and purity, such as 999.9 fine. See fineness
• For jewelry, check karat and hallmarks. See hallmarks
• Avoid paying collector premiums unless you are knowingly buying collectibles

Paying safely

• Use traceable payment methods
• Never pay with gift cards or cryptocurrency to an unknown seller
• Confirm wire instructions by phone using a number you found independently
• Get a detailed invoice with item descriptions, weights and prices

When it arrives

• Inspect packaging for tampering before signing if possible
• Check weight and dimensions against official specifications
• Keep assay cards and packaging intact
• Have anything suspicious tested. See how to spot fake gold

After buying

• Store items securely and discreetly
• Insure your holdings appropriately
• Record serial numbers, receipts and photos
• Tell a trusted person where your records are
• Review your holdings and storage once a year