What’s the Best Place to Buy Gold and Silver?

In times like these, many Americans are deciding to convert their dollars into gold and silver. There are many ways that you can get your hands on physical gold and silver so we are here to try to make sense of all the options!

Local Dealers

Local dealers have a physical location - a shop you can go visit in your local area. These dealers typically sell numismatic coins. If you’re looking for a collectible coin or two, they may be a good option. If you search google for 'buy gold near me' then you should be able to pull up a few options.

Pros

The most important advantage of buying from a local dealer is that you can see the coins before you buy. If you’re purchasing a numismatic coin, that makes sense. After all, it’s hard to tell the condition of a collectible coin just by looking at a picture on a website. 

Another advantage is that you may come across interesting coins that you didn’t know existed. This is also true of online retailers, but then you don’t get the adventure of going out in person to make that exciting find.

Finally, when you purchase from a local dealer, you get instant gratification. You see the coin, you like it, you pay for it, and it’s yours.

Cons

Local dealers typically have a very limited selection of coins. In addition, they don’t have the capacity to keep a large supply of coins.

If you want the gold or silver for an investment, you will want to choose a dealer who offers bullion coins and bars. Most local dealers don’t, or they only have very limited quantities.

What to Do and Avoid

Before you go to a local dealer to buy gold and silver, check out their Better Business Bureau rating. Read the reviews to know whether they have been dishonest or hard to deal with in the past.

Skip local gold and silver dealers altogether if you are looking for a significant precious metals investment. While your collectible coins may sometimes go up in value, you can’t bank on it. Gold and silver bullion are much more reliable investments.

In addition, you should avoid traveling gold and silver sellers, such as those you meet at a convention. You probably know little or nothing about them, so they can easily sell you fake gold and move on.

Online Gold and Silver Retailers

Online gold and silver retailers, such as APMEX, sell a vast variety of gold and silver coins and even bars. They sell both collectible coins and bullion. You find the products you want from their online catalog and place your order. If it’s a reputable online retailer, you will get the gold and silver items you want with only a short wait.

Pros

The best thing about online gold and silver retailers is that they typically have a very broad selection. If you’re looking for a specific collectible coin, you’re most likely to find it quickly from an online retailer. The process is fast, convenient, and the relationship between market value and pricing is fairly consistent. You can buy whatever coins you want, and at least for bullion, quantity is rarely a problem.

Cons

While many retailers do sell bullion that can be used for gold and silver IRAs, this is not their specialty. They focus on providing the most options for the most people. They offer a mostly automated purchase process that may not be helpful if you’re preparing to make a major investment decision.

What to Do and Avoid

Again, before you get captivated by the allure of so many choices, check out the online retailer’s reviews on review sites. Check their BBB rating. Avoid buying gold and silver for your IRA from an online retailer if you are a new investor and don’t know the ropes. Also avoid companies with a reputation for poor customer service.

Online Retailers To Buy From:

• APMEX
• Great American Bullion

True Gold Republic will be soon launching a fully e-commerce store so stay posted for that!

Precious Metals IRA Dealers

A precious metals IRA dealer is a knowledgeable specialist who provides the gold and silver for self-directed IRAs. They typically offer both bullion coins and bars that are ideal for investing. While a collectible coin has value, too many factors can influence its price. That’s why, for an IRA, gold and silver bullion are superior. A reputable precious metals IRA dealer can work with your self-directed IRA custodian to get the gold and silver into your IRA and tucked away safely in secure storage.

Pros

When you’re partnering with a precious metals IRA dealer to fill your IRA account, you get the advantage of having an experienced advisor on gold and silver bullion. They know which coins and bars are eligible to be placed in a precious metals IRA. They can give you insight into which products offer the best investment. What’s more, they can work with your IRA custodian to ensure the gold and silver are entered into your IRA seamlessly.

Cons

The only con to buying gold and silver from a precious metals IRA dealer is that they don’t typically offer numismatic coins. That’s a problem if you’re a collector. However, if your main concern is protecting your wealth with a precious metals IRA, a dealer that provides bullion coins and bars is likely the best option for you.

What to Do and Avoid

Of course, any time you make a major purchase of any kind, you should check reviews and most importantly BBB complaints! Avoid buying gold and silver from any dealer who doesn’t have a sterling reputation. If they have charged other consumers too much before, they will probably do the same to you. Talk with the dealer before you buy to see whether they respond reasonably to your questions. Choose a trusted precious metals IRA dealer who is willing to offer their expertise and guidance when you need it.

Expert Tip: Before you invest with a Precious Metals IRA, make sure you ask the dealer the mark-up on the assets they are recommending.

Are You Ready to Start Buying Gold and Silver?

Starting to buy gold or silver is a big step, but it’s one you should take as early as possible. You’ll need expert assistance, friendly customer service, and gold and silver products that can legally be included in your self-directed IRA. Choosing a trusted dealer like True Gold Republic is the best way to ensure you’re buying correctly and sufficiently for the future you want most!