How to Buy Gold: Where to Shop and Find the Best Prices

where to shop for the cheapest gold bars and coins

Gold has long been one of the top precious metals for investors to add to their portfolios. It is often purchased when there is economic turmoil in the world because physical gold tends to retain its value and even increase in value during these periods. Often times, people will purchase gold by shopping online when they want to protect their portfolio from the damaging effects of inflation. Before you buy gold online, carefully focus on these important tips to make the best buying decision possible.

Deciding How Much Gold to Buy

As a first step in the shopping process, you can easily research gold prices online. When considering where to make your purchase, take note that the online price offered by different dealers can vary substantially. For example, some will offer a price for gold close to the spot price. This means that they are not charging a high premium on top of the listed price that gold is currently trading at. When looking for potential sellers, try to find one that offers a low premium and has a good reputation.

You then can use the current spot price of gold along with your budget to determine how much gold you want to buy. This will often factor into the type of gold you want to buy as well. For example, maybe you’re able to make a sizable investment. Although buying hundreds of coins may be equivalent in value to several large bars of gold, the large bars may be more stackable and hence, easier to store. Some coins are preserved in special casing to prevent damage, and these may be stackable as well. However, it often requires much more space to stack coins than bars, so when it’s all said and done, you may end up buying gold bars in this scenario.

Choosing a Reputable Gold Dealer

While some will charge the spot price for their online gold price, the vast majority of sellers will charge a premium over this price. When looking at where to buy gold online, keep in mind that a premium charge can directly impact your total return on investment, so look for a reputable dealer that charges a low premium. In addition, when purchasing gold online, it is important to note that a reputable dealer will sell pure gold. Some dealers, however, sell tainted or impure metal. Research dealers through reputable websites, such as the U.S. Mint, to find the best dealers to buy from.

The Importance of Free Shipping When Buying Gold Online

While you could purchase gold in a local bank, many want to know how to buy gold online because it is faster and more convenient to do so. When you go online shopping for gold, try to find a dealer that does not charge a shipping fee. Keep in mind that many gold bars sold online have a heavy weight, and this is particularly true when you are purchasing many large bars for your investment needs. Many shipping companies have shipping fees that are based on the total weight of the package. When you factor in the cost of shipping for your gold bars, you may end up paying a small fortune if you’re not careful.

Online gold buying makes it faster and easier to purchase this precious metal, but there are some pitfalls to avoid. Everything from the reputation of the dealer to their cost of gold and their shipping fees should be carefully examined before you finalize your buying plans. By focusing on these important points, you can more easily make an informed decision about your gold purchase.

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