If you’ve never purchased gold before, your first purchase can be nerve racking. How do you know which dealers you can trust, and when is the best time to buy? This post provides advice about how to buy gold online from my experience as a gold enthusiast.
- What to Buy: Gold Coins or Gold Bars
- Where to Buy Gold
- When to Buy Gold
What to Buy: Gold Coins or Gold Bars
The format of gold you decide to buy can depend on your reasons for buying gold. If you’re more of a collector, you might prefer to buy gold coins. I advise avoiding numismatic coins, however, because the price of a numismatic coin is highly prohibitive, and you really need to be an expert collector to know what you’re doing when it comes to numismatic coins. If you’re new to precious metals, you can identify a numismatic coin by comparing it to the prices on my Gold Coin Prices table. If the price is far greater than similar coins you find there, it’s probably numismatic or a scam.
If you want to maximize wealth preservation, you probably want gold bars because they have lower premiums. In fact, the bigger the gold bar, the lower the premium.
Where to Buy Gold
Deciding where to buy physical gold coins and gold bars (gold bullion) is an important decision. After deciding what you want to buy, go to my Gold Coin Prices table or Gold Bullion Prices table, find the item you want to buy, and click the arrow at the top of the column to sort by price. Then, check the gold dealer ratings–indicated by the stars under each dealer’s name–to determine which dealer has the best combination of low prices and a good reputation. You should consider other criteria such as:
- The gold dealer’s location.
- How long the gold dealer has been in business.
- The gold dealer’s payment methods, return policy, and buy-back policy.
- Volume discounts.
- Reduced pricing for different payment methods. Note that you can find some of this information on my dealer review pages.
- Shipping costs.