Buying gold is one of the oldest ways to protect wealth, and it still works. Whether you want physical coins, bars, or bullion for a retirement account, the real question is where to find a trustworthy seller at a fair premium over spot price. This guide covers the best local and online options so you can make a confident purchase.
Where to Buy Gold Locally
Local dealers let you inspect what you’re paying for before money changes hands. That face-to-face interaction matters when you’re spending thousands of dollars on precious metals.
Coin Shops
Independent coin shops are the most common brick-and-mortar option. Most carry American Eagle coins, Canadian Maple Leafs, and fractional-ounce pieces alongside their collectible inventory. Premiums at a coin shop typically run $30 to $80 above spot per troy ounce, depending on the product and your location. You can find nearby shops through Yelp by searching your city name.
One mistake I see repeatedly is first-time buyers confusing numismatic value with bullion value. A collectible penny has numismatic worth. A one-ounce American Eagle has bullion worth tied to spot price. Know which one you’re after before walking in.
Pawn Shops and Antique Stores
Pawn shops sometimes stock coins and small bars, but markups tend to be steep. These stores price for impulse buyers, not informed investors. Antique shops carry the same risk. Unless you already know how to verify purity and weight, skip these and stick with dedicated dealers.
Where to Buy Gold Online
Online bullion dealers offer lower premiums than local shops because their overhead is smaller. Reputable sellers ship insured and guarantee authenticity.
APMEX
APMEX, the American Precious Metals Exchange, is one of the largest online dealers in the country. Forbes and Investopedia both recommend them. You can choose from coins, bars, jewelry, and medieval pieces. They carry products from the U.S. Mint and other sovereign mints, offer bulk pricing, and run a clearance section.
JM Bullion
JM Bullion carries coins from dozens of countries, including uncirculated pieces in sealed packaging. They also offer IRA-eligible products for investors looking to hold precious metals in a tax-advantaged retirement account through IRS-approved custodians.
SD Bullion
SD Bullion positions itself as the lowest-cost option, and in my experience comparing premiums across dealers, they frequently deliver on that claim. Their product range covers bars from one gram up to one kilogram, plus sovereign coins from several mints.
eBay
Yes, eBay is a legitimate marketplace for bullion. Large dealers like APMEX sell there alongside their own websites. Filter results by size and type using the left sidebar. Be cautious with individual sellers. Verify feedback ratings and look for listings that include an assay card or certificate of authenticity.
U.S. Gold Bureau
U.S. Gold Bureau provides a free investing guide and phone consultations for people who want hands-on support. Their catalog includes bullion, bars, and IRA-eligible products. USAGold.com is another educational resource that recommends allocating 10% to 30% of your portfolio to precious metals.
Scotia Mocatta
Part of Scotiabank Global Banking and Markets, Scotia Mocatta has been in precious metals trading since 1671. Recognized by the London Bullion Market Association (LBMA), they specialize in large bars and bulk coin orders for high-volume buyers.
Liberty Gold and Silver
Liberty Gold and Silver sells coins, one-ounce bars, kilogram bars, and 1,000-ounce bars. Pricing sits in the mid-range among online sellers, making them a solid comparison option.
How to Choose a Reputable Dealer
Check whether products meet LBMA or COMEX standards for purity. Look for .999 or .9999 fine markings on bars and coins from sovereign mints. Compare the premium each dealer charges over spot price. A spread of $30 to $60 per troy ounce is normal for one-ounce coins.
Verify Better Business Bureau accreditation, read independent reviews, and confirm the return policy before ordering. Established dealers publish transparent pricing that updates in real time with the spot market.
Storing Your Purchase Safely
A home safe works for smaller amounts, but larger holdings belong in an insured vault or bank safe deposit box. If you’re buying through a self-directed IRA, the IRS requires an approved depository to hold the metals on your behalf.
After doing this for several years, one detail most guides skip is insurance. Homeowner’s policies often cap precious metals coverage at $1,000 to $2,500. A scheduled personal property rider may be necessary to fully protect your gold investment.
Frequently Asked Questions About Buying Gold
What is the cheapest way to buy gold?
Online bullion dealers typically offer the lowest premiums over spot price. SD Bullion and JM Bullion consistently rank among the most affordable options for coins and bars.
Is it safe to buy gold on eBay?
Purchasing from established dealers on eBay is generally safe. Stick with sellers that have thousands of positive reviews and offer assay certificates. Avoid unverified individual sellers.
How much gold should I own?
Most financial advisors suggest keeping 5% to 10% of a diversified portfolio in precious metals. Some recommend up to 20% during periods of economic uncertainty.
Can I buy gold for my IRA?
Yes. The IRS permits certain bullion coins and bars in a self-directed IRA, provided they meet minimum purity standards (.995 for bars, .9167 for American Eagles). An approved custodian and depository must manage the account.
What is the difference between bullion and numismatic coins?
Bullion coins are valued based on their metal content and the current spot price. Numismatic coins carry additional value based on rarity, condition, and collector demand. For pure investment purposes, bullion offers simpler pricing and tighter spreads.
Whether you start at a local coin shop or order online, buying gold comes down to verifying purity, comparing premiums, and choosing a seller you trust. Consider pairing your purchase with silver coins or savings bonds to build a diversified portfolio.