Based on your state, you may face hardships in finding a good gold dealer in your location. Furthermore, you may be pondering the choice between visiting a store personally or getting your gold through an online vendor. All of these are valid concerns that anyone might have when considering investing in gold.
To help you navigate the intricacies of purchasing precious metal products locally, I will provide you with a comprehensive guide showing how you should approach precious metal purchasing.
I will also share an extensive list of top online gold dealers and IRA providers for your convenience, along with information that may help you decide how to proceed and choose gold dealers around you.
Purchasing Precious Metals Locally In The USA
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How To Buy Gold And Silver From Local Coin Shop
When purchasing precious metals like gold and silver, online dealers have become popular for many customers in recent years. This is mostly due to their convenience.
However, some still prefer to buy their metals from local coin shops. Everyone knows that online purchases lack the level of security and integrity that comes with purchasing in person.
The joy of visiting a store and browsing all its products is second to none! For this reason and this demographic, I will provide exactly what you need to know when buying precious metals locally.
I have gone ahead and listed all the points you need to keep in mind when doing so:
1. Product Selection
Going to an actual store from your home will always be inconvenient. That being said, you get a lot of advantages by doing so.
You get to experience the gold bullion right in your hands and can browse the stock of the entire shop. This can help you decide which type of bullion you want. You can also browse other products available and even decide to purchase them.
2. No Shipping Hassle
Another benefit of going to a store is that you do not have to wait for any shipping. Since you are already in the store, you can simply pay the owner/dealer and get your bullion under your control.
Then you can decide whether to take it home or place it in an IRA. This is perfect for those who want to experience their first bullion purchase in person and inspect it in person.
3. Security & Discretion
Once you purchase the gold from a local seller, you can be assured that your purchase is exactly what you saw. There is little room for scamming a customer unless they are complete beginners. You, however, should attempt to maintain a good amount of privacy and discretion.
This is because anyone can see you purchasing gold, which can be very dangerous if you pass through a dangerous neighborhood.
If you fear getting robbed, take the necessary precautions or avoid local dealers entirely. You can alternatively keep the bullion with the dealer and have it stored in a safe place or IRA for better protection.
4. Relationships & Product Prices
Once you go to a store regularly, you will become friendlier with the owner. This allows you to build trust and even a little bit of favoritism. You can see this when it comes to product prices as you may get a little discount. Even if you do not, you can always attempt to negotiate. Prices in an online setting are fixed and will not change.
With consistent investments and conversations, you can become good friends with the employees of the store and create a sense of friendship. This will make you want to visit them more often. One thing to note is that product prices will generally be higher due to the cost of running the shop.
A huge drawback of buying gold locally is that you may have to pay a dealer charge or a state-wide tax. For some, this may not be an issue but for others, you will want to thoroughly research the state-wide tax in your state.
Overall, this is something that will vary from state to state. If your state does apply tax to precious metal purchases, it may just be more beneficial to avoid local dealers.
When you visit a store, you have to put in the time and effort to go there and decide on what you want to invest in. This is simply not possible for many people who live busy lives and work on a daily basis.
Take out some time and be ready to spend the day going from dealer to dealer if you want to purchase gold from a shop. If you believe that you cannot go to a local store due to any specific reason, then an online dealer is your friend. The distance can further make or break the choice between a shop and an online setting.
There are plenty of dealers that are available for 5 to 6 days. As mentioned above, it all depends on whether you are available on the weekdays or not. There are quite a few dealers which may be open on weekends, even on Sundays.
That being said, many people do not want to spend their weekends going from dealer to dealer. Here, you will have to look into which dealers are available on the specific day you are free.
Local Bullion Dealers Vs. Online Bullion Dealers
Now that you know how to approach local dealers, you may have picked up on the benefits of local gold dealers. Additionally, you may also see the advantage of online gold dealers and how they can be the better choice as opposed to a normal dealer.
When it comes to purchasing gold, there are several factors to consider whether to buy from a local shop or an online dealer. While some people prefer local brick-and-mortar shops to have their metals immediately, buying from online dealers may offer a better financial advantage.
This is unless you are able to find a great local dealer and have a good relationship with them. However, this can be tough as the overhead cost of a local shop and on-site storage usually drive up prices. This leads to higher premiums.
Online dealers will offer lower premiums due to their scale of operation. Here, you will have to factor in shipping and insurance costs. Additionally, you will have to deal with shipping times as well as opposed to getting your bullion instantly.
Another aspect that I hinted at is to consider is the quality of the product you are going to buy. You cannot be sure whether the product you purchase online is completely trustworthy and authentic. There is always a bit of mistrust, at least for most people.
Respected online dealers typically ship brand-new bullion products directly from the source of production. This can provide a good amount of peace of mind to buyers.
In contrast to this, local dealers may get some inventory from mints or refineries, but they also sell products they bought from other customers. However, most local dealers have several ways to test their metals. You can use this to your advantage to get assurance that your purchase is completely authentic and real.
Overall, the choice between a local dealer and an online dealer will depend on the following factors of your daily life:
- Financial Status
A person who is available throughout the week and has a good means of transportation can easily take some time out and go to a local dealer.
If you are a busy, working man or just do not have a good means of travel, you are better off ordering your gold online. Another thing you need to consider is how fast you need your bullion in your possession.
Buying gold from an online dealer will have you waiting a few days to a couple of weeks. This is in contrast to local dealers which will give you the bullion once you pay them for the transaction.
One final thing that will determine whether you want to visit a local dealer is whether there is a tax in your state. No one wants to pay tax so you will definitely be at an advantage if you choose an online dealer that will deliver you bullion from out of your state.
Best Places To Buy Gold Online Beside Local Dealers
As you can see above, local dealers can be hit or miss for many people. If you want to find a proper online dealer, you will need to first know what an online dealer is. Then you can decide on which online vendor you want to stick with.
What Is An Online Gold Dealer?
An online gold dealer is a company or firm that sells gold and other precious metals through its website or online platform. These dealers will offer you a standard range of gold products, such as bars, coins, and more.
Some online gold dealers also offer storage options for their customers and may provide secure vaults. Online gold dealers are generally more convenient and secure for investors to buy gold.
Here Are The Top 3
APMEX is a major e-commerce retailer in the precious metals market that has expanded rapidly since its establishment in 2000. This is a worldwide business and has established itself as atop internet retailer when it comes to gold and precious metals.
2. JM Bullion
JM Bullion considers itself a leader when it comes to online precious metal transactions. Being an industry price leader, they offer award-winning service and a wide selection of products to choose from in an online environment.
3: Money Metals Exchange
This one is a reliable solution for safeguarding your assets from financial instability. Offering discreet, reliable, and competitive pricing, it is the go-to resource for investors who are planning to invest in gold and silver bullion.
What Is A Gold IRA Company?
A gold IRA (Individual Retirement Account) company is an institution that specializes in offering investment options for retirement accounts. These accounts typically include gold and other precious metals.
These companies typically offer Investing in gold through a gold IRA company. This can be a very attractive option to those who are looking for diversification in their retirement portfolio. This can offer you economic certainty even in the most uncertain of times.
Additionally, along with availing services such as setting up and managing a gold IRA account, you will be provided with adequate investment advice.
The companies will also facilitate the purchase and storage of precious metals, and handle transactions related to buying and selling gold and other metals within the IRA. This can be perfect for expanding your investment portfolio.
Here Are the Top 3
Goldco has built a solid reputation for its solid customer service, high standards, and a huge array of resources. They are a top choice for IRA accounts, being a privately owned company that offers some of the best IRA services.
2. Augusta Precious Metals
Augusta Precious Metals is a respected gold IRA provider that streamlines the entire IRA process. They offer commitments that are best in the industry and consist of an experienced crew of educated individuals that will help you with all of your IRA needs.
3. American Hartford Gold
Committed to helping people invest in gold and silver, American Hartford Gold provides quality services when it comes to a variety of retirement accounts, including IRAs and many more. Their aim is to empower their investors, both old and new.
Frequently Asked Questions
Q1: How Much Do Gold Dealers Charge?
Typically gold dealers will charge anywhere between 2% and 10% on standard bullion. On premium stock, this can easily go as high as 20%! This will vary from state to state and from dealer to dealer.
Q2: Is There A Sales Tax On Purchasing Gold & Silvers Locally?
Depending on your state, you may need to pay a sales tax when purchasing gold locally. This can range from 3% and can go as far as 10%. This does not count any local taxes that you may have to pay.
Q3: How Do I Know If A Local Gold Dealer Is Reputable Or Not?
You can easily tell if a gold dealer is worth your business if they have a good general reputation within the community and online.
A Reputable establishment will be transparent in its prices and offer you competitive rates, and display knowledge of the industry.