Where to Buy Gold Bullion

Posted on February 23, 2022

When you’ve decided you want to buy gold bullion, the first question that probably comes to mind is where to buy it. One hundred years ago, you didn’t have very many options for purchasing gold unless you wanted a piece of gold jewelry. Nowadays, thanks to the efficient supply chain worldwide and the internet, there are literally thousands of places to buy the investment form of gold. 

Before you decide where to buy, you must first settle on what sort of gold bullion you’re interested in.

What kind of gold bullion are you looking for?

If your question is where to buy gold bullion, your previous question should probably be what type of gold bullion you should actually purchase. Broadly speaking, there are three main types of gold bullion to choose from – gold bars, gold coins, and gold rounds. Are you looking for some exposure to building your gold reserves as a hedge against inflation?, Or is diversifying with government-backed coins like American gold eagles and South African Krugerrands a part of your strategy? 

Keep in mind that some types of gold bullion are easier to find than others. The timing of your purchase may also play a role in where you buy your gold bullion. 

What are your options for buying? 

Buyers of gold bullion can choose to either buy in person or online. Within those two options are several specific choices, each possessing its own benefits and drawbacks. 

In-person

Buying gold bullion in person is the old-fashioned way and an excellent choice for those who prefer to see and feel what their money is buying. When you buy gold in person, you can enjoy the benefit of speaking with someone in person. You can ask questions, learn more about your choices, and maybe even build a relationship with your seller. 

Local coin shops are a convenient choice and, if you’re lucky, you might stumble across some unique pieces. The key to buying from a local coin dealer is vetting them before you purchase anything. One of the best ways to find reputable coin dealers is by choosing dealers who are members of the Professional Numismatists Guild (PNG). You’re unlikely to find a bargain this way. However, if you’re a first-time gold bullion buyer, you may enjoy the experience of working with a professional coin dealer.

In addition to your local brick-and-mortar coin dealers, you can also buy gold bullion from coin shows and auctions. The American Numismatic Association is an excellent resource for learning more about coins and organizes several exciting coin shows in cities across the country. 

Auctions are another interesting option for those who prefer buying in person. Various auction houses host live coin auctions, though many auctioneers have shifted towards conducting their business online. Check the American Numismatic Association’s website for a calendar of events with both coin shows and auctions to see what upcoming events are happening near you. 

While buying bullion in person can certainly be a rewarding and educational experience, it isn’t without some risks and potential problems. One of the main challenges with purchasing gold bullion in person is a lack of options and often higher price tags. Buying in person limits you to the inventory of a particular dealer, auctioneer, or coin show. Storefronts, auctions, and events all have significant overhead. After all, even the classiest, most professional coin shop has to pay the rent. 

If having maximum options is essential when buying bullion, face-to-face purchases usually don’t allow much flexibility. Your local coin shop can special order an item for you, of course, though that adds another layer of cost to your transaction.

Online

For more traditional gold buyers, purchasing online might seem like a foreign proposition that bears an excessive amount of risk. Anyone searching for gold can now buy bullion online from strangers at various auction sites, like eBay and LiveAuctioneers.com. There are also several online precious metals dealers. Unlike live auctions in person, you don’t have to be physically present to attend online gold auctions, opening up many new choices. 

The risk of buying gold at an online auction on a site like eBay is that you don’t truly know what you’re getting until it’s too late. Sadly, some unscrupulous sellers have been known to sell misrepresented or counterfeit gold or fail to disclose significant details about the product (like its condition). There’s little to no recourse for a buyer who falls victim to these sham products in many cases. The profit to be made from selling fake or misrepresented gold bullion in online auctions is just too attractive for many scammers to resist. (Usually, the worst consequence they face is having their account suspended.)

A final option for buying gold bullion that combines the benefits of convenience, price, inventory, and safety is reputable online brokers. Buying from an online bullion broker with an excellent track record offers you the peace of mind that you’re buying from someone who has more to lose than gain by failing to meet your expectations. Buying gold bullion online is the modern method of getting a great selection of quality products at a fair price. 

Why a “fair price”? Take BullionMax, for example. We don’t rent a storefront in a nice part of town – we work in a warehouse. We don’t have leather club chairs where you can sit and sip free espresso while surveying the merchandise. We don’t pay for booths and travel expenses to attend nationwide trade shows. Maybe that sounds boring? Still, it helps us keep our prices just a whisker above the wholesale costs we pay, so we can pass the savings on to you. 

Furthermore, you can choose from hundreds of different products. We don’t have to worry about running out of space to display our products online. You can get your order of any size conveniently delivered to your door (with free shipping when you order $199+). 

When buying from an online bullion broker, be sure to check the dealer reviews. That applies to us, same as anyone else! We work hard to do a great job every day and delight our customers. Fortunately, it shows… 

When you’re ready to purchase from an online bullion dealer you know you can trust, check out BullionMax’s selection of gold bars, coins, and rounds.