There used to be a time when everyone had their dealers from whom they would buy gold. If somebody was buying gold or silver for the first time, they usually asked for references from friends or family or walked into a store with a good window display to make their purchase. With Google, the searches were now made online with entries such as – “gold and silver dealers near me”. Today, we have evolved to the stage where we can buy gold online from trusted dealers after browsing catalogs and comparing other’s offerings. 

Can you get better rates with gold and silver dealers near me?

This is the first question that pops into one’s mind, especially after seeing the shipping charges that are added to the final price at the time of purchase. Generally, neighborhood dealers have a smaller inventory due to low sales volumes and thus they charge higher premiums on products than larger dealers. Also, just because they are neighborhood dealers does not mean that they will offer the best customer service. It is important to go through reputed dealers from whom you can buy gold and silver bullion at the day’s spot market rates and the most competitive premium rates. When you search the internet for “buy gold online”, the top search results will mostly be legitimate dealers who are frequently visited by other buyers. You are assured of a wider catalog to choose from and products from legitimate banks and internationally recognized mints. Finally, they will offer the most competitive premium rates even with shipping and handling charges included. When the product is shipped to the buyer’s address, it is packed unobtrusively and fully insured to protect the seller and buyer. 

Some pointers on buying gold and silver bullion

1. The dealer must know his products and be recognized in the markets for buying and selling precious metals regularly. 
2. As the rates of precious metals such as gold and silver fluctuate every day, it is important to check the day’s spot price before searching “gold and silver dealers near me”. The rate of gold bullion will be higher for smaller denominations. 
3. Generally, a premium is charged over and above the price of the gold which will include the manufacturer’s price, dealer’s cut, packaging charges, and shipping and handling charges. Check the premium rates and if it is negotiable.
4. Be aware that all investment comes with inherent risks. Gold and silver prices may appreciate or depreciate in the short term. Historically, gold rates have steadily risen, its value may decrease in the future, and one must be prepared for it.
5. Ensure that when you buy gold online, the dealer has a secure payment gateway to ensure that your credit card number is protected, and the entire transaction is happening through a secure channel. 

Gold or silver – which is better?

For the average precious metals investor gold is a better alternative as it has a larger liquid market compared to silver, fuelled largely by the high jewelry demand. Also, the gold price is less volatile than the silver price. Silver has many industrial uses and has a strong correlation to economic activity. So, if you are keen on investing in silver, study the market well and invest in the metal when the prices are low. Silver is cheaper than gold and thus it is more accessible to small investors. 

Which is the best place to buy gold and silver bullion?

Whether you buy gold online or from “gold and silver dealers near me”, it is important to check that they are listed with the US Mint and are authorized to trade in precious metals bullion. Check their catalog and see if they are reselling the bullion bars and coins or will you be making the first purchase of newly minted gold or silver coin. If the gold bullion is up for resale, check that the assay packaging is intact, the markings on the coin are well-retained and other important signs of spotting counterfeits. 

Shopping from “gold and silver dealers near me” or online are fraught with their own set of risks and it is up to the investor to shop smartly and invest widely.