Gold Mornings · Educational Explainer
Where to Buy Gold
& Precious Metals
A plain, factual walk-through of buying physical : the four ways people buy, what you actually pay, where the reputable dealers are, and what to check before you place an order. Description, not prediction · Education, not advice
01 · The four ways
"Buying gold" covers four mechanically different transactions. The metal can be the same; what differs is who holds it, what it costs, and what rules apply.
An online bullion dealer ships it to you
You pay the dealer's price (spot plus a premium), the metal arrives by insured mail, and you store it yourself. The most common route for coins and small bars.
A collector-coin specialist sells graded coins
Some dealers specialize in graded, collectible coins — certified pieces priced on rarity and condition rather than metal content alone — often with coin-of-the-month programs for regular collectors.
A vaulting service holds allocated metal for you
You own specific bars or coins, but they sit in a professional vault and you pay a storage fee. Nothing ships unless you request delivery.
A precious-metals IRA holds it inside a retirement account
IRS-eligible metals, bought through a custodian and stored at an approved depository, under normal IRA rules. The mechanics are different enough that we cover them separately in our gold IRA explainer.
02 · What you pay
Spot, premium, and spread
Every physical-metals purchase has the same three price components, whoever you buy from:
- Spot price
The live market price for the raw metal — the number Gold Mornings reports every morning. Nobody buys physical metal at exactly spot.
- Premium
What the dealer charges above spot to cover minting, distribution, and margin. Premiums are a percentage that varies by product: government bullion coins carry more than large bars, and silver carries a higher percentage than gold because the same fabrication cost sits on a cheaper metal.
- Spread
The gap between what a dealer sells for and what the same dealer pays when buying back. The spread — not the premium alone — is the real round-trip cost of ownership.
Two smaller lines complete the bill: payment-method pricing (most dealers quote a lower "cash price" for bank wire or check than for cards) and shipping, which reputable dealers send registered and insured.
Premiums move with retail demand and can spike when spot falls sharply. Compare the all-in delivered price per ounce, not the headline premium.
03 · Online dealers
Buying from an online bullion dealer
The established online dealers work the same way: live pricing tied to spot, a locked price at checkout, insured shipping, and a published buyback desk. The names below have long public track records; this is a description of the landscape, not a ranking.
- Kitco — Montreal-based dealer and metals-news publisher, in the bullion business since 1977; sells coins and bars in gold, silver, platinum and palladium, with a buyback desk and its own storage program.
- APMEX — one of the largest US online dealers by catalog size.
- JM Bullion — large US dealer, known for frequent at-spot promotions.
- SD Bullion — US dealer that competes on low premiums.
- Money Metals Exchange — US dealer with monthly accumulation plans.
04 · Collector coins
Collector & graded coins
Alongside bullion, a second market trades collectible coins: limited mintages, historic pieces, and modern commemoratives, certified and sealed (“slabbed”) by grading services such as NGC and PCGS. These are priced on rarity, condition, and collector demand — the metal content is only the floor. 7k Metals is the best-known specialist in this lane, carrying a large selection of graded collector coins from the world's major mints, with coin-of-the-month promotions for regular collectors.
Collecting runs on different mechanics than stacking bullion — grading scales, population reports, and wider dealer spreads. We cover the full mechanics, including how selling and trading works, in our buy & trade collectible coins guide.
05 · Before you order
A buyer's checklist
- Compare the all-in price per ounce — product price plus shipping, delivered, across at least two dealers. Premiums differ more than most buyers expect.
- Check the buyback price, not just the sale price — the sell-to-you / buy-from-you spread is the real cost of a round trip.
- Know the payment discount — wire and check prices typically run a few percent below card prices.
- Know which market you're in — bullion is priced on metal content; collectible (numismatic) coins are priced on rarity and grade. Different products, different spreads — see our collectible-coins guide before paying a collector premium.
- Confirm insured, registered shipping — and photograph packages on arrival before opening.
- Plan storage before the metal arrives — home storage, a bank box, or a vaulting program each trade off access, cost, and insurance differently.
Sales-tax treatment of bullion varies by US state and is calculated by the dealer at checkout.
06 · FAQ
Frequently asked questions
Is it safe to buy gold online?
Established dealers ship registered and insured, publish buyback prices, and have long public track records. The practical checks are the dealer's age and reviews, insured shipping, a published buyback policy, and clear all-in pricing before checkout.
What is a normal premium over spot?
Premiums vary with the product and market conditions. Gold bullion coins and bars typically carry lower percentage premiums than silver, and larger bars typically carry lower percentage premiums than small coins. Compare the all-in delivered price per ounce across dealers rather than the quoted premium alone.
Should I buy coins or bars?
It is a mechanical trade-off, not a right answer: government-minted bullion coins are widely recognized and easy to resell in small amounts but carry higher premiums; bars carry lower premiums per ounce but are less divisible and may need assay on resale. Collectible (numismatic) coins are priced on rarity, not metal content.
Do I pay sales tax on bullion?
It depends on where you live. Many US states exempt investment-grade bullion from sales tax, sometimes above a purchase threshold; others tax it. Dealers calculate this at checkout based on the shipping address.
What's the difference between bullion and collectible coins?
Bullion is priced on metal content plus a modest premium. Collectible (numismatic) coins are priced on rarity, condition, and collector demand — usually certified by grading services such as NGC or PCGS — and the metal value is only the floor. See our collectible-coins guide for how buying, grading, and trading work.
Can I buy precious metals inside a retirement account?
Yes. A self-directed precious metals IRA can hold IRS-eligible gold, silver, platinum and palladium through a custodian, stored at an approved depository, under the same IRS rules as any IRA of its type. See our gold IRA explainer for the mechanics.
Ready to compare live dealer prices?
Partner links. Gold Mornings may earn a commission when you take certain actions with Kitco or 7k Metals, at no additional cost to you. Compare all-in prices before buying.