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Buy Gold | Buy Silver | Buy Platinum | Buy Palladium And Avoid Scams

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Reading time: 10 – 17 minutes

HOW TO BUY GOLD OR BUY SILVER

How to buy gold, silver or platinum?  This is becoming an uncharacteristically common question. Not all too surprisingly I receive this question all the time. I buy gold and silver. I do not sell gold professionally. Through some trial and error along with a lot of research I hope to be able to provide you with a very helpful answer to this question and teach you where to buy gold. You likely found this page as a top result in a search engine. But do not trust any entity just because they are at the top of the search engine.

BEWARE OF SEARCH ENGINE RESULTS

Buying silver or buying gold coins online can be very simple but if done incorrectly then the results can be financially devastating. It is extremely important to learn how and where to buy gold or silver from trusted and reputable sources in safe and secure transactions and not through companies which have issues.

At all times and in all circumstances gold and silver remains money. Therefore, both gold and silver belongs in your portfolio at all times and in all circumstances. For reasons I provide below for (1) buying gold, silver or platinum coins, bars, etc. for your personal possession I recommend GoldSilver because they have extremely competitive prices and an A BBB rating and for (2) buying gold, silver or platinum to be stored with a third party I only recommend GoldMoney.

DAUNTING QUESTIONS WHEN CONSIDERING BUYING GOLD OR SILVER

But there is a plethora of options in determining how to buy gold, where to buy silver, when to buy platinum or what kind of gold to buy? Some questions you may begin to ask yourself is do you buy rounds, gold ingots, a gold coin, an American Silver Eagle coin, a gold Krugerrand from South Africa, a gold maple leaf coin from Canada, a gold British sovereign coin, an Engelhard silver bar.  Do you buy silver directly from a mint, producer or dealer or do you use a ‘pool account’ or some other form of unsegregated storage?  Do you buy a silver gram or a kilogram of gold and do you buy gold as an investment or merely to preserve your wealth?  How do you determine the price you are willing to pay for the gold or silver?  Do you use the gold spot price or silver spot price or live gold prices from a gold exchange, gold dealer or the prevailing gold rates?  Should a premium be paid for gold or silver jewelry?

In this article you will only learn about investing in gold or silver bullion in allocated storage through your own personal possession or with a trusted-third party storage service.  This is the only type of gold ownership method I recommend.  Additionally, I am not very interested in numismatic gold or silver coins and think that a gold confiscation is highly unlikely.  I like investment grade gold coins for sale and silver bars, such as those from the London Bullion Market Association, which have a chain of integrity and chain of custody.  Then you know that the gold or silver is real and not a lead bar painted gold.

While gold and silver are tangible assets and physical elements, making them extremely transparent, the gold and silver markets are particularly murky with many shady characters lurking around like those that buy scrap gold and beware of the We Buy Gold locations.  Thus, when looking at howto buy gold or silver you have two primary methods: (1) gold and silver in your own physical possession or (2) third-party storage.

GOLD OR SILVER IN YOUR OWN PHYSICAL POSSESSION

Personal physical possession can be accomplished by buying gold coins, buying gold bars, buying silver coins or buying silver bars and immediately taking physical delivery.  The ideal way to purchase with the greatest privacy is in person with cash regardless of bullion type such as silver versus gold or platinum and I do not think there is a best gold shop.

There are many reputable gold and silver bullion dealers throughout the world and can be one of the safest way to buy gold. You can open up the phone book or go down to the local pawnshop.  This is an easy way to find a place to buy gold, buy platinum or buy silver.  Unfortunately, because this article is directed generally it cannot really give recommendations on specific local bullion dealers. Additionally, there is typically a significant premium is charged for this exchange.

I recommend everyone have at least some physical gold or silver bullion in their immediate possession. Like extra food you never know when it may come in handy but will be extremely grateful should you need the gold or silver. Often being prepared helps calm the conscience. Do not keep gold or silver in a safety deposit box, or anything else of value for that matter, as it may end up on Ebay.

Storing silver or gold bullion yourself will not cost anything.  But you may misplace it, have it stolen, etc.  Therefore, many of my readers want to know where to buy gold or buy silver in amounts of $50,000 or more where they do not take personal physical possession but try to find the cheapest place to buy gold bullion.

I take all of my readers time, attention and trust extremely seriously.  I feel a poignant heightened sense of trust when some of my readers want to allocate several millions dollars to buy silver or buy gold and so answering their questions of how to buy gold or buy sliver bears down with a weighty responsibility.

WHERE TO BUY GOLD OR SILVER:  THIRD-PARTY STORAGE

Another way you can buy silver or buygold is by having a third party store the bullion after taking physical delivery.  Where to buy silver or gold is extremely important to you because of governmental restrictions, customs, etc.  However, this can be a very tricky area and you may unwittingly subject your valuable assets to unnecessary risks if you are naive.

If a third party takes delivery then the silver or gold is either encumbered or unencumbered.  If the gold or silver is encumbered then the silver or gold is subject to counter-party risk and I highly recommend avoiding counter-party risk with your precious gold, silver or platinum.  If the gold or silver bullion is unencumbered, meaning subject to physical delivery at any time and not subject to the financial ability of the storage entity, then it is subject only to performance risk.

You will also want to consider insurance, corporate governance, audits, compliance with applicable regulations or laws and the firm’s reputation.

GOLDMONEY – A TRUSTED AGENT

A trusted third party, like GoldMoney, is a viable option when you delve into answering the question of how to buy gold or how to buy silver or how to buy platinum.  GoldMoney is the only firm I have thoroughly researched.

The gold, silver and platinum is insured, there are polices in place and enforced for strong corporate governance, external audits take place on a regular basis, rigorous compliance with applicable law and GoldMoney has a sterling reputation in the industry with LBMA vaults in London and Switzerland with insurance covering your bullion.

Additionally, investors can redeem and take physical delivery of their gold at any time in convenient units of 100 gram, 1,000 gram or 400 ounce gold bars.

Many reputable financial professionals recommend GoldMoney including billionaire Eric Sprott, John Embry, Mike ‘Mish’ Shedlock, Doug Casey, Peter Schiff, Michael Maloney and myself.

Even the extremely outspoken critic of ‘paper gold’ Adrian Douglas of GATA warned, “What should investors do? Investors need to do their due diligence. They need to determine if they are actually holding a 100-percent precious-metal-backed investment. There are some unallocated investment vehicles that are entirely honest where all the gold and silver sold is actually purchased and held on behalf of the customers. One such example is GoldMoney.com, which conducts and publicizes third-party audits to verify 100-percent backing.”

There are many reasons in the fine print for this consensus from respected experts and I have detailed in the GoldMoney reviews and also in the following video:

The only other third-party storage service I am aware of with similar proficiency is BullionVault but I have neither thoroughly researched their various legal documents nor can I recommend them. But not all third-party storage services are created equal and there is ample reason to be cautious.

BEWARE OF SHADY CHARACTERS

There are many untrustworthy agents which purport to help you answer the questions of how to buy gold or how to buy silver but really attempt to sell you paper silver and paper gold which is merely a form of fool’s silver or fool’s gold facts.

There are many unscrupulous rogues attempting to answer your query about how to buy gold or how to buy silver in a way that will unjustly enrich themselves at your expense.  For example, in TheStreet.tv video in the upper left the host recommends using the GLD ETF.

I have thoroughly reviewed the prospectus and found problems with the GLD and SLV ETFs.  If you desire to own physical gold or physical silver, which I recommend, then I WARN YOU NOT TO BUY THE GLD ETF.

There are other third-party storage services such as E-gold or the Perth Mint in Australia.  But in July 2008 E-Gold pleaded guilty to money laundering charges in US federal court.  In 2009 the nation of Canada’s Royal Canadian Mint withheld employee bonuses and sent in external auditors to determine the cause of a multi-million dollar ‘unreconciled difference’ between the financial accounting and the physical bullion.

I recommend staying away from unnecessarily complex instruments even if issued through perceived reputable firms.  For example, in June 2007 Morgan Stanley & Co. settled a class action lawsuit for $4.4 million where the complaint alleged

that Morgan Stanley told clients it was selling them precious metals that they would own in full and that the company would store.  But Morgan Stanley either made no investment specifically on behalf of those clients, or it made entirely different investments of lesser value and security.

While the efficacy of the claim may still be at issue the Better Business Bureau-like complaint from unsatisfied customers who initiated litigation does not inspire confidence for those seeking to reduce risk.

There are other more complicated ways regarding how to buy gold or how to buy silver.  Many of these options include some type of paper instrument such as a futures contract, warehouse receipt, etc.  If you are new to buying gold or buying silver then I would recommend you avoid these complex instruments.

One reason is because when you buy gold, buy silver or buy platinum through shady customers or ‘paper gold’ instruments then counter-party risk may be present along with restrictions on demanding delivery of bullion.  For example, the NYMEX has significant restrictions which can significantly delay delivery and the TOCOM now allows ‘paper gold’ to settle futures contracts on physical gold contracts.

You neither want to get involved with an asset that you do not understand nor do you not want to get taken in a scam, Ponzi scheme or other type of fraud or theft.  Keep the process of buying gold, buying silver or buying platinum simple by exchanging your cash for the bullion.

CONCLUSION

For you to learn how and where to buy gold or how to buy silver I recommend keeping it simple.  Engage in buying silver coins, buying silver bars, buying gold coins or buying gold bars and taking physical delivery.  For larger amounts consider trusted and secure third-party firms like GoldMoney.  Avoid shady characters, like the GLD or SLV ETFs, NYMEX, TOCOM, etc. where the contracts are complex and difficult to understand and may result in your gold or silver actually being paper silver or paper gold and may be impreganted with counter-party risk.

As you decide on how to buy gold, buy silver or buy platinum I hope these suggestions are valuable.  Buy a gold coin or silver bar that you can hold in the palm of your hand as it ignites a deep-seated gold lust that has lain dormant in most of humanity for almost 80 years.  If you want only a few coins for your personal possession then I recommend GoldSilver because of the low premiums and A from the BBB. If you consider a much larger purchase and do not want to store the metal then using a third party storage service, like GoldMoney, to vault your gold, silver or platinum is wise so long as they are trusted.  I hope these suggestions assist you in safely, securely and confidently taking physical possession of the ‘sweat of the sun’ and ‘tears of the moon’.

If you have any other questions about how to buy gold, buy silver or buy platinum then please contact me.

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114 comments

ABOUT THE AUTHOR: Trace Mayer, J.D., author of The Great Credit Contraction holds a degree in Accounting, a law degree and studies the Austrian school of economics. He works as an entrepreneur, investor, journalist and monetary scientist. Follow him on Twitter. This is merely one article of 241 by .
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{ 67 comments… read them below or add one }

51 Ola September 19, 2011 at 2:42 am

I believe that investing in precious metals is a great alternative investment, and will continue to rise in value over the coming years. Especially silver due to increasing demand for industrial silver.

52 Anita September 19, 2011 at 5:20 pm

Investing in Gold and Silver is very simple and easy. You can even buy it on-line and have bullions and bars delivered at your door.

The demand for Gold and Silver will continue to grow as currencies all over the planet collapse and investors are looking for ways to preserve their wealth.

Robert Kiyosak, author of Rich Dad, Poor Dad, always say “Cash is trash”…when I have some extra cash I would rather go out and buy buy Gold and Silver. It doesn’t really matter which, both have been money for millenniums.

53 Hank October 2, 2011 at 9:26 pm

I buy my silver and gold from Mike Maloney’s GoldSilver.com and have been very happy with their services. I choose Via Mat Miami and Brink’s Salt Lake City for my holdings and those of my sister’s as well. The staff at GoldSilver.com are vert knowledgable and helpful… I received great pointers from Christian Garcia on the type of bullion to buy and percentage mix of gold vs silver.

Mike Maloney also will be issuing his Exit Strategy as he transitions out of bullion into other asset classes once he measures a top in the third phase. It will be helpful to have his insights when this time comes.

54 Rebel December 10, 2011 at 6:29 am

I have been a guyer for over twenty years. Tulving has always given me the best prices with free overnight delivery. Never focus on the day to day price swings as they are manipulated by TPTB. Go long and stay long. Do not trust anyone to hold your metals and only keep it under your watch. Never buy from anyone who makes you wait fiive days or more for delivery of your metals. 2012 will be interesting and anyone with precious metals will not fear for their financial future.

55 Gold Fan December 29, 2011 at 9:48 am

In cheapest place to buy gold bullion is possible to buy scrap gold, and pure gold. Gold nuggets and gold dust you can buy gold jewellery online. Along buying gold biscuits you can buy gold wholesale, gold and sliver and gold coins for sale.

Searching for we buy gold locations, you may look for buying gold online, and buying gold coins online. Terms like buy gold coins online, gold bullion online, and gold bars online may be used to find best gold shop. Searching silver gold buyers in silver and gold shop is good to buygold and bu gold.

Some ask what kind of gold to buy for lear gold investment. You must know howto buy gold, and gold facts to find saftest way to buy gold. And difference of gold versus silver and silver versus gold. Knowledge of how to buy gold stock and how to buy gold online before buy gold bars online, buy platinum online.

56 Debra Gibbs February 17, 2012 at 6:15 pm

When you say in the video that you can exchange your gold to money to buy your friend’s dinner, and it becomes your friend’s gold—what does that actually mean?

57 Trace Mayer, J.D. February 22, 2012 at 7:56 pm

Debra, GoldMoney has a feature, although disabled for US customers due to US regulations, where holders can send gold, silver, etc. from one holding to another which acts like a payment transfer mechanism like Paypal or a credit card or handing someone a gold coin or dollar bill.

58 Richard Laing March 12, 2012 at 4:53 am

For those of us in the UK, Goldmoney has the added advantage of storing your silver without the 20% VAT that UK purchasing of silver (or other white metals) normally involves. You avoid this because Goldmoney’s bullion is stored in bonded warehouses.

59 Stan March 23, 2012 at 1:35 pm

Best place to buy physical gold in Toronto?

60 Investing In Gold April 12, 2012 at 1:18 pm

Isn’t it crazy how much the U.S. dollar has devalued over the past 50 years. For anyone who has actually taken the time to learn about investing in gold, I salute you. You are way ahead of the game.

P.S. Webmaster – I know it may seem like I’m just trying to get a backlink to my site with this comment but I really do like your site, it’s well laid out and clean.

61 Robert Lewis May 22, 2012 at 6:57 am

I have a piece of Palladium in the form of the shape of an indian cow. It weighs 460 grammes nearly a pound.
I am trying to find out how much it is worth, and who will buy it.
I am living near Limoges, in France.
thanking you in anticipation of your help.
Robert Lewis

62 Trace Mayer, J.D. June 8, 2012 at 1:47 am

Robert, at 460 grammes and palladium at $19.4673/g or €15.6082/g it appears the palladium cow may be worth around €7,000 at melt value. But it could also be a collectible and worth much more. You could try having a jeweler or antique specialist appraise it. Perhaps similar things are being sold on EBay.

63 Andrew August 15, 2012 at 9:34 am

Great article, Gold and silver investing is really the way to go in this economy.

64 tony September 24, 2012 at 11:11 pm

I enjoyed reading this article, I do believe it is important to own something physical, an asset and silver is quite affordable at the moment, especially once you learn how to access both gold and silver coins at wholesale prices.

I am now educated and understand how to benefit buying physical silver coins. Thanks!

65 Gary January 9, 2013 at 7:25 pm

Thanks for the foundation on purchasing gold and silver. I am really behind the power curve but interested in purchasing about 6 figures of gold, silver and platinum over the next 12 months and need some guidance on the proper mix and purchase types and timing these purchases. I am uncertain the correct strategy for doing so but want to continue thereafter with purchases on a monthly basis. ADVICE?

66 Trace Mayer, J.D. January 9, 2013 at 7:40 pm

Gary, with 6 figures I would recommend GoldMoney because it will be held safely and securely. Unless you want to worry about storing it yourself. With them I think it would make sense to buy 50% gold and 50% platinum. This will keep the monthly storage costs down but remove your exposure to the platinum price. As for timing, I would use our charts and buy it when it is ‘cheap’ in relation to the 200 day moving average. You can also watch some of the key ratios.

67 Sadik May 15, 2014 at 3:33 pm

I have ancient coins and antiques and relics Angel Old encrusted gold I want to sell

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