The global economic crisis that has long been predicted seems to be right around the corner meaning there is no better time than right to start buying gold and silver coins as a way to safeguard your investments.
However, one of the first things you will realize when you try to buy gold coins is that there are so many online gold dealers to choose from. Everywhere you look you will find someone offering to buy or sell gold bullion bars and coins.
Making such a decision with limited information is not only difficult but quite risky as well. Buying gold is not something you would want to do if you are not 100% sure that the gold dealer you are buying from is legitimate.
There are simply too many scammers out there for you to take that risk, which is why you need to do your research and due diligence before putting your hard-earned money on the line. The high price of physical gold means that any mistakes you make will have serious consequences.
To help you make that decision, we have compiled a list of several dealers whose performance in recent years in the precious metals industry makes us confident that your investment portfolio will be in good hands. Read on to find out where your money should go in 2023!
How To Identify the Best Online Gold Dealers
First, let us consider the criteria we used to identify the best online gold dealers for investors to trust before the economic crisis descends on us.
There is a lot more to being a reliable gold dealer than simply having the gold and silver coins and bars to trade.
Most dealers have made a name for themselves over years, if not decades, of helping investors buy gold all across the USA.
These are the three attributes we consider to be most important in a potential gold dealer:
Reputation and Experience in Dealing Gold and Other Precious Metals
There are many ways for investors to buy and sell gold, gold stocks, or even gold ETFs. A reputable dealer needs to have the right amount of experience in handling each of these gold transactions.
Being able to provide other services, such as investing in IRA-eligible gold coins and bars is an added advantage because it shows that the depth of knowledge and experience the gold dealer has is adequate for any type of gold dealing that investors prefer.
A good reputation in the precious metals industry is also required. The gold industry is such a tight-knit community that any fraudulent dealing quickly becomes public knowledge.
Selection of Gold and Precious Metals
While gold bullion bars and coins are by far the most in-demand metals being traded by investors, they are by no means the only options available.
Indeed, some of the rarer metals, such as rhodium and palladium are a lot more expensive than gold and are worthy investment choices.
Even the gold coins and bars themselves have a lot of options available, such as golden eagle coins, gold bullion bars and coins from the Royal Canadian Mint, rare coins, proof coins, and many others.
This is why a reputable gold dealer needs to have a wide selection of gold, silver, platinum, and palladium products for investors to choose from.
When buying physical gold, we need to look beyond just gold and silver bars and consider other valuable precious metals too.
Customer Experience
How does it feel to buy physical gold from the dealer? Does the process have transparent pricing with no hidden fees?
How does the customer experience compare to other American precious metals exchange platforms?
These are just a few of the questions that need to be asked to determine whether a dealer is worth considering. Gold investments should never be made overly complicated or take too long to complete.
With so much money on the line, the customer experience when buying gold bullion coins from a dealer needs to be excellent otherwise that hard-earned trust and confidence will be quickly lost.
Our Top Gold Dealer Picks
Using the criteria above, the following are the seven options we think should be among your top consideration for making gold investments right now:
Goldco
15 years of experience in gold investments makes Goldco one of the go-to industry experts in this article.
During that time, the company has received overwhelming support from customers who constantly rave about the gold dealer on review platforms such as the Better Business Bureau.
Goldco has a wide selection of precious metals for you to choose from and allows you to buy different weights of gold bars from its website.
There is a panel of financial advisors waiting to discuss whatever goals you have for your investments.
If you were thinking of saving up for retirement, Goldco is also a reputable IRA -custodian that offers you the option of investing in IRA-eligible gold coins.
The only downside is that certain information, such as the gold bars available for purchase, is not available unless you speak to a representative.
Augusta Precious Metals
If you are looking for the highest purity level of precious metal bullion coins, Augusta Precious Metals is the most likely place to find what you need.
With 99.99% pure gold coins and bars available, this precious metals dealer is right up there with some of the best in the industry.
At Augusta Precious Metals, one of the things we appreciate is the personalized service that each customer receives from experienced advisors. You will be able to discuss your goals in detail and map out the best way to achieve them.
It is such a service that has earned Augusta Precious Metals great online customer reviews throughout the years.
If the dealer can add a few extras, such as the ability to choose which mint your coins come from, it will be a genuine contender for the top spot!
Money Metals Exchange
Money Metals Exchange is one of the fastest-growing precious metal dealers in the country and is taking the entire industry by storm.
Investors are always quick to praise the dealer for the wide selection of gold coins and other metals that you can buy.
If you are looking for rare coins, proof coins, or specific bullion products, Money Metals Exchange is a great place to start.
Its high ratings from past clients mean that even though it is new, Money Metals Exchange is a trustworthy gold dealer that is quickly becoming one of the best places to buy gold in the country!
SD Bullion
SD Bullion has made a name for itself in gold buying circles thanks to the great prices and services it offers its clients.
Whether you are looking for collectible gold and silver coins or any other specialized products, SD Bullion has you covered.
Many retirement investors have found a home at SD Bullion by taking advantage of its wide selection of IRA-eligible bullion coins to secure their financial future.
JM Bullion
Free shipping on orders over $199 is just a small taste of what JM Bullion has to offer. The dealer has everything that you need to begin your retirement planning in earnest by buying an of the many IRA-eligible coins on its website.
At JM Bullion, you are spoiled for choice when it comes to payment options, with the platform offering all the traditional options as well as the ability to pay using cryptocurrency.
APMEX
This reputable dealer not only has a wide range of precious metal options to choose from but goes as far as manufacturing and selling its own APMEX-branded bullion!
This is not something you will regularly come across in this industry and is enough to make investors sit up and take notice.
As a special bonus for its loyal customers, a lot of discounts are available on top of the free shipping on orders over $99 that it offers.
United States Mint
If you are a fan of golden eagle coins then United States Mint is the best place to buy them at the best price on the market. Frequent buyers of these top-notch golden eagle coins will also enjoy free shipping on orders that start from as little as $4.95!
Why Invest in Gold Bullion and Other Precious Metals?
Investing in gold and other precious metals is not something that has started recently nor is it a product of the current economic uncertainty we find ourselves in. People have been buying gold bars and coins for millennia.
The following are some of the main reasons why gold coins are such an attractive option for investors worldwide:
- Gold Bullion Is a Hedge Against Inflation
The buzzword that is causing many sleepless nights in the US is inflation! The future is not looking certain for the longevity of the US dollar, with many investors preferring not to save their money in the form of any fiat currency.
Gold, on the other hand, has historically proven to be a hedge against inflation that is resistant to any changes in the global economy. In short, when inflation rises, so too does the price of gold, meaning investors are protected in the best possible way.
- It Is Easy To Buy Gold Coins Online
Nothing could be easier than simply going online, selecting a reputable gold dealer, and trading in gold. Thanks to the many people who are always ready to buy gold, you can easily find a buyer if ever you need to off-load a few gold bars if you find yourself in need of some funds.
- Gold Has Real Intrinsic Value
Most people associate gold with bullion, bars, coins, and jewelry. While it is true that these are the most common uses of gold, this yellow metal also has other important uses.
Gold has some anti-bacterial properties that make it very important in the medical industry. It is also used to manufacture very important components in the electronics and technology sector.
These uses mean that besides being valued for its aesthetics, gold has a lot of other uses that guarantee it will always be needed.
- The Price of Gold Is Steady and Dependable
Looking back in history at the other times when the world has had to deal with a failing economy, one of the clear things is that while the prices of all other basic commodities were skyrocketing, the price of gold remained steady.
This is the only good news that can be found in the situation we are currently in because it means buying gold right now is a wise decision that is backed by sound historical market data.
- Demand for Gold Bullion Is High
Many countries have been buying large amounts of gold in previous years.
Some counties, such as Russia and China, have been stockpiling the precious metal for an economic meltdown, while others, such as India, have been buying gold to make gold jewelry which is in high demand for weddings and religious festivals.
Whatever the reason may be, the demand for gold is extremely high, meaning whoever has it now is in a very good position.
How To Buy and Sell Gold and Silver
When dealing with gold dealers, there is a lot that can go wrong if you go in blindly. It is important to have a clear understanding of how the process works so that you can be quick to identify any fraudulent behavior.
In that regard, remember the following steps the next time you go out to buy gold coins:
Decide on the Type of Physical Gold
As we mentioned before, there are many forms of gold out there, from gold coins to bars and jewelry. Each of these has its distinct advantages and disadvantages that you need to look at before you decide to buy gold from any dealer.
Gold coins, for example, are easy to evaluate in terms of value and are widely available. However, there are a lot of fake gold coins out there, which is not a problem usually shared with gold bars.
If you buy gold jewelry, you will have the added advantage of having gold which has a lot more value because of its aesthetics, but it can also prove difficult to sell when you need the money. Before you buy gold, decide which type is best for your needs and go for it!
Compare Prices From Online Gold Dealers
One of the best things that you will discover when you buy gold is that the current spot price of gold bullion is readily available across many platforms.
All you need to do is look it up and you will avoid being scammed by untrustworthy dealers.
However, remember that the spot price does not apply to gold that has added value, such as special gold coins or jewelry. These will likely cost more than regular gold bullion.
Complete the Transaction
Finally, you need to complete the transaction by paying for or selling gold assets to the dealer. Ideally, this deal should be conducted in a safe, secure, and transparent setting.
Payment for buying gold online can be made in a variety of ways, such as:
- Wire transfer
- Check
- Credit card
- PayPal
- Bitcoin
Each gold dealer has their preferred means of conducting payment which may be based on the size of your purchase and your location. Large purchases of more than $5,000 may be better off completed using a check or wire transfer.
Risks Associated With Investing in Gold Coins and Bars
Investing in gold and silver bullion coins is a worthy investment choice that will provide a lot of benefits for investors. However, there are some risks that you need to be aware of, such as:
- Capital Gains Tax
One of the things most people do not know about buying and selling gold is that each transaction is subject to capital gains tax imposed on the profits as dictated by the IRS.
Long-term capital gains can be as high as 20%, which could easily mean you lose money on the deal if you fail to account for this in your gold transactions.
The responsibility of reporting all your gold purchases also falls squarely on your shoulders, unless you are dealing with a large gold dealer that offers such services.
- Storage
Gold is a very precious commodity and is always highly sought-after by criminals. This makes the storage of gold products not only difficult but also expensive. Many gold investors find themselves having to choose between the risk of keeping their gold or the payment of high storage fees.
- Transaction Fees
All gold dealers charge a premium above the spot price of gold for their services. These transaction fees differ from one dealer to the next and are one of the things you can use to choose between dealers.
If you make the wrong choice and choose an expensive dealer, you will find that all the benefits you were hoping for have been eroded by transaction fees.
- No Passive Income
Most long-term investments, such as real estate, offer the investor continuous benefits in the form of passive income. However, when you buy gold coins, the only increase in value you will have is when the price of gold rises.
With gold investments, you do not have any dividends to look forward to, as is the case for stock market investments. The price of gold is so stable that it can take years or even decades to realize any significant profit from your gold.
Our Verdict: Goldco – One of the Best Online Gold Dealers for 2023!
Having gone into great detail about the importance of investing in gold through the right dealers, it is important to give our verdict on the best online gold dealers for 2023.
However, it is important to note that all the companies listed in this article are worthy considerations that would help you make the best of your gold investments.
Having said that, if we had to choose one company to put our support behind, it has to be Goldco. It is difficult to look past the many years of consistent and reliable service the company has offered.
Its high ratings on the Better Business Bureau are a testament to what you can expect when you invest with this company. With so many satisfied clients, Goldco is surely doing something right!
If you are ready to take control of your financial future, put your trust in Goldco or any of the other dealers in this article and start investing in gold today!
About Tim Schmidt
Tim Schmidt is an Entrepreneur who has covered retirement investing since 2012. He's also a published author, and his views on investing have been featured in USA Today, Tech Times, The Huffington Post, Nasdaq, and many more.
