5 Best Gold & Silver Investing Companies of 2023 (2024)

What is a gold dealer?

Gold dealers typically sell investment-grade bullion, coins, bars, and other forms of gold online or at a physical location. They may also offer other precious metals for sale and often provide self-directed precious metals IRAs.

You can generally compare metals prices from multiple dealers and make an informed decision based on factors such as price transparency, selection, and customer service.

Most dealers offer secure home delivery or the option to store your metals in an insured depository, especially if you hold them in an IRA (the IRS requires that metals held in an IRA be stored in a secure vault).

Dealers often carry insurance that covers the metals they store for customers. Many also offer insurance on metals shipped to your home.

Where can I store the gold that I purchase?

Generally, you can either have your metals delivered directly to you, or you can have a third-party store them in a depository. There are benefits and drawbacks to each.

If you take possession of your gold, you might store it in a "safe" place (what that means is up to you), such as the back of your closet or in an old coffee can in the cupboard.

The downside is that, if your home gets robbed, the thieves will have an easier time getting access to and stealing your gold or other metals you may have hidden there.

You might also invest in a safe to store your gold at home. It should be fireproof and waterproof to protect your metals from natural disasters. Also, the bigger, the better. A larger safe is more likely to deter would-be robbers.

Another storage option is a safety deposit box at the bank. It may be more secure than your home; however, you'll pay a fee for the added peace of mind.

The cost often depends on the size of the safety deposit box and the bank and its geographical location. Fees range from $15 to $500 a year.

Finally, you could store your metals at a depository, an option provided by most trusted gold and silver coin dealers. Many people store their gold, silver, and other precious metals this way, so you can be confident that these facilities are well guarded.

Depository storage fees vary. They generally run a few hundred dollars a year, depending on the value of your assets.

If physical possession of your metals doesn't matter to you, then storing them in a depository may be your safest bet.

What should I watch for when purchasing gold online?

It's important to be aware of potential scams when choosing an online gold dealer. That said, buying gold online is safe as long as you purchase from a dealer with a good reputation and track record.

Watch out for fake gold, which is often a common metal coated in a thin layer of gold. Alternatively, a scammer might not deliver the amount you ordered, might disappear entirely, or might promise to deliver the rest of your order if you pay an additional shipping fee, for example.

Dealers may also artificially inflate prices. As a result, metals prices can vary by hundreds or even thousands of dollars. You can protect yourself by doing your research beforehand to learn what you're purchasing and from whom.

The best companies will take the time to get to know you and your investing goals and explain the best options for you. They sell high-quality bullion and coins and have an impeccable reputation based on consumer ratings agencies and customer reviews.

The best online gold dealers will also help you understand how and why metals prices fluctuate and partner with you to make sure you invest only in what you can afford. You shouldn't feel pressured to buy or to finance your purchase.

What causes the gold price to fluctuate?

While gold can be a sound investment that holds its value over time, investors often don't understand how gold prices are determined.

Unlike stocks, for example, gold isn't influenced by the performance of outside entities. Its price is based on its intrinsic value, which may rise or fall in response to economic instability or geopolitical uncertainty.

Gold's price is the same worldwide; however, it is converted into local currencies, so participants can purchase gold priced in line with their specific currency.

Other factors also determine the price of gold:

• Fluctuations in the U.S. dollar: When the dollar declines in value, demand for gold often rises, along with its price.
• Natural disasters and pandemics: These events typically reduce gold production; therefore, its price increases. The uncertainty also creates additional demand for gold as investors seek a flight to safety.
• Fluctuations in the U.S. dollar: When the dollar declines in value, demand for gold often rises, along with its price.

How to determine which gold dealer is right for you

Thoroughly research online gold dealers before deciding to conduct business with them. Avoid being scammed by working with reputable companies. Make sure to get the best value for your dollar.

Some considerations:

• Does the company have a proven track record? Does the company have a good reputation and good customer reviews? How many metals transactions has the company completed?
• Does the company have a brick-and-mortar headquarters? Although you may be working online with a company, confirm that it has a physical headquarters. This makes it easier to contact the company if you have problems. Generally, it's best to steer clear of dealers that list only a P.O. box.
• Is the company's pricing transparent? Not all companies list metals prices on their websites. It may be necessary to call and speak to a representative to get the most current information; however, the company should respond quickly with reliable, transparent pricing.
• Do they have a clear return and refund policy? Most companies give you a short window to send back your metals if you're dissatisfied.
• Is there a restocking fee? If so, how much?
• Are their risk disclosures obvious? Like any investment, buying precious metals comes with risks. Top gold sellers clearly disclose the potential risks on their websites in a way that's easy to find and understand.
• Do they offer a variety of payment options? Most trusted gold and silver coin dealers usually accept payments by credit card, check, money order, wire transfer, PayPal, and Bitcoin.