Below is a step-by-step guide to purchasing, storing and protecting your wealth and precious metals.
PRO TIPS
- Start small and build your position over time (dollar-cost averaging)
- Buy from established, reputable dealers
- Keep receipts and documentation for tax purposes
- Diversify between gold and silver
- Don't buy from random sellers on social media or Craigslist
- Don't pay extreme premiums during panic buying
- Don't store all your metals in one location
- Don't tell people how much you own or where you keep it
Quick-Start: The tips on this site will start you on your journey to a gold-and-silver connoisseur, which can take a little time. Or grab the quick-start guide here:
- Premiums are lowest on generic bars and rounds
- Sovereign coins (Eagle, Maple) are easier to resell
- Physical metals have no counterparty risk
- Consider tax implications - Some states exempt bullion from sales tax
- Verify what you receive is genuine before storing it
- Check weight and dimensions against official mint specifications
- Use a magnet test - Gold and silver are not magnetic
- Consider a Sigma Metalytics tester for larger investments
- Don’t discuss holdings too loosely with strangers or non-trusted people
- Home safes (fireproof and bolted) can work for quick access to smaller holdings
- Bank safe deposit boxes - Considered secure, but can have limited access during emergencies
- Consider third-party vaults (such as Brinks or Delaware Depository) for larger positions
- Order with confidence after doing your homework
- Lock in your price. Most dealers hold the spot price for a limited time
- Bank wires typically carry the lowest fees. Credit cards may add 3-4%
- Expect delivery within 5-14 business days for online orders
- Only buy from reputable, established dealers with overall positive customer feedback
- Check reviews on TrustPilot, BBB, and precious metals forums
- Compare premiums across multiple dealers for the best prices
- Look for dealers with transparent pricing and buy-back programs
- Choose the right type and size of gold or silver for your goals
- Gold coins (American Eagle, Canadian Maple Leaf, Liberties)
- Silver bars (1 oz, 10 oz, 100 oz) or coins for lower premiums
- Government-minted coins carry higher premiums but stronger resale value
- Understand the basics of precious metals investing before making any purchase
- Learn the difference between coins, bars, and numismatic coins
- Understand spot price, premiums and bid/ask spreads
- Know the purity standards: 24k gold (.9999), .999 silver
