Step 1: Choose Your Gold Type
Gold Coins
Best for: Most buyers, especially beginners
- American Gold Eagle — Most popular in the US, highly liquid
- Canadian Gold Maple Leaf — .9999 purity, lower premiums
- South African Krugerrand — Original gold bullion coin
- Austrian Gold Philharmonic — Popular in Europe
Advantages: Easy to sell, recognizable, come in various sizes (1 oz, 1/2 oz, 1/4 oz, 1/10 oz)
Disadvantages: Higher premiums than bars (typically 4-8% over spot)
Gold Bars
Best for: Larger purchases, cost-conscious buyers
- 1 oz bars — Good balance of size and premium
- 10 oz bars — Lower premiums per ounce
- 1 kilo bars (32.15 oz) — Lowest premiums, harder to sell
Advantages: Lower premiums (2-5% over spot), more gold per dollar
Disadvantages: Less liquid, harder to sell in pieces, must be assayed for large bars
What to Avoid
⚠️ Avoid Numismatic (Collector) Coins — These carry premiums of 30-100%+ and rarely appreciate enough to justify the markup. Stick to bullion coins for investment.
Step 2: Where to Buy Gold
Online Dealers (Recommended)
Best for: Most buyers—best prices, widest selection
- JM Bullion — Best overall, free shipping $199+
- APMEX — Largest selection
- SD Bullion — Lowest premiums
Advantages: Lower prices, easy comparison shopping, home delivery
Disadvantages: Shipping time (3-7 days), must trust delivery
Local Coin Shops
Best for: Small purchases, immediate possession
Advantages: Walk out with gold same day, inspect before buying, build relationships
Disadvantages: Higher premiums (typically 5-15%+), limited selection
Gold IRA Companies
Best for: Retirement accounts, tax-advantaged investing
If you want gold in a retirement account, you'll need a specialized Gold IRA company. See our Gold IRA rankings.
Step 3: Understand Pricing
The Spot Price
The "spot price" is the current market price for one ounce of gold. As of December 2025, it's approximately $4,352/oz. This changes constantly during market hours.
The Premium
You'll always pay more than spot. The difference is called the "premium" and covers:
- Minting/refining costs
- Dealer markup
- Shipping and insurance
Typical premiums:
- Gold bars: 2-5%
- Gold Eagles: 5-8%
- Gold Maple Leafs: 4-6%
Payment Methods
- Bank wire/check: Best price (3-4% discount)
- Credit card: Convenient but full price
- Crypto: Some dealers accept Bitcoin
Step 4: Storage Options
Home Storage
Pros: Immediate access, no ongoing fees, privacy
Cons: Theft risk, fire/flood risk, insurance costs
Tips: Use a quality safe (bolted down), don't tell people, consider decoys
Bank Safe Deposit Box
Pros: Secure, affordable ($50-300/year)
Cons: Limited access hours, not insured by bank, government seizure risk
Professional Depository
Pros: Maximum security, fully insured, required for IRAs
Cons: Annual fees ($100-200+), no immediate access
Step 5: Avoiding Scams
Red Flags to Watch For
- ❌ Prices significantly below spot (too good to be true)
- ❌ Pressure to buy "exclusive" or "rare" coins
- ❌ No BBB rating or many complaints
- ❌ Requests for unusual payment methods
- ❌ Guarantees of future returns
- ❌ "Home storage IRA" schemes (IRS doesn't allow this)