Beginner's First Gold Purchase Checklist
Ready to Buy Your First Gold?
This step-by-step checklist will guide you through your first gold purchase—whether you're buying physical coins or opening a Gold IRA. Follow these steps to avoid costly mistakes.
Pre-Purchase Checklist
Decide: Physical Gold or Gold IRA?
Physical: You hold it, more liquid, no tax benefits
Gold IRA: Tax-advantaged, stored in vault, for retirement
Set Your Budget
Physical gold: Start with $500-$2,000
Gold IRA: Most companies require $5,000-$50,000 minimum
Know What to Buy
Best for beginners: American Gold Eagles, Canadian Maple Leafs, or gold bars from recognized mints. Avoid "rare" coins with high markups.
Choose a Reputable Dealer/Company
Look for: A+ BBB rating, 10+ years in business, transparent pricing, positive reviews on Trustpilot/Google.
Understand the Costs
Premiums: 3-8% over spot price
Gold IRA fees: $150-$300/year
Shipping: Often free over $199
Buying Physical Gold Checklist
- Compare prices from 2-3 dealers
- Verify dealer BBB rating
- Check spot price at kitco.com
- Calculate total cost (metal + premium + shipping)
- Pay by check/wire for lower price (if offered)
- Confirm shipping insurance included
- Plan secure storage (safe, bank box, vault)
- Keep purchase receipt for taxes
Opening a Gold IRA Checklist
- Research 3+ Gold IRA companies
- Request free information kits
- Compare fees (setup, annual, storage)
- Verify minimum investment requirement
- Confirm custodian (Equity Trust, etc.)
- Choose rollover source (401k, IRA, etc.)
- Complete account paperwork
- Initiate direct transfer (avoid 60-day rule)
- Select metals with your representative
- Confirm depository and storage type
Common Beginner Mistakes
- ❌ Buying "rare" or "collectible" coins with huge markups
- ❌ Falling for high-pressure sales tactics
- ❌ Not comparing prices between dealers
- ❌ Believing "home storage IRA" schemes
- ❌ Putting all retirement savings into gold
- ❌ Expecting quick profits (gold is a long-term hold)
Recommended First Purchases
For $500-$2,000
- • 1/10 oz or 1/4 oz Gold Eagles
- • 1 oz Silver Eagles (lower entry)
- • Small gold bars (1-5 gram)
For $2,000-$5,000
- • 1 oz Gold Eagle or Maple Leaf
- • 1 oz gold bar
- • Mix of gold and silver
You're Ready!
With this checklist, you have everything you need to make your first gold purchase confidently. Take your time, do your research, and don't let anyone pressure you.