Summary: Want to find out the eight best places to buy gold bars and coins online, and what each company offers? We've got you covered, but before you place your first order, be sure and review some of the most commonly asked questions by first-time investors.
Gold is increasing in price because of 2020 instability. Now is the time to invest, since buying physical gold bars protects you from inflation.
While it's a no-brainer to invest in gold, many novice investors don't know where to begin.
Is there a safe and ethical online company that lets you buy gold?
Do you have to store the gold you purchase, or can you own it, keeping it off-site?
What quantity of gold do most people buy?
Here, we will discuss buying gold bars and things you need to know before making your first purchase.
In this guide to buying gold bars, we will also list the eight best places to buy gold online and what deals they offer the new investor.
8 Best Places to Buy Online in 2020
According to my research, here are the best places to buy gold bars and coins with the pros and cons listed for each company.
Goldco Precious Metals - Best Overall
Goldco Precious Metals offers a self-directed gold Individual Retirement Account, which is an investment tool, as well as a direct purchase of gold. Goldco was founded in 2006, giving it longevity, even among competitors.
When you sign up, a Goldco IRA account executive helps you start the process and meet your investment goals.
The company has an A+ rating from the Better Business Bureau and has been ranked by Inc. 5000 as one of the fastest-growing privately-owned companies in the U.S.
Noble Gold Investments - Best Education
Based in Pasadena, California, Noble Gold Investments provides a safe and easy way to invest in gold. The company volunteers to protect your future by offering a gold IRA account and acquiring and storing bullion in their Texas-based depository.
The International Depository Services is the site that physically stores your gold. However, the company still offers the same gold IRA rollover process, transforming your retirement account into a gold IRA.
You can get a gold survival pack delivered to you, or have it forwarded, or collect it in person if your circumstances require. With favorable ratings from the Better Business Bureau, Consumer Affairs Accredited, and Business Consumer Alliance, Noble Gold Investments’ reputation is solid.
Noble Gold Investments also promotes education of how gold investment and IRAs work, offering a free kit explaining the process to its clients.
Advantage Gold - Best Customer Service
Advantage Gold claims to be the industry leader in precious metal IRA rollovers, and since the company won the Best of TrustLink Prize three years in a row, it's hard to deny their success.
The Los Angeles-based company can convert IRA or 401k accounts into gold and educate clients during every step of the way.
The customer service for Advantage Gold has been ranked high, not only for generous buyback policies, but also for promptness, full-service customer assistance, and thousands of positive reviews.
Not only does the company have a favorable rating from the Better Business Bureau, but they also verify positive reviews by way of TrustLink and TrustPilot.
Augusta Precious Metals - Best Customer Experience
Augusta Precious Metals offers a "partner" in gold IRA investment, a team that will help educate you on market conditions and protect your savings. Since 2012, the company has been offering knowledgeable and education-focused investment opportunities to its clientele.
Citing celebrity clientele, like Joe Montana, and high ratings from the likes of Google Business, Facebook Business, the National Ethics Association, and the BBB, the company seeks to empower its customers.
Augusta offers four departments devoted to giving you the best customer experience, including a customer success agent, an economic analytics team that helps with studying the market, a processing team that handles the legal work, and the order desk, which lets you choose metals.
Staff also helps with 95 percent of the legal paperwork, including transfer and rollover forms.
Birch Gold Group - Best Customer Empowerment
Birch Gold Group believes in empowering its clients to meet all objectives and motivations when investing in gold. The company offers educational resources, empathetic customer service, and an ethical and transparent process.
Birch Gold was founded way back in 2003 and still keeps a stellar reputation, even having a celebrity clientele list, including Ben Shapiro. Located in Burbank, California, the company shows its high rankings with the BBB, Google Business, and Consumer Affairs.
You can chat with a specialist who will explain the latest news in the stock market and how it might affect gold prices and your IRA. The thorough process empowers you to make educated decisions about retirement goals, fully understanding the risks and growth potential.
Gold Alliance - Best Client Satisfaction
Gold Alliance was started with the intent to help Americans avoid market volatility after retirement. With high ratings from the Business Consumer Alliance and Google Business, they have a fine reputation.
The company even received the Better Business Bureau's annual five-star rating three times in a row. Gold Alliance provides research and education and market news, and a consultation with a Senior Portfolio Manager who helps teach you about the market.
The company helps clients establish a gold IRA account with a qualified custodian, with no tax penalties. Gold Alliance also features gold coins on-site and has been featured on mainstream news sites like Forbes, Fox News, and The Wall Street Journal.
The company is also actively involved in charity, giving to three veteran organizations with its profits.
iTrust Capital - Lowest Fees
The iTrust Capital company was founded as an alternative to the traditional gold IRA model, offering direct sales and trade of gold and cryptocurrencies in real-time.
The goal was to reduce the cost and the minimum investment and utilize cryptocurrency as well as gold. Doing so may cost 90 percent lower than traditional IRA investments. There is a one percent trade fee with crypto, and gold goes for $50 over spot-per-ounce.
With iTrust, there is no high transaction fee or spread associated with physically-based companies. Fees starting with iTrust are surprisingly low and with a low minimum investment of at least $1,000.
Along with startup, you also get IRS tax reporting help, unlimited storage with institutional custody partners, and a low one percent buy and sell fee.
Regal Assets - Best Product Offerings
Regal Assets claims to have one of the "highest rating profiles" in the industry for its almost ten-year history, citing praise from Inc 500, Forbes, Bloomberg, Huffington Post, and even celebrities like Dennis Miller and Laura Ingraham.
The company helps clients transfer IRA or 401k accounts and 403(b), SEP, and TSP plans. What makes Regal Assets unique is that clients get additional product offerings not available elsewhere.
You can get segregated metal storage worldwide at a low cost (no shared ownership), fully insured assets, as well as the right to have gold bullion delivered to your front door anywhere in the world since affiliated vaults are located in various worldwide cities.
You also get a low flat rate for your account's life, not a percentage of your investment. These products, along with full-time surveillance and guarded vault protection, make Regal one of the world's most recognized gold investment firms.
Why You Should Invest in Physical Gold
Most people think of precious metals as protection against catastrophe, but there is no downside from investing in gold even in a best-case scenario.
According to Investopedia, gold has a history of holding its value and hedging against inflation, regardless of how low the U.S. dollar falls in valueYou can also benefit from the increasing demand for gold and portfolio diversification.
Gold Bars vs. Gold Coins
When it's time to start investing, you will decide whether to invest in coinage, bullion gold metal, or a little of both.
According to Forbes, both methods have pros and cons, but there are some important takeaways to consider when buying gold bars or coins.
Easier to trade
More practical for large quantity buys
Have lower premiums than coinage
Sell for higher prices than gold bullion
May increase in value for collectible coins
3 Things to Avoid Before Buying Gold
Many newcomers make common mistakes when buying gold. They think that buying gold bars or coins is protection all by itself.
However, like any other investment, there are risks to consider.As The Street explains, asking specific questions to gold companies will help you to avoid scammers.
1. Choosing a company that won't help you sell the gold as needed. You should have the full right to sell the precious metals you own, and maybe even transport it.
2. No strategy in investing. Only buying gold and storing it might not be enough.
3. Working with a company that has a poor reputation. Some of these unscrupulous companies use fear-mongering/pushy behavior to get you to buy.
Does it matter which company I buy from?
While most companies offer a competitive deal, understanding the subtle differences (usually regarding your complete control over bullion and coinage) makes all the difference. Research each company on your own and talk to a representative to get the facts.
What is the best gold bar to buy?
Popular gold bar brands include:
Valcambi Gold CombiBar
Engelhard Gold Bars
Johnson Matthey Gold Bars
Are gold bars easy to sell?
Gold bullion bars are based on the spot price of gold. For you, this means the selling price will sell for a few percentage points below the spot price.
Price is also partly determined by easy liquidity (commonly recognized gold products) and special collectibility (for coinage).
What size bar should I buy?
The most-traded kind of bar seems to be the one-ounce bar. However, CNBC reports that the London Bullion Market Association's highest gold standard is one kilogram, 400 ounces, and 99.5 percent purity - typical for large values over $500,000.
Can I buy gold bars at my bank?
Don't assume your local bank has gold on hand. Many banks do not sell precious metals directly because of an increased risk of theft at various times during transportation.
However, some banks might sell gold, and if they do, it's usually in the form of gold coinage.
How much is a gold bar worth?
The gold price fluctuates with the market and is only worth the "gold spot price" or the live gold price.
Gold has been steadily increasing, at least since 2018. As of 2020, it has risen as high as $1,650 per ounce.
However, gold bars don't sell for spot prices. They are sold at a premium, in addition to the spot price.
How to Buy Gold Bars Online
Step 1: After finding your favorite company, try to "buy low and sell high" and pay attention to what the market is doing.
Step 2: Contact your favorite company and speak to a representative so they can explain their investment strategy as well as all your rights to the gold bullion you purchase. You may have to fill out an online form detailing your wants and needs.
Step 3: Decide on bullion bars or coinage and then explain your limit to the company representative. Talk to the company about storage and make sure you understand how the deposits work.
Step 4: Prepare to pay a 5-8 percent premium, depending on the company you choose and all associated fees.
Step 5: Wait for processing, during which the company will transfer funds to the new IRA account. When funds are finished processing, your order is fulfilled with precious metals and or cryptocurrency. Expect regular updates from the most reputable companies.
Remember that gold is a protection against inflation and economic turmoil, but can also be a solid investment strategy if you work with the right gold company.
There are several reputable gold investment firms, but each one has its approach and its terms and conditions - some of which may be favorable to you personally.
Why not talk to a company representative and get some questions answered about gold-backed online investment for the uncertain future?
AT A GLANCE
- Best Overall Precious Metals Company
- Exceptional customer service
- Low yearly fees
- Outstanding customer reviews
A+ BBB Rating
Average review rating 4.9/5 on TrustPilot