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I’ve been stacking gold for a while now, but when I first stared out it wasn’t easy to know where to start buying gold.
Now I know that where you should purchase gold depends on your needs and level of expertise:
Gold can be purchased from a variety of places, including jewelry stores, coin and bullion dealers, and online precious metal retailers. You can also buy gold through investment firms, banks, and other financial institutions.
Some people even choose to buy gold from private sellers, such as individuals who are looking to sell their gold coins or jewelry on peer-to-peer platforms like Craigslist.
Here is where I suggest buying gold depending on your profile and needs:
| Gold Dealer | Products | Profile |
| Financial Institutions | Bars, Coins | New Stackers |
| Bullion Dealers | Bars, Coins | New & Seasoned Stackers |
| Online Bullion Dealer | Bars, Coins | New & Seasoned Stackers |
| Local Bullion Dealer | Bars, Coins | New & Seasoned Stackers |
| Jewelry Store | Jewelry | Non-Stackers |
In this article I ranked the locations where you can buy gold from the best to the worst starting with the worst which is Craigslist.
Let me explain in more detail.
Worst Place to Buy Gold: Craigslist
You can purchase gold from classified ads, online listings, and peer-to-peer websites like Craigslist or Kijiji.
It is possible that some people may choose to sell precious metals, including gold, silver, and platinum, on Craigslist.
If you are interested in buying precious metals from Craigslist, it is important to carefully research the seller and the product, and to take appropriate precautions to ensure that the transaction is legitimate and safe.
This requires patience, skill, and in-depth knowledge of what you are buying.
If you are a beginner stacker (defined here), I do not recommend purchasing on Craigslist, Kijiji, or any classified ads.
A better option would be to buy gold from a reputable jeweller.
Buy Gold From a Jewelry Dealer
There are several reasons why someone might choose to buy gold from a jeweller.
First, jewellers are typically knowledgeable about gold and other precious metals, and can provide valuable advice and information about different products and options.
This can be particularly helpful for those who are new to buying gold or who are unsure about what type of gold to purchase.
Second, jewellers often have a wide range of gold products available, including gold jewelry, coins, and bars in a variety of sizes and denominations.
This can make it easy to find a product that meets your investment goals and preferences.
Third, buying from a jeweller can provide a sense of security and trust.
Jewellers are generally considered to be reputable and trustworthy, and buying from a jewellers can give you peace of mind knowing that you are purchasing a high-quality product.
However, I have only had bad experiences with jewellers, even after extensive research sifting through Google Reviews of local options.
I was new to stacking (defined here at the time and the jeweller purchased gold from me way below spot. Of course, it was my responsibility to carry out more research, but I trusted they were giving me a fair price.
They just saw an opportunity and screwed me over.
If you are buying gold for investment or stacking purposes, avoid jewellers.
Another option is to buy gold from a bank.
Buy Gold From a Bank
Some people choose to buy bullion from a bank because it can provide a sense of security and trust.
Banks are generally considered to be stable and reliable institutions, and buying from a bank can give you peace of mind knowing that your investment is backed by a well-established institution.
Another advantage of buying from a bank is that you may be able to store your bullion at the bank, either in a safety deposit box or in the bank’s own storage facilities.
This can provide additional security for your investment and give you peace of mind knowing that your bullion is being kept safe.
Additionally, banks often have a wide range of bullion products available for purchase, including gold, silver, and platinum, as well as a variety of coins and bars in different sizes and denominations.
This can make it easy to find a product that meets your investment goals and preferences.
But Banks tend to have higher premiums (defined here).
Also, keeping your gold in the bank can be dangerous if ever the government decides to seize gold like it did in the 1930s (USA).
A better option for lower premiums is to buy from an online bullion dealer.
Buy Gold From an Online Bullion Dealer
It’s generally a good idea to do some research and compare prices and customer reviews before purchasing bullion from an online dealer.
Some reputable online bullion dealers include JM Bullion, and Kitco Metals.
It’s always a good idea to check the reputation of any online dealer before making a purchase.
You can do this by reading customer reviews and checking with industry organizations like the Industry Council for Tangible Assets, the Better Business Bureau, and the American Numismatic Association for information about the dealer’s reputation and history.
Buying gold online from a bullion dealer is quick, easy, and generally safe.
However, since you cannot pay in cash, there is a trace of your transaction history.
If you are a bit paranoid, you may be aware that the government could see your transaction history if you purchase with a credit card, cheque, or CBDCs in the future.
My favorite place to buy gold and avoid any unwanted tracking is at a reputable local dealer.
Best Place to Buy Gold: A Reputable Local Dealer
There are several reasons why someone might choose to buy bullion from a local dealer rather than an online dealer.
First, buying from a local dealer allows you to see and inspect the bullion in person before making a purchase.
This can give you peace of mind and ensure that you are getting a high-quality product.
Second, buying from a local dealer can provide a sense of security and trust.
When you buy from a local dealer, you can build a relationship with them and have a point of contact if you have any questions or concerns.
Third, buying from a local dealer may be more convenient for some people.
Local dealers often have regular business hours and may be located near your home or workplace, making it easy to stop by and make a purchase.
You can purchase in cash making your transaction anonymous and fairly untraceable.
Be sure to avoid scams and purchase from a reputable dealer in your area.
Overall, the best place to buy gold will depend on factors such as the type of gold you are looking for, your budget, and your location. Buying from a local dealer is my favorite and can provide many benefits including cash transactions and direct contact with knowledgeable sellers.
