How Can I Find the Best Deals Buying Gold & Silver?

Q: Gold is expensive – how do I find the lowest prices?find deals gold, finding hidden gold, best places to buy gold

A: When you want to buy several thousand dollars worth of metals or more, the most important thing is to make sure you’re dealing with a dealer you trust, not just the best price.

With Online Retailers

If you want very small quantities – like an ounce or two of silver – the best price you’ll find is usually eBay auctions or on Amazon.com. You can usually go online and buy coins one or two at a time for close to the spot price. Amazon and eBay have strong buyer protection systems, which saves you in the long run. On the other hand, you do pay a premium for these protections.

EBay auctions can be great places to buy small amounts of silver, a coin or two at a time. I highly recommend buying from people with 99% to 100% positive feedback and a long-term track record of world-class service. You can see this from the testimonials tied to any dealer on eBay.

With Dealers

If you want to buy anything more than a few ounces of silver or anything larger than an ounce of gold, the best plan is to go to either a dealer that has a very old store or a virtual dealer. These are the dealers who don’t have an expensive lease or the high overhead of a big office and can offer you low-margin markups on your bullion.

Always ask a dealer how much they’d be willing to buy your coins back for when you’re asking them about the purchase price. The difference between the bid and ask price is called the spread. The bid is what they’ll pay you, and the ask is what they’ll sell them to you for. A 3% to 6% spread is a good deal.

Establishing trust with a reputable dealer is the best way to save money long term, even if you are paying a percent more than you might from the discount guy down the road. Knowing you’re working with a sound dealer is usually worth much more than the few pennies you might save from the wheeler-dealer of the week.