Nearly 250,000 metric tons of physical gold have been discovered to date, according to an estimate by the United States Geological Survey. Gold also remains one of the most readily available precious metals in the world when it comes to opportunities to obtain it. Gold is typically sold in the form of bars, ingots, and gold coins. Scottsdale collectors have many options to buy gold locally. However, if you don’t live in a large metropolitan area, you may not have a reliable source for gold near you. Here’s what we recommend doing if this applies to you.
Look for Reputable Online Sources
Typically, when something isn’t available from a physical location nearby, many people today check online for options. You’re certainly welcome to do this with gold as well. But do your homework first before you make a purchase this way. To be fair, there are reputable online gold/precious metals sellers, so there’s nothing wrong with considering what’s available. Before you move forward with a gold purchase made this way, pay attention to:
• Posted reviews from existing/previous customers
• What kind of documentation confirming value and purity is provided
• Policies regarding refunds or returns if you’re not satisfied with what you get
• How much you’ll pay beyond the current market value plus any extras (e.g., shipping fees, taxes, etc.)
See if There Are “Hidden” Sources of Gold in Your Area
This doesn’t mean grabbing a map and shovel and hoping for the best as you dig up your neighbors’ lawns. In this instance, “hidden” sources are places you may not immediately think of when looking to purchase some gold in physical form. Possibilities that can be on this list include:
• Pawn shops
• Jewelry stores
• Local banks*
*Some banks sell gold coins, but this is increasingly rare today.
Of the options listed above, the pawn shop option is the riskiest in terms of what you might find and pay. Purchases from pawn shops are often “as is.” Also, the quality of the gold may be questionable, and the price is usually not very negotiable.
Ask a Trusted Friend or Relative to Make a Purchase for You
Another way to buy gold when there’s no reliable source near you is to have someone you trust in another location do it for you. This can work out well if you turn to a friend or family member you can absolutely trust to buy the gold for you and send it to you or store it for you. Just make sure you have some type of documentation that states the purchase is being made for you. This can give you some added protection legally if your ownership of the gold is disputed in the future.
Plan a Trip to a Trusted Seller
If you’d rather make any gold purchases yourself in person, consider making a trip to a reputable source. A good way to go about doing this is to use Google Maps or a similar source to find precious metals firms or gold sellers you could get to with some advance planning. You can then plan a weekend or day trip to go select and purchase your gold.
When they’re looking for the best place to buy gold, Scottsdale residents should make sure to work with trustworthy precious metal dealers who offer high-quality service and have years of experience. Call on the industry-leading professionals at First National Bullion when you’re ready to buy or sell precious metals, including gold, silver, platinum, and palladium. Give us a call today at 480-546-8928.
The statements made in this blog are opinions, and past performance is not indicative of future returns. Precious metals, like all investments, carry risk. Precious metals and coins may appreciate, depreciate, or stay the same in cash value depending on a variety of factors. First National Bullion does not guarantee, and its website and employees make no representation, that any metals for sale will appreciate sufficiently to earn the customers a profit. The decision to buy, sell, or borrow precious metals and which precious metals to purchase, borrow, or sell are made at the customer’s sole discretion.