Man dressed in business attire holding gold coins, wondering whether to buy gold locally or buy gold online

Should I Buy Gold Locally?


Written by John Rothans

May 9, 2016

Last quarter marked a 30-year high for gold, which is already up 18 percent this year. That kind of growth makes it the best performing major asset of 2016, according to Bloomberg. Recent surges are more than encouraging for gold buyers and holders; historically speaking, gold has maintained a positive return in 12 of the last 15 years.

What does this mean for new gold buyers? The price of gold is on the rise and Capital Economics believes it could gain as much as 10 percent this year.

If you’re looking to buy gold, you may be wondering how and where to do so, which is a typical question many new gold buyers face. As you move from researching gold to buying gold, it may help to examine the pros and cons of buying locally and buying gold online.

Compare Buying Gold Locally or Online

Benefits of Buying Gold Locally

Some gold buyers choose to shop in-person, at a local store for the overall experience. They tend to enjoy the:

  • Reduced waiting time. When you shop locally, you could walk away with your gold in hand.
  • Ability to see and touch gold. You can examine the gold coin or bar up close and in-person.
  • Conversations with dealers. You can get to know the shop owner or salesperson and connect with like-minded gold buyers in your area.

However, buying gold locally can sometimes come with a price.

Disadvantages of Buying Gold Locally

Buying gold from a local dealer is not without potential disadvantages. Some gold buyers steer clear of local dealers because they can be difficult to verify as reputable dealers unless they’re one of the U.S. Mint’s authorized purchasers. Other gold buyers avoid local dealers due to:

  • Potentially higher prices. A local dealer must pay the overhead costs associated with operating a brick and mortar location, which could raise buyer prices.
  • Sales tax. Depending on local and regional regulations, dealers may pay sales tax on gold which could make it more expensive for the buyer.
  • False advertising. Gold scams exist. According to CBS MoneyWatch, “An increasing number of consumers say they’ve been taken by unscrupulous, fly-by-night gold dealers.” Be wary of local traveling gold buyers and sellers, and local dealers with anything less than a top-notch Better Business Bureau rating.
  • Limited variety. At a local dealer, you may be at the mercy of their inventory and personal industry connections.
  • Travel time. If you live in a rural area or do not have a local dealer near you, travel time and expense could deter you from buying locally.

Benefits of Buying Gold Online

Many gold buyers enjoy the freedom of buying gold online, where there are no intrusive sales representatives and they can shop when, where, and how they want. Some gold buyers appreciate that online, they can:

  • Buy gold, regardless of location or time of day. A major upside to buying online is that you can shop from the comfort of your home or while traveling. When markets or prices shift, you can respond right away.
  • Talk to gold market veterans over the phone. Local dealers may not have seasoned Account Executives on hand. U.S. Money Reserve (USMR), however, has experienced and knowledgeable Account Executives standing by to answer your questions. When you want to talk, they’re available.
  • Feel less pressure. When buying gold online, there’s no hovering sales associate and no timeframe to purchase. You’re free to choose when, what, and how you purchase.
  • Shop in private. Not all local dealers can ensure your privacy. When buying gold online, you can control who is aware of your purchase and the extent of their knowledge.
  • Browse a variety of inventory. Companies like USMR carry one of the largest government-issued coin inventories in the industry. Online, you can compare a variety of precious metals and prices, all in one place.

Whether you choose to buy gold online or in person, do your research. The Federal Trade Commission advises gold buyers to, “Check out the seller by entering the company’s name in a search engine online,” and to, “Read about other people’s experiences with the company.” Reputable, established gold companies tend to have AAA ratings from consumer advocate groups like the Business Consumer Alliance, as well as a plethora of positive reviews from customers.

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Over 300,000 customers have decided to buy gold from U.S. Money Reserve. Shop for gold online or call us today at 1-844-307-1598 for current information about the gold market and other precious metals insights, live pricing, and a one-on-one gold buying experience.


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