A guide to the best places to buy gold online
The internet has made buying gold an easy process for anyone to become a gold buyer. Gone are the days of needing a safe hidden in your basement, or a private vault at a bank in Zurich. The everyday investor can now buy as little as one gram of gold at a time, making it an ideal asset class to diversify your investments.
There are of course lots of scammers out there so buying online can be a risky proposition without doing your research. We have heard all the horror stories of people buying fake gold bullion or coins from an online dealer, and people who have lost their gold by not securely storing their gold at home.
If you want to invest in gold but are wary of where to buy, or unable to store it yourself we have put together this list of the best ways to buy gold online, depending on your budget and ability to store.
The best place to save and store gold
BullionVault offers the easiest, most secure, and cheapest way to buy gold online.
BullionVault is the world’s largest online gold investing service, with over $2 billion worth of gold and cash in their management.
BullionVault is an online gold market where you can buy and sell gold at current gold prices. Trade any amount of gold, starting from one gram up, at any time of the week.
When you buy and sell you are dealing directly with other BullionVault account holders which. By dealing directly with other buyers and sellers you pay only a small brokerage fee, bypassing gold dealers and their expensive trading fees.
Anyone worldwide can open an account and your gold is kept in officially recognized bullion vaults in London, New York, Zurich, Toronto, or Singapore (you choose where). Your gold is held for a low monthly custody charge.
BullionVault always maintains your gold deposit. Your gold is always there, unlike some gold trading accounts which operate unallocated gold accounts.
With BullionVault you can also become an online gold trader, where you can make commissions by referring others. This is a great opportunity if you know others who would like to invest in gold.
Opening an account is free and you can start your BullionVault account here.
The best place to use gold as an everyday bank account
BitGold offers an international savings and payments service which allows you to save with physical gold and make payments from your account. BitGold are headquartered in Toronto, Canada and the gold is stored via Brinks at vaults located in Toronto, London, Zürich, Hong Kong, Singapore, and Dubai. Opening an account is free and you can start with as little as one gram.
With your BitGold account you can also get a gold-backed prepaid card. The GoldMoney Prepaid MasterCard connects to your BitGold account so it acts as a debit card using your own funds. You can redeem part of your gold balance to your Prepaid Card whenever you want and use the redeemed funds to make everyday purchases.
This card works like any other MasterCard issued by traditional banks, and accepted by millions of merchants around the world. You can also make cash withdrawals from any ATM displaying the MasterCard, Maestro, or Cirrus logo. Accounts are available in USD, GBP, and EUR.
There is not much difference between this and BullionVault. You can also sell and withdraw immediately from BullionVault, but your funds go to your personal account at your bank. BitGold offer an alternative to spending money form a bank account by issuing a MasterCard debit account.
We recommend opening accounts at both as it’s always good to have alternatives.
The best place to buy physical coins and bullion
For those who would prefer to hold physical gold in your hand then buying gold online is also possible.
We recommend this if you have a secure place to store gold. It’s one thing to have a gold coin hidden in the sock drawer, but if you have a shoebox filled with gold coins you better find a good place to store them. This can be via a hidden storage vault in your home, or a safety deposit box at a bank or specialty storage facility.
BGASC (Buy Gold And Silver Coins) is one of the largest, most trusted gold dealers in the U.S. (note: they only ship to the United States and Canada).
They sell US Mint gold coins as well as the major gold coins from government mints around the world. That includes Canadian Gold Maple Leafs, South African Gold Krugerrands, Australian Gold Kangaroos/Nuggets, Austrian Gold Philharmonics, British Gold Sovereigns, and Chinese Gold Pandas.
You can also buy gold bars from US and international mints, and shop for rare and collectable coins and bars. For US and Canadian buyers this is the easiest place to buy gold coins and bars online.
The Perth Mint
The Perth Mint is the official bullion mint of Australia. They produce the popular Kangaroo and Nugget coin series, as well as gold bars from 1 gram to one kilo.
The Perth Mint delivers to Australian and international addresses.
Other ways to buy gold online (which we don’t recommend)
We have listed the best ways to buy gold online where you own a accountable allotment or physically own gold.
The following ways to buy gold are all legitimate ways to invest, but they either come at a higher risk of fraud, don’t offer 100% physical ownership, or are investment opportunities related to gold but resemble stock trading.
There are numerous gold sellers online on auction and classified sites such as eBay and Craigslist. While there are reputable dealers on those sites we don’t think it’s worth the risk buying at such places unless you know the sellers. We have read enough stories to warrant not buying here unless you are a master gold dealer and know what you are doing.
Only consider buying at these places if you are an avid collector and have found a coin you need for your collection. For everyday buyers of coins for bullion, stick to the above recommended merchants.
Gold exchange-traded product (ETFs)
Gold exchange-traded products are exchange-traded funds (ETFs) traded on stock exchanges that aim to track the price of gold. Gold exchange-traded products do not always hold physical gold, so this method of investing is more suitable for seasoned trader. If you understand the risks involved then this option is just another means of trading, and this advice need not apply to you. For the purpose of this guide we are sticking purely with gold that is 100% owned by the buyer.
Gold mining shares
Another way of gaining exposure to gold is buy investing in the actual gold mines. Maybe you already do without knowing it. For example if you own shares with Freeport-McMoRan in the US or BHP Billiton in Australia then you already in shares in a gold mining company. If you have any kind of investments in index funds then you most probably also own a slither of shares in a gold mine.
Shares in gold mining companies are especially popular on penny stock reports. These are usually new mining companies that are still exploring for gold with their shares under $0.10. The idea here is that they find a massive gold deposit and their stock prices explode. Again, nothing wrong with this if you enjoy trading and have the spare cash to make such speculative
Investing in shares is an important segment of your investment strategy. There are plenty of other gold investing sites that provide useful information on how to invest in gold mining shares so we don’t offer any recommendations for buying shares here.
Buying physical gold “offline”/in person
This page is a guide for buying gold online so it doesn’t cover buying physical gold at places where you can walk in off the street. We are putting together a worldwide gold directory where gold merchants are welcome to list their business, so subscribe to this site to find out more.