5 Best Online Gold Dealers of 2023

Gold is often regarded as a safe-haven investment in uncertain economic conditions because it’s a store of value. If investing in gold looks like a promising financial opportunity for you, there are several ways that you can go about it. You can invest in stocks, exchange-traded funds (ETFs) backed by gold or that hold shares of gold-mining companies or, if you prefer the tangible asset, you can purchase gold coins, rounds, ingots and bars (as well as other precious metals like silver, platinum and palladium).

One way to purchase physical gold is through reputable online retailers, which typically offer a variety of products and can arrange for secure storage or shipping of your metals.

Read on to learn about our take on some of the best online gold retailers and what makes them stand out from the rest.

Our Top Picks for Best Online Gold Dealers

• APMEX: Best Product Selection
• JM Bullion: Best for Transparency
• Goldco: Best Investor Education
• American Hartford Gold: Best Reputation
• Orion Metal Exchange: Best for Lowest-Price Guarantee

Best Online Gold Dealer Reviews

Why we chose it: American Precious Metals Exchange (APMEX) offers customers a vast array of precious metal investment choices, including rare coins, collectibles and IRA-eligible products. Its website notes that it has more than 30,000 products available and 1.7 million customers.

With over 20 years in business, an A rating from the Better Business Bureau (BBB) and a clean record with the Consumer Financial Protection Bureau (CFPB), APMEX is among the market's most trusted online gold dealers. The company’s large selection of precious metals ranges from silver and platinum bars to medieval and ancient coins. APMEX also offers products that are eligible for investment in a self-directed IRA. The company offers secure storage of precious metals through Citadel, which is backed by Brink’s Global Services.

There is a 4% discount if you pay with paper checks, eChecks, bank wire or trade. You may pay more if you use a credit card, PayPal or Bitcoin.

Why we chose it: JM Bullion offers a wide range of metal products, including gold, silver, platinum, palladium and copper coins, rounds and bars as well as rare metal bullion. Each product page contains detailed information about the item, including its history, weight, condition and more.

The price you pay for any given item will vary depending on your chosen payment method. The different costs are outlined on the product page before you add the item to your cart. You’ll pay the least per item if you purchase via eCheck, paper check or bank wire transfer. The company also accepts debit cards, Bitcoin (or another cryptocurrency) and PayPal, but you’ll pay a bit more per item when you use those payment methods.

If you purchase a large amount, JM Bullion offers a volume (or bulk) discount. The more you purchase, the less you may pay for a particular asset. There is also a discount for active military service members.

We consider JM Bullion’s purchasing process to be quick and straightforward. All orders over $199 ship for free with insurance. You can return your order within five days but may be responsible for any market losses. JM Bullion will buy your gold and silver, but it has a minimum purchase requirement of $1,000.

Why we chose it: Compared to other online gold dealers, Goldco’s website is one of the most comprehensive resources for learning about investing in precious metals, which can be especially helpful for beginners.

The company has published over 800 articles on the subject, collated into one searchable library. So whether you want to read a beginner’s guide to investing in precious metals or gold IRAs, find out what you can expect the Federal Reserve to do over the next few months or how the electric car industry may influence the price of silver, you can find what you’re looking for in Goldco’s resources.

Goldco offers a full selection of precious metal products, including IRA-eligible metals. Although the company provides a lot of educational material about investing in gold in general, the website doesn’t give much information about Goldco’s products. Shoppers must call customer service to learn more about pricing and to make a purchase.

Why we chose it: American Hartford Gold is highly rated across many consumer review platforms and is known for its excellent customer service.

The company stands out prominently for its strong online reputation. It has been in business since 2015 and, over that period, has garnered high ratings from consumer advocacy and review organizations. American Hartford Gold is accredited by the BBB and holds an A+ rating. Additionally, consumer reviewers give American Hartford Gold positive remarks across multiple user review websites.

American Hartford Gold doesn’t offer as wide a selection of precious metal products as some of its competitors. Notably absent from its product line are platinum and palladium products. Additionally, the website doesn’t include pricing information for the products. Customers must call to inquire about the cost of each item.

=

Why we chose it: Orion Metal Exchange offers competitive pricing and will beat the advertised metal prices of any of its competitors.

Orion Metal Exchange offers gold, silver, platinum and palladium products for retirement accounts or ownership in commercial depositories or home storage. The dealer lists its prices for all its metal coin products on its website and lets you complete your purchase online. It offers popular coins, such as American Eagle and Canadian Maple Leaf coins. However, one drawback is that it doesn’t list pricing and product details for any of its bars. Customers interested in purchasing gold, silver, platinum or palladium bars must call the company to check pricing and availability.

Like most online bullion dealers, Orion offers a free introductory kit to familiarize customers with precious metals investing. However, we noted that the company doesn’t offer as many online resources for gold investors to learn immediately and independently.

Other Companies We Considered

The following companies didn’t make our top list but may still be reliable choices to consider:

• SD Bullion: This company has a reputation for offering low prices. SD Bullion has an A+ rating from the BBB.

• BGASC (Buy Gold and Silver Coins): BGASC offers a wide selection of foreign coins and bars, including South African Krugerrands, Australian Kangaroo and Austrian Silver Vienna Philharmonic coins.

• Money Metals Exchange: This online dealer is a good choice for buying gold in small increments. You can also sign up for automatic monthly purchases to create a reliable savings plan.

Online Gold Dealers Guide

Before investing in gold bullion, there are several important things to keep in mind. We’ll review what you need to know, including how gold is valued, how to avoid scams and the pros and cons of investing in the metal.

Main things to know before buying gold online

First, you must understand gold is not a guaranteed investment. Like any other commodity, you can expect frequent fluctuations in the price of gold, so you should consider it a long-term investment. Financial advisors commonly suggest investing only money you can afford to lose and allocating no more than 5% to 10% of your portfolio to metals.

Second, it’s important to consider the different types of gold products available for investment. There are various sizes and weights of gold bars and coins, as well as different levels of purity. If you intend to invest in gold as part of your retirement strategy in a gold IRA, be aware that not all precious metal products are IRS-approved and eligible for a self-directed IRA.

Lastly, make sure you take the time to research reputable gold dealers. Only purchase from trustworthy companies that have a strong reputation. Keep in mind that dealers mark up the price of gold they sell from the spot price — meaning they sell it slightly higher than what it’s currently worth on the market. Review prices from multiple dealers before choosing which to invest with.

How is gold valued?

Gold bars are valued based on weight and purity. The heavier the bar, the more it will cost. Gold is a soft, malleable metal, so it’s typically alloyed with other metals to make it more useful. However, gold sold for investment purposes is the purest gold you can buy: usually 99.5% (or more) pure.

The price of gold can vary quite a bit, even intraday. The basic principle of supply and demand plays a significant role in determining the value of gold. The more demand there is for gold, the higher its value will be; conversely, if demand decreases, the value of gold will drop. Regarding supply, a limited supply of gold can increase its value. Additionally, global events, such as geopolitical conflict, and economic conditions, such as inflation and other financial crises, may affect the value of gold.

What is the average cost of gold?

The price of gold fluctuates constantly. By way of example, in 2018, the average closing price was $1,268.93. It reached a high of $2,322.64 in July 2020. In August 2023, gold was trading for an average closing price of $1,919.29 per ounce.

How to avoid scams when buying gold online

The best way to avoid getting scammed is to buy gold online from a reputable dealer with transparent pricing and information. Avoid buying gold on unregulated platforms like Facebook and eBay. It’s also recommended that you review the dealers’ ratings on sites like the BBB and user review platforms.

Before investing, consider discussing your options with a financial advisor who can help determine if this investment fits your financial goals.

What are the benefits of buying physical gold?

The following things could benefit investors who purchase physical gold:

• Store of value: Gold has been considered a high-value commodity for millennia. It’s a store of value, meaning its value has historically been stable.

• Safe haven: Gold is often considered a safe-haven investment. Historically, gold has performed well even in tough economic times. Many investors buy gold to hedge against inflation and currency devaluation.

• Diversification: Investing in gold can help you diversify your investment portfolio, which helps reduce risk.

• Liquid asset: Gold is a relatively liquid asset you can easily buy and sell.

• Tangible asset: For some investors, owning physical gold offers a sense of security that many other investments do not provide.

What are the drawbacks of buying physical gold?

Like any investment, buying physical gold has its drawbacks, including the following:

• Storage fees and insurance: Purchasing physical gold comes with the extra cost of safely storing and insuring it to protect it from theft.

• Price volatility: The price of gold can be volatile in the short term, so investors must have a long-term view.

• Not income generating: Physical gold is not income generating like other investments, such as stocks or bonds, can be. Gold doesn’t earn interest or pay dividends.

How We Evaluated the Best Online Gold Dealers

We considered a number of factors to develop our list of the best online gold dealers. We looked at each company’s reputation and favored those with positive consumer ratings and reviews on third-party websites. We considered the variety of products each company offered and the range of services available. We looked for companies that had multiple, convenient payment options. Finally, we evaluated each company's online experience and favored companies that sincerely tried to educate consumers about gold investing and offered a simplified sales process.

Summary of the Best Online Gold Dealers

• APMEX: Best Product Selection
• JM Bullion: Best for Transparency
• Goldco: Best Investor Education
• American Hartford Gold: Best Reputation
• Orion Metal Exchange: Best for Lowest-Price Guarantee