For some people, shopping online, especially for higher priced items such as gold and silver isn’t a preferred option. While shopping online for bullion, including gold bars and coins, gives the consumer access to lots of different retailers from the comfort of their own home, it isn’t without its disadvantages. For those reasons many people still choose to buy gold locally.
Options for Buying Gold Locally
For those who prefer to buy their gold in person, there are still some great options available that compete with the online retailers. There are some of the places you can buy gold locally:
Coin shops tend to specialize in selling coins made from gold, silver and other precious metals, as well as other forms of bullion. Coin shops are popular with buyers because of their large selections and the fact that you can stop by and discuss your planned purchase with knowledgeable sales staff.
By shopping at a well-established coin shop, buyers can increase their knowledge of investing in precious metals as well as shopping from a large selection of items. If your investment strategy is to make small purchases of gold or silver, on an ad hoc basis, then having a good coin shop in your local area is a great way to facilitate that. Another huge benefit is that a potential buyer can see the products in person, before making a decision.
Should you have interest in local coin shops, we suggest Google searching for bullion dealers in your are, or view our listings of local gold dealers:
- Chicago Gold Dealers
- Dallas Gold Dealers
- NYC Gold Dealers
- San Antonio Gold Dealers
- Philadelphia Gold Dealers
Coin shows refer to traveling exhibits where dealers feature their rarest and best products, as well as sell more typical gold coins and bullion. Coin shows are interesting to gold investors because they allow you to compare several dealer’s prices in a single location, as well as gain access to coin rarities that cannot be found at your normal local dealer.
If there aren’t any coin shops in your area then a pawn shop could serve as an alternative. Although a general pawn shop might have a selection of gold on offer, a pawn shop that specializes in gold and other precious metals is the preferred choice for those wishing to invest in gold. Like coin shops, customers can see the items in person before making a choice and also have the chance to attempt to negotiate on the price. These are two things which cannot be done when purchasing gold online.
If you are in the market for gold jewelry then a jewelry store is a great option. However, if you are planning to buy gold and other precious metals for investment purposes then you should consider the other options. When buying gold jewelry you will not only be paying for the gold but also the design and craftsmanship that went into producing the item, not to mention the brand name associations and mark-up.
Unless you spot a great deal of some discounted gold jewelry that brings the amount down below the current price of gold, then this isn’t the best choice for those looking for an investment opportunity in gold. However, if you want your investment portfolio to also double up as something you can wear and use on a daily basis then investing in goods from a jewelry store could be an option.
Advantages of Buying Gold Locally
There are a number of advantages to buying gold locally when compared to shopping for gold online:
- Buyers can see the items in person before buying.
- One the money is paid the product can be taken away instantly.
- Ability to communicate with knowledgeable staff in person.
- Can remain anonymous by paying in cash.
- Convenient for making smaller, regular purchases.
Disadvantages of Buying Gold Locally
These are the disadvantages of buying gold locally as opposed to purchasing gold online:
- Smaller amount of retailers in your local area, compared to the number you can access online.
- Smaller selection in store than at the large online retailers.
- Higher prices than those available online.
As you can see there are both good and bad reasons to buy gold locally instead of online. It is the responsibility of the buyer to understand the pros and cons of both options and then make an informed decision based on their own personal preferences and requirements.