Why Buy Local
These days purchasing gold and silver is so much easier than ever before, as a result of the several choices you can pick from. However, this array of options begs the question ‘Where is the best place to purchase precious metals?’ The truth is that the best place to buy gold and silver actually depends on the individual desire and need. However to help you get started listed below are some of the best places to purchase precious metals.
1) Local shops
Local coin shops have existed almost as long as money. They have evolved from pawn shops into a more specific form of resale stores. One advantage of buying from local coin shops is that it offers customers a physical place or area, where they can see their items or product in person before buying it. However, one disadvantage of purchasing from local coin shops is that customers are limited to a particular location, which they will have to physically visit in order to buy their items. Also, customers who purchase locally will find their shopping restricted to specific business hours. There are advantages too. Many people like the local access and the privacy of not having an online paper trail of their purchase. To each his own!
We recommend a place like Durham Precious Metals locally since they have all the benefits of store security and ease of access that are a concern for most buyers.
An added bonus with Durham P.M. is that they offer cash for gold. You can also swap your jewelry for a bullion purchase. Many people have unwanted jewelry laying around that could be converted to a monetary savings asset through this exchange! Here is a short Youtube video on the subject.
2) Online dealers
Another popular place where you can buy precious metals, apart from local shops is online. Online dealers are clearly a product of a new development. They function as an online storefront for various precious metals companies, which give customers opportunities to make purchases online without having to visit the personal store. Unlike local shops, though, online dealers are accessible 24/7, and from anywhere around the world too. Meaning customers can shop and make purchases without any limitation in time or location. Silver is the most popular buy currently for several reasons, not the least of which is the better potential upside for a price increase due to ratio disparity with gold. The beauty of DPM, if you live locally, is that you can order the product online and request “local pick-up” at the website checkout stage and save the shipping cost.
3) Banks
The price for gold varies every day, and banks are very much involved in setting the day to day prices for gold, so it seems reasonable on the surface to purchase gold from your bank. But it should be noted that not all banks sell gold and all of them have very invasive record keeping policies and many forms to fill out. Some sell gold coins, but if you want a great or large quantity of gold, like a gold bar, for example, you need to purchase it from a gold dealer. A little-known secret the owner of Durham Metals told me is that 2 of the local banks are quietly referring their customers to their store. SHHHHHHH!!!
1) Get in touch with your bank and find out if they sell gold coins. If they don’t, ask who sells in your area. Keep in mind that banks may have higher prices than local coin and bullion dealers. Or you can search the web for a list of authorized dealers in your state.
2) Find out the cost of gold coins, as well as bars, by surfing websites of companies that monitor daily prices. Do your homework!
3) Store your gold, and gold certificate in a safe place. DPM recommends Brinks or Questrade for storage as opposed to commercial banks.