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Home » Buying Guide » Where Can You Buy Gold?

Where Can You Buy Gold?

Gold investment is considered as one of the best and secure investments. With the gold price on the rise, investors who have already brought gold bullion are making huge profits. Investment in Gold bullion is mostly in the form of gold bars and coins but the question is where do you buy your gold from?

There are many gold dealers in the UK market and some of them are extremely reputed and yet it is always recommended to conduct a thorough research before you choose a dealer. The most obvious reason being quality of gold sold to you. There are certain aspects of gold that you need to be aware of before you plan your gold bullion investment and start the process of finding the right dealer.

The purest form of gold is the 24K or 24 Carat gold but normally gold bars and coins are not 24K but 23.988 carats, which refers to 99.99% purity. This is the standard purity of gold being sold in the form of bars and coins. Some dealers also sell gold coins and bars having a purity of 99.95% (23.988K) and 99.5% (23.88K). So if a dealer tells you that they are selling 24K then ask them for certification. When you buy gold bars, you will normally get a certificate of Assay for gold bars that states the purity in numbers like 99.99% purity will be represented by 9999. Some of the other information in the certificate of assay will include weight of the bar and fineness. Apart from this, the fineness or purity, weight, and assay stamp of the refinery will be mentioned on the gold bar itself.

How to begin my search for dealers?

There are several different ways by which you can begin your research. The best starting point is the internet. Today, most gold bullion dealers in the UK have their own website where they offer information pertaining to gold and silver bars and coins. Information provided on dealer website include the different weights of gold and silver bullion available, their price in pounds per bar or coin, information on various offers, customer reviews, and the rate of gold or silver on that particular day. The price of gold as of today is £1048.26 per oz while that of silver is £19.25 per oz.

Apart from the dealer’s website, you can search over the internet for customer reviews as well as gold bullion expert reviews as well. These reviews will provide insight into customer experience with a particular dealer and what the view of experts is regarding that particular dealer. Customer testimonials play an important role in decision making and you should check onsite testimonials as well as endorsements of gold bullion dealers from third party websites.

The reason why you should visit third party websites is because their credibility will be higher as compared to the dealer's website. One very important aspect that you need to remember is looking for real testimonials from real customers. You can use different phrases to search for authentic testimonials like "testimonials for gold dealers in the UK", "reputed gold dealers UK" etc.

One of the best ways to find credible reviews is by searching over the internet using the name of the gold bullion dealer. You can also use "(gold bullion dealer name) reviews" in your search to find authentic customer feedback regarding the particular dealer.

You can also search for reviews by experts from the industry. There are some third party websites where experts and customers provide star ratings to gold bullion dealers. Any dealer with consistent ratings of 4 or 5 should be considered where 5 is the highest. Once you know the ratings of various dealers create a list of top rated dealers and then conduct further research on those particular dealers.

Experts can give positive and negative reviews based on customer experience, reputation, previous issues if any related to fraudulent practices etc. These reviews will help you to form a list of dealers that you need to avoid based on negative reviews and will also help you to create a list of reputed dealers.  

You can also search using various terms like "gold scam in the UK", "scam by gold dealers" etc. These will bring forth names of dealers who have been blacklisted by gold council or have a tarnished reputation.

One of the important factors that will help you to find the right bullion dealer is word of mouth. Yes! Word of mouth still works. Recommendations from your family, friends, relatives, and colleagues can be quite helpful. If you know people who have already invested in gold or silver bullion then your search for the right dealer will end. They can provide you with information regarding whom they have brought their bullion from. Word of mouth is quite effective when it comes to instilling confidence in a particular dealer or firm for placing an order of gold bullion.

Are there any hidden costs?

There are some dealers who will never inform you about hidden costs associated with gold bullion and you need to be cautious regarding these costs. Most often, investors communicate with dealers through phone or over email and as a result, hidden costs might not be communicated by dealers. Normally, hidden costs refer to extra fee that is charged on physical gold and silver coins and bars. If your bullion is being shipped then there will be other charges like insurance charge, postage charge, and other handling costs. You need to ask dealers about the hidden charges so that you are fully aware of the total amount of investment you need to make. You need to also find out from bullion dealers if your parcel is going to be insured or not. The process of buying should be transparent and easy and this is another criterion that will help you to find the right bullion dealer.

The bottom line is that if you are planning to invest in gold bullion then find a dealer you can trust and with whom you can build a long term business relationship. Invest in gold only if you are completely sure of the reputation of a dealer so as to enjoy peace of mind post investment.

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