How to Buy Gold Locally

For new investors, finding the best place to buy gold can be both challenging and confusing. Even just online, hundreds of different dealers vie for your business. It can be tough to find the right dealer for your next investment. 

Further complicating your investing efforts is the fact that local dealers also offer a solid option for investors who want to buy gold. Hero Bullion is an online gold dealer, so we tend to recommend customers go with internet gold dealers for their investments. After all, online dealers offer competitive prices and a variety of products that local coin shops just can’t match. 

Still, investors who are new to the game often want to know how to buy gold locally. We’ve got you covered! In this Bullion Academy guide, we’re taking a closer look at how to buy gold locally. We’ll also give readers some tips for how to figure out if buying from a local gold shop is the right choice for their investment needs. 

Local Vs. Online Gold Dealers

No matter where you choose to buy your gold, you’re sure to gain access to hundreds of beautiful gold coins and bars. 

But if you’re reading this guide, you probably want to know how to choose between online and local gold dealers. The good news is that there are advantages and disadvantages to both business models. 

Should you buy gold online or locally? The answer, as with many things in the precious metals sector, depends on a few different factors. 

While buying gold locally offers investors a personal touch to their purchasing experience and no shipping wait times, online dealers provide their customers with a wide selection of available products, discounts on premiums, and convenient shipping options. 

Let’s dive into how to buy gold locally by exploring the advantages of local dealers versus online gold stores. 

Pros of Buying Gold Locally

We find that consumers often report two main benefits to buying gold locally: the personal shop of buying in your community and no wait times for shipping. We’ll take a look at both of these reasons to buy gold locally below. 

Personal Touch 

While the internet has made shopping and investing easier than ever before, some investors like the personal touch of buying locally. 

Most local coin shops are small operations, and some are even family owned and operated. To some coin collectors, part of the fun of stacking gold is interacting with the vast network and community of stackers around the country. 

When you regularly visit local coin shops, you’ll be able to get to know some of the other coin collectors and gold enthusiasts in your neighborhood. 

Even more importantly, developing a personal relationship with your local gold sellers can be a valuable and rewarding experience. If you work closely with a dealer and show a bit of loyalty to their business, they’ll be more likely to let you know when they come across cool new coins or great deals on gold. 

Generally, we recommend local gold dealers to investors who really want to get to know their local gold coin market. 

No Shipping Waits 

No shipping wait times might be the biggest benefit of buying gold locally. Local dealers don’t have the range of products that online dealers offer, but one major negative to buying gold online is that you’ll have to wait before holding your gold coin or bar in your hands. 

Local shops don’t have this problem. If you’re wondering how to buy gold locally, you might be fed up with waiting for weeks (or months) to receive the gold coins and bars you’ve already paid for. 

Hero Bullion offers competitive prices, quick shipping, and a wide selection of available gold products for our customers. Still, online dealers just can’t keep up with the easy access to gold coins and bars afforded by local shops. 

If you’re someone who doesn’t want to wait to receive their gold coins, paying the higher premiums associated with local coin shops can help you get your gold fast! 

Advantages to Buying Gold Online 

Online dealers are a relatively new phenomenon for the gold market. For centuries, the only way to buy gold coins and bars was to visit a dealer or a bank. But with the advent and popularization of the World Wide Web, it’s not surprising that gold dealers have dominated the space. 

We understand why, too. Online dealers offer three major benefits to investors: discounts and deals, a wide inventory, and convenient shipping straight to your door. 

Let’s take a close look at these three benefits below. 

Possible Discounts

Some gold dealers charge higher prices than you’ll find at a local shop. But for the most part, competitive online dealers offer some of the best deals and discounts on gold bullion bars and coins you’ll see anywhere. 

Hero Bullion is an online precious metal dealer based out of Texas. Our competitive prices, expansive inventory, and fair shipping costs have made us a favorite for thousands of gold stackers around the country. 

Online dealers don’t need to pay the overhead costs of a brick and mortar shop, and many dealers like Hero Bullion secure partnerships with private mints and distributors to help secure cheaper products. 

These savings are passed onto the customer. If you’re looking for the cheapest and quickest way to buy nearly any gold coin in existence, online gold dealers are a good option. 

Wide Selection 

If you’re wondering how to buy gold locally, you should understand the limitations of most local coin and numismatic shops. Many shops offer a large selection of coins, but they typically won’t have anywhere near the inventory of an online dealer. 

Because online gold dealers can secure hundreds or thousands of coins and ship them whenever they’re purchased, it’s easy for companies like Hero Bullion to stock up on nearly every coin an investor could possibly need. 

This isn’t to say that local gold dealers are without their benefits. In fact, savvy stackers may find some amazing discounts or hidden gems by checking out local coin shops and numismatic stores. But when it comes to the widest selection of available products, online gold dealers certainly win the day. 

Convenient Shipping 

We mentioned earlier that many gold investors don’t like having to wait for their products to ship. It’s one of the most common complaints we see from online gold investors. We don’t blame them – some dealers take forever to ship their gold coins and bars after payment is made. 

Luckily, the pain of having to wait on your gold is offset by the convenience of buying gold online. Companies will ship your gold coins and bars discreetly to your door, and advanced security measures make shipment a simple, safe process. 

Many investors are tired of having to fight crowds or go to multiple shops to find the gold coins and bars they love. If you’re one of these stackers, online dealers can save the day. Just pick out the product you want from a dealer’s website, pay, and wait for it to arrive right to your doorstep! 

Should You Buy Gold Locally? 

As we explore how to buy gold locally, investors should think about whether or not buying gold coins and bars from a local shop is right for them. 

Factors to Consider

Two factors should help you decide whether to opt for an online or brick and mortar store for your next gold purchase. Namely, investors should consider their investment goals and preferences and the quality of coin shops near them before waltzing into a local shop to buy gold coins and bars. 

Investment Goals and Preferences

As we explained earlier, buying gold coins and bars from local shops takes a bit of patience. Since local dealers can’t offer the degree of variety afforded by online gold distributors, you might have to go through several different shops before you find the gold coin or bar you’re looking for. 

This isn’t always a bad thing, but investors working on a short timeline might consider opting for online dealers rather than local shops. 

If you’re a seasoned collector looking for specific, rare gold coins, online dealers are probably your best bet. However, investors who are looking for basic coins (e.g. Gold Buffalos), local dealers might be a fine option. 

Local Coin Shops Near You 

Some investors live in major cities with hundreds of local gold dealers. But others, especially customers in rural areas, might not have easy access to any local coin dealers or numismatics shops. 

As you learn how to buy gold locally, make sure to search and see what shops are close to you. The number of different vendors near your location can help you buy gold locally without having to waste money driving hours at a time. 

We don’t recommend buying gold from the first local shop you visit. Each shop will set its own prices, and you’re likely to lose a bit of money to gold premiums if you don’t do your due diligence and check multiple shops. 

Because of this, local coin shops might not be a good choice if you live in an area with only one or two gold dealers. Most towns will have a pawn shop equipped with gold coins, but we generally steer gold stackers away from this particular type of gold dealer. Pawn shops are notorious for their high prices and markups on precious metals.

Where to Buy Gold Coins and Bars

If you’re still confused about how to buy gold locally, take a look at a few different options that might be available near you. 

We find that local coin shops, pawn shops, and numismatic stores are three of the most popular ways to buy gold locally. Let’s take a closer look at the pros (and cons) of each option in the next subsections. 

Local Coin Shops

Coin shops can be a great option for investors who want to learn how to buy gold locally. Shops that specialize in gold coins are usually staffed by experienced numismatists. This can help you get your footing if you’re new to gold coin collecting. 

It’s also a good idea for new numismatists and coin collectors to start getting involved in their local gold coin scene. Coin shops are always filled with coin collectors, who can help you get more information about how to buy gold locally and build your stack without breaking the bank. 

We recommend visiting multiple local coin shops before buying a gold bar or coin. Some shops offer better deals than others, and it’s not as easy to quickly compare prices at local shops as it is when you choose to shop online. 

Still, local coin shops offer all the benefits of buying gold locally – personalized service, a sense of community, and no shipping waits! 

Pawn Shops

If you’re in a time crunch to buy gold while prices are low, pawn shops are always an option. Some pawn shops might offer rare gold coins at competitive prices, especially if the shop’s owners aren’t familiar with the rarity and value of most gold coins. 

But for the most part, pawn shops should be your last resort if you’re looking for high quality gold coins at a reasonable price. Some pawn shops add outrageous premiums to their gold coins and bars, and you’d probably be better off buying online than learning how to buy gold locally from a pawn shop. 

Numismatic Stores

Numismatic shops can be tough to find, but they’re a fantastic option if you’re an investor who wants to buy gold locally from experts. Like local coin shops, numismatic shops are usually staffed by experts who really know their gold coins and bars. 

Some numismatic shops may be a “one-stop shop” for all things collectible, which is great for investors who want to diversify their portfolio with many different kinds of precious metals. 

Final Thoughts: How to Buy Gold Locally 

Buying gold locally shouldn’t be difficult. While a growing number of gold stackers are turning to convenient online retailers like Hero Bullion to build their gold portfolios, the local coin scene is still very much active in much of the United States. 

We’ve walked readers through the pros and cons of buying gold near you, and we even equipped you with a few tips on how to buy gold locally. The only thing left for you to decide: what’ll be your next investment? 

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• Budget Investing Guide: Cheapest Ways to Buy Gold
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