How to get good prices on gold bars and coins (2024)

The glimmer of gold in jewelry and other lavish items has been alluring for centuries. And, while the precious metal is still used in these types of items today, gold's uses stretch far beyond necklaces, bracelets and other jewelry. For example, not only is the precious metal regularly used for industrial purposes, butgold is also a prized investment assetin today's market.

That's due, in large part, to the fact that when the prices of goods and services rise, the price of gold tends to increase in tandem. Moreover, gold's value tends to stay steady or increase during downturns in economic, geopolitical and market conditions. So, investors often look to gold as a way to reduce risk in their portfolios.

But gold isn't a cheap asset. With thespot price currently at $2,000 per ounce, and dealers typically charging fees in addition to the spot price, it's important to look for the best deals whenpurchasing gold bars and coins. So, how do you get a good price on gold?

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How to get good prices on gold bars and coins

Considering the safety and stability gold brings to investment portfolios, you may want to purchase gold bars and coins of your own. But how do you get a good price in the process?

Compare dealers

Gold dealers generally charge fees in addition to gold spot prices. As independent companies, these dealers have the option to set their own prices for their services. So, you may find that the prices of gold coins and bars are significantly higher with some dealers compared to others.

But you may also find that a dealer who charges a higher fee for gold coins has the best deal on gold bars. So, it's important to determine the type of gold you'd like to purchase and compare your options with that factor in mind.

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Buy larger quantities

Buying in bulk generally saves you money. That's the case when it comes to groceries and home goods — and it's also the case when it comes to gold.

For example, if you were to purchase a 1-ounce gold bar, you would likely pay a larger per-ounce markup than you would if you purchased 10 ounces of the precious metal.

Consider local dealers

You may think that larger national or multinational dealers are the best places to buy gold — and in some cases they are. However, it's important to also look at your local dealers. They may have fewer products to choose from in some cases, but you may be able to get a better per-ounce deal by negotiating.

It's unlikely that you'll be able to negotiate with large national or multinational gold dealers, but your local dealer may be willing to reduce prices. After all, local dealers typically rely on the loyalty of their communities to stay afloat. So, they may make a deal with you to win your business.

Don't be picky about the design

As you shop for gold bars and coins, you'll quickly learn that some designs are far more expensive than others. For example, the price for 1-ounce gold bars from JM Bullioncurrently ranges from $2,096.71 to $2,263.71.

The highest-priced ounce of gold and the lowest-priced ounce of gold are about $167 apart — and the purity of the product is the same. With the higher-priced bars, you're often paying for a more expensive design. So, if you're not picky about the design of the gold coins or bars you purchase, you could save quite a bit of money.

The bottom line

The price of an ounce of gold will vary based on the dealer you purchase your gold from and the design and quantity of gold you purchase. So, consider these factors as you compare your options to find the best prices on gold bars and coins.