Any recommendations on companies to buy physical gold or silver from to keep in home safe?

Do you typically buy coins or bars?

Same type, or mix it up?

LINK

Use this website to find the best prices.

if you can catch them when in stock, Costco online sells 1oz gold bars at spot price (limit 2 per member). They sell out quick though.

pawn shop

Metals dealers operate on the spread. Sell with a premium; buy at a discount. So sell for more than the actual value and buy at below the actual value.

They make their living off the difference between the two. They typically want cash or a money wire. Most will accept credit cards; but, charge an additional fee which makes the premium even higher.

You can get around this by buying and selling from other private sellers. There are FB and Reddit forums like “pmsforsale”. As users complete transactions they are tracked and you can find people with enough feedback to be relatively sure that you aren’t being scammed. This is not without risk, dealers have the resources to ensure that the products they sell are genuine. Most private individuals do not. Scammers are a thing. One of the more notable scammers in recent years was actually from Baton Rouge.

Generally, on forums like these the items offered are significantly discounted compared to a dealer. In many cases at spot price plus a very small premium or shipping fee.

The key with investing in physical gold or silver is you cannot be married to it. You bought at specific price. Then you determine the price that you are willing to sell it. If you paid $1,000 an ounce and want a 50% return; you sell when it hits $1,500.

If it goes up to $1,550 the next day; so be it. You got the 50% you agreed to. The whataboutism of potentially missed profits keeps many from selling at all. Then the SHTF and they need money and sell at, below or near what they paid.

Once that price has been reached, you sell the entire stack. Wait for the price to drop significantly; buy again…. Then rinse and repeat.

This is where things often get challenging. Finding a buyer willing to buy a small amount isn’t all that difficult. If you have accumulated pounds or kilos; suddenly, the number of potential buyers gets much smaller. Suddenly you are forced to deal with a dealer, jeweler or pawn shop.

It’s not easy to make money as a private buyer/seller. The unfortunate truth about precious metals is that they are usually fear marketed and often targeted at vulnerable populations like the aging or elderly. The number of people ripped off by magazine ads, QVC and the like is staggering.