How to Buy Gold, and Where Americans Actually Buy It

You buy physical gold by picking a coin or bar, checking its total price against spot, paying a dealer you've vetted, and having it delivered insured to wherever it'll be kept. Most Americans buy from an online dealer or a local coin shop, because the U.S. Mint doesn't sell its bullion coins directly to the public. One troy ounce is worth today’s spot price at today's spot price, and everything you'll see for sale is priced from that number plus a premium.

How to buy gold in five steps

There are five decisions, in this order. Each gets its own section below.

1. Choose the product: coins or bars, and what size.
2. Work out the premium per ounce at two or three sellers.
3. Pick how you'll pay. Card, check, wire and cash each carry different prices, limits and waits.
4. Sort out delivery and know who carries the risk until the box is in your hands.
5. Decide where it'll live: home, a bank box, a private depository or a gold IRA.

Step 1: Choose the gold you'll buy

Coins or bars. Both are priced from the pure gold inside them.

Bullion coins come from government mints in standard weights. The U.S. Mint offers American Eagle gold bullion coins in one ounce, one-half ounce, one-quarter ounce and one-tenth ounce sizes, and says their weight, content and purity are guaranteed by the United States Government. A one-ounce Eagle is 91.67% gold and weighs 33.931 grams in total, holding one troy ounce of pure gold. The American Buffalo is .9999 fine, 24-karat gold. Our gold coins page puts the main coins side by side, and there are separate guides to the American Gold Eagle and American Gold Buffalo.

Bars are made by refiners and private mints, starting at one gram. You've probably seen the PAMP Suisse Lady Fortuna. Costco lists its one-ounce version as "999.9 fine gold," made by an LBMA Good Delivery refiner and sealed in packaging with an assay certificate. More in gold bars and PAMP Suisse gold bars.

Proof and collector coins are their own thing. The Mint sells proof and uncirculated coins at a fixed price, each with a Certificate of Authenticity, and you're paying for finish and mintage as well as the gold.

Size matters too. Smaller pieces let you buy, and later sell, in smaller amounts, but they cost more per ounce of gold. Striking a tenth-ounce coin takes nearly as much work as striking a one-ounce coin.

Step 2: Compare the price over spot

Spot is the market price for one troy ounce. Nobody at retail sells at spot. What you pay above the gold's spot value is the premium.

The U.S. Mint says bullion coin pricing "typically depends on the market price of the metal, plus a small premium to cover minting, distribution, and marketing costs." Each dealer adds its own margin on top. The Commodity Futures Trading Commission (CFTC) puts typical bullion premiums at between 5 and 10 percent over spot in its customer advisory on gold and silver sales, and says collectible (numismatic) coins can carry premiums of 40 to 200 percent above spot.

To compare offers fairly:

• Work in price per ounce of pure gold, so a one-ounce coin, a half-ounce coin and a 50-gram bar line up.
• Add shipping, insurance and any card surcharge. A cheap coin with expensive shipping isn't cheap.
• Compare the same payment method. Plenty of dealers show a lower check or "cash" price and a higher card price.
• Ask what they'd pay to buy it back. The gap between their selling and buying prices is the spread, and it tells you now what selling will look like later.

Price over spotSee what a dealer is really charging above the gold price.

Step 3: Choose how you'll pay

How you pay changes the price, the order limit and how soon it ships. We checked three big online dealers' own pages in October 2026. Terms change, so confirm at checkout.

That 4% matters. Say you're spending $20,000: paying by check or eCheck at JM Bullion instead of by card is worth about $800.

Cash has a reporting rule. IRS Publication 1544 says any business that receives more than $10,000 in cash in one transaction, or in related transactions, must file Form 8300. The IRS's own example is a coin dealer who sells $13,200 of gold coins paid with $6,200 in currency and a $7,000 cashier's check. The cashier's check counts as cash, so the dealer files. A check drawn on your personal account isn't cash under this rule. Transactions with the same buyer within 24 hours are treated as related, and the dealer has to send you a written statement by January 31 of the following year saying it reported the payment.

Step 4: Get it delivered, insured

Good online dealers ship insured. The catch is that the insurance usually ends the moment the carrier records delivery, so read the shipping page before you order.

JM Bullion says every package ships "with full third-party shipping insurance," that coverage ends once the carrier gets a signature or completes delivery confirmation, and that its return address and packaging don't show what's inside. Shipping is free on orders of $199 or more.

SD Bullion ships and insures orders over $199 free and charges a flat $9.95 at $199 or less. Its insurance won't cover a package if you waive the signature requirement with your carrier, or if it ships to a UPS Store, FedEx store or other mailbox location.

APMEX ships free over $199 and charges $9 below that. It tells customers to refuse any package that looks damaged or tampered with, since insurance ends once the package is signed for or delivered, and wants notice of damage within 48 hours.

So be home when it arrives. Add a signature requirement if you can, open the box on camera, and check every piece against the invoice that day.

Step 5: Decide where it lives

• At home, in a safe. Ask your homeowner's or renter's insurance agent what's covered for valuables.
• In a bank safe deposit box. The FDIC says box contents aren't insured by FDIC deposit insurance if damaged or stolen.
• In a private depository, which stores metal for a fee, often with its own insurance.
• In a gold IRA, where the IRS requires the coins or bullion to be held by the IRA's trustee or custodian, not by you.

Our gold storage guide goes through each. For the retirement account route, see the gold IRA guide and self-directed IRA gold.

Where is the best place to buy gold?

That depends on how much you're buying, how you'll pay and whether you want it in hand today.

Online dealers

They carry the widest range and post prices that move with spot all day. The U.S. Mint lists APMEX (Oklahoma City) and SD Bullion (Fort Worth, Texas) among its authorized purchasers, and JM Bullion says its headquarters and contact center are in Dallas, Texas. Before ordering, run the dealer through the checks in how to choose a gold dealer.

Local coin shops

You see the coin before you pay and walk out with it. The Mint says its bullion coins are "widely available both online and physically from a variety of coin and precious metal dealers," and suggests finding "a local or national coin and precious metal dealer that fits your needs." Ask the shop three things: its price per ounce over spot, what it pays to buy back, and whether cards cost extra. Local premiums can come in above or below online ones, so compare on the same day.

The U.S. Mint

The Mint sells two kinds of gold coins, two different ways.

It publishes its list of authorized purchasers and notes that not all of them sell to consumers. If you want bullion Eagles or Buffaloes, you'll be buying from a dealer.

Costco

Costco sells gold bars online to members. Its listing for the one-ounce PAMP Suisse Lady Fortuna bar, which we checked in October 2026, says:

• Members only, one transaction per membership, and a maximum of four units per 24 hours.
• Non-refundable and not eligible for price adjustments.
• An adult aged 21 or older must be there with ID to receive it, and Costco may scan a government-issued ID.
• No delivery to Alaska, Nevada or Puerto Rico. Orders arrive in about 3 to 5 business days, shipping and handling included.

Its price moves with the gold market, so check it against spot on the day. There's more in Costco gold bars.

Banks

Some banks sell gold and many don't, and most have no published price list. If your bank or credit union says it sells coins or bars, ask what you'd ask a dealer: the price per ounce over spot, whether it buys back and at what price, and how you take delivery. Gold you buy there isn't a bank deposit, and the FDIC says safe deposit box contents aren't covered by deposit insurance.

Before you hand over any money

This list comes from the CFTC and FTC guidance in our sources.

• Don't buy because of a cold call, unsolicited email, social media post or infomercial. That's the CFTC's advice.
• Get every fee in writing, storage and account fees included.
• Precious metals dealers often aren't licensed to give investment advice, as the CFTC points out.
• Look up complaints. The FTC suggests searching the company's name with words like "complaint" or "review," and checking with the CFTC.
• Hang up on anyone claiming to be from the government who tells you to buy gold and hand it over. The FTC says no one from the government will ever ask you to buy and deliver gold bars.

When it arrives, how to tell if gold is real covers the checks. For the costs of owning gold, see how to invest in gold and gold taxes.

Live gold priceSpot per ounce, gram and kilo, plus silver, platinum and palladium.

What first-time gold buyers ask

How do I buy physical gold?

Pick a coin or bar, compare the price per ounce over spot at a few sellers, pay by a method whose price and wait you understand, and have it shipped insured to an address where someone can sign. Know where it'll be kept before it arrives.

Where can I buy gold?

Online bullion dealers, local coin shops, Costco (members only, online) and some banks. The U.S. Mint sells proof and uncirculated coins itself but only distributes bullion coins through its authorized purchasers.

Can you buy gold directly from the U.S. Mint?

Only its proof and uncirculated collector coins, at fixed prices. The Mint says it doesn't sell bullion coins directly to the public.

Is it better to buy gold online or in a store?

Online dealers usually have more products and live prices. A local shop lets you look the gold over and take it home the same day. We'd compare the total price per ounce, shipping and card fees included, on the same day and go with whichever is lower.

Can I buy gold bars from a bank?

Some banks and credit unions sell gold; many don't. Ask your branch what it sells, its price over spot and whether it buys back.

Do I have to show ID to buy gold?

Sometimes. Costco may scan a government-issued ID at delivery. A dealer that receives more than $10,000 in cash has to file IRS Form 8300, which records the buyer's details.

Sources and fact-check17 primary sources, checked October 17, 2026

1. United States Mint: Collectible and Investment Coins
2. United States Mint: Authorized Purchasers of United States Mint Bullion
3. United States Mint: Bullion Coin Programs
4. CFTC: Customer Advisory, Beware of Gold and Silver Schemes Designed to Drain Your Retirement Savings
5. CFTC: Release 6172-12, Consumer Advisory on precious metals fraud (January 31, 2012)
6. FTC: Investment Scams
7. FTC: Real government agents aren't asking you to buy and deliver gold bars (July 17, 2025)
8. IRS: Publication 1544, Reporting Cash Payments of Over $10,000
9. FDIC: Five Things to Know About Safe Deposit Boxes, Home Safes and Your Valuables
10. IRS: Publication 590-B, Investment in Collectibles
11. Costco: 1 oz Gold Bar PAMP Suisse Lady Fortuna (New in Assay)
12. JM Bullion: Payment Methods
13. JM Bullion: Shipping
14. JM Bullion: About Us
15. SD Bullion: Payment Options
16. SD Bullion: Shipping Policies
17. APMEX: Shipping and Insurance FAQ

We check every figure against the original source: the mint, the regulator, the exchange or the company itself. Spotted something out of date? Tell us.