How to buy gold in the United States
The US gold market is highly competitive with multiple dealer options, direct access to the US Mint, and widespread local coin shops. This guide covers the main dealers, products, and considerations for US buyers.
Compare US gold dealers →Where to buy gold in the USA
- Online dealers: APMEX, JM Bullion, SD Bullion, and Provident Metals offer competitive online pricing, wide product selection, insured shipping, and transparent pricing. Compare quotes from at least two dealers before purchasing.
- US Mint (direct): The US Mint sells American Gold Eagle coins directly. Prices include a moderate premium. Advantage: direct from government source with quality assurance.
- Local coin shops: PCGS-affiliated dealers and local numismatists offer personal service and immediate delivery. Verify dealer credentials through the Professional Numismatists Guild (PNG) or American Numismatic Association (ANA).
Key point: Always compare the total price including shipping and insurance, not just the per-ounce price. A seemingly cheaper dealer with expensive shipping may cost more overall.
Best gold products for US buyers
- American Gold Eagle (22k, legal tender): The most recognisable US gold coin, minted since 1986. Contains approximately 0.916 troy ounces of pure gold. Carries a higher premium (4–8%) due to brand recognition and legal tender status, but offers excellent liquidity globally.
- American Gold Buffalo (24k/999.9 fine): Pure gold, minted since 2006. No premium on purity (unlike the Eagle). Slightly lower premiums than Eagles. Also highly liquid.
- PAMP Suisse bars (1 oz): Swiss-made, low premium (1–3%), highly liquid. Assay card included. Excellent for large purchases.
- Generic 1 oz bars: Lowest premium (1–2%), but less liquid than branded coins. Suitable for long-term storage.
Understanding premiums
The spot price is the market reference—the current wholesale price for one troy ounce of pure gold in USD. Dealers add premiums (markups) because they incur costs for fabrication, authentication, shipping, and inventory management. Premiums typically range from 1–8% depending on product type:
- Generic bars: 1–3% premium
- Branded bars (PAMP, Valcambi): 2–4% premium
- Modern coins (Buffalo, Eagle): 4–8% premium
- Rare or numismatic coins: Variable, often much higher
Always compare the total cost per troy ounce across dealers. A bar with a 2% premium but high shipping costs may be more expensive than a coin with a 6% premium but free shipping.
Tax and reporting
Investment-grade gold is subject to capital gains tax in the United States. The IRS treats physical gold as a collectible, which means:
- Capital gains tax: Profits on gold sales are taxed at the collectible rate, which can be as high as 28% (federal). Compare this to long-term capital gains rates for other investments.
- Reporting: Dealers file Form 1099-B for certain transactions involving coin and bar sales above reporting thresholds. You are responsible for reporting all gains on your tax return.
- Cost basis: Keep detailed records of purchase price, date, and quantity for each transaction. This is essential for calculating capital gains accurately.
Consult a tax advisor for your specific situation, as tax treatment depends on your income, filing status, and other factors.
Storage options
- Home safe: Maximum convenience and control, but carries insurance and security considerations. Ensure your homeowner's or renter's policy covers precious metals.
- Bank safe deposit box: Low cost, secure, but limited access hours. Verify insurance coverage and whether the bank has limitations on precious metals storage.
- Third-party vault: Companies like Delaware Depository and Brinks offer insured, audited storage with segregated or allocated gold. Higher cost but maximum security for large holdings.
- Allocated storage through a dealer: Some dealers offer allocated storage where specific bars are held in your name. Verify insurance coverage and whether the arrangement is legally your property.