How to Find a Reputable Gold Dealer

• Are Gold Dealers Regulated?
• What to Consider in a Gold Dealer
• How to Spot a Scam Bullion Dealer
• Buying Gold from The Royal Mint

Buying gold can be a popular investment choice for those looking to diversify their portfolio, protect their wealth or hedge against inflation. However, the key to investing in gold is to find a reliable and trustworthy gold dealer. In this article, we provide you with some general tips on how to find a reputable gold dealer, which may give you the knowledge and expertise you need to make informed decisions.

Are Gold Dealers Regulated?

When buying gold, it is important to take the time to research potential gold dealers. In the UK, gold dealers are not specifically regulated, but there are ways to identify reputable traders. Here are some general tips to help you research gold dealers:

1. Utilise online directories and resources

A number of websites list reputable gold dealers in the UK, such as The British Numismatic Trade Association (BNTA) and the London Bullion Market Association (LBMA). These are both good places to start.

2. Read online reviews

Other customers can provide valuable insight into a dealer’s reputation; websites like Trustpilot and Google Reviews are useful resources.

3. Look for accreditations and certifications

Whilst gold dealers are not specifically regulated, there are industry accreditations and certifications that can indicate a dealer’s commitment to ethical practices, such as accreditation by the BNTA or membership of the LBMA.

4. Check the dealer’s reputation

A dealer’s record can tell you a lot about their reliability and trustworthiness; look for those who have been in business for a while and who have a good name within the industry.

What to Consider in a Gold Dealer

Choosing the right gold dealer could help ensure a fair price, excellent customer service and the security of your investment. There are a number of key factors to consider, including bullion prices, customer service, after-sales support, security, insurance and delivery. By understanding these factors, it could help you make an informed decision and feel confident in your gold investment.

Bullion Prices

When buying gold bullion, it is important to understand how bullion pricing works, as the weight of the piece and the current market price of gold, known as the spot price, primarily determine bullion prices.

• Premiums: gold dealers normally charge a premium over the spot price to cover their costs and make a profit. Premiums vary depending on the dealer, the type of gold you’re buying and the quantity.

• Buy-back prices: it is important to consider the buy-back price that a dealer offers i.e. the price a dealer will pay you if you decide to sell your gold back to them. Buy-back prices can vary depending on the dealer and the current market conditions.

Customer Service and After-Sales Support

Customer service and after-sales support are crucial factors when purchasing gold. Look for a responsive and helpful dealer with a strong reputation for excellent customer service, who can also provide assistance and support following a transaction. Check reviews and ratings from previous customers to get an idea of their experiences.

After a sale, a dealer should offer support, such as assistance with storage or delivery, or advice on selling your gold in the future, and answer any questions or concerns you may have. They should also be able to provide accurate and up-to-date information on the gold market, notifying you of any changes or trends that may affect the value of your investment.

Security, Insurance and Secure Delivery

In order to protect your investment, security and insurance are essential considerations when buying gold. Reputable dealers should have a secure storage facility equipped with state-of-the-art security features, including CCTV cameras, alarms and access control systems.

Ask dealers about their security and insurance policies, including delivery options, and ensure that their policies are clearly outlined in their terms and conditions. Some dealers also offer insured delivery options for added peace of mind, to protect against potential loss or damage during transit.

How to Spot a Scam Bullion Dealer

Investing in gold can help diversify your financial portfolio, but it is important to recognise the warning signs of scam bullion dealers. A common red flag is an unsolicited offer, whilst some dealers might use pressure tactics to secure a quick purchase. Be wary of dealers who offer significantly lower prices than the market value, as this could be a sign of counterfeit products.

Buying Gold from The Royal Mint

Trusted around the world, The Royal Mint has been a leading authority on precious metals for centuries. We trade and make bullion bars and coins in gold, silver and platinum, and consistently drive innovation in craftsmanship and sustainability. Gold bought from The Royal Mint can be stored in The Vault®, our state-of-the-art secure facility in South Wales.