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Should I buy gold coins and bars online or in person?
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Gold has had tremendous price growth so far in 2024. On January 1, 2024, the precious metal was trading at $2,063.73 per ounce. Fast forward to today, and the price of an ounce of gold has climbed to $2,361.66. That’s a more than 14% climb, year-to-date.
With such strong growth in the price of the precious metal, it wouldn’t be surprising if you decided to invest in it. Doing so is as simple as buying gold coins, bars or both and enjoying future price growth.
But, there are multiple ways to buy gold coins and bars. You could go to your local coin and precious metals dealer and some local banks might make gold coins and bars available. You can even find the precious metal at big box stores like Walmart and Costco or through countless online retailers.
But that begs the question, “should you buy gold coins and bars online or in person?”
Buy gold now before its price has a chance to climb further.
Should I buy gold coins and bars online or in person?
Amid the ways to buy gold coins and bars, two of the easiest are online and in person. But, which is better? As with most financial questions, there’s not a one-size-fits-all answer.
There are some benefits to working with online gold dealers. Online companies typically have fewer overhead expenses than brick and mortar companies. And, with fewer overhead expenses, they may be able to offer gold at lower prices than local shops can. Online dealers may also have a larger inventory than local retailers, giving you more options to choose from.
But, there are some benefits to buying in person as well. First, when you buy gold in person, you’re able to hold the tangible metal and ensure quality. And, purchasing gold from a local dealer gives you a way to support your local community and economy. Not to mention, you’ll take possession of your gold as soon as you buy it.
There are times when buying gold coins and bars online will be your better option and others when buying them in person makes more sense. Below, we’ll detail when each option can be beneficial.
Compare your gold investing options among leading dealers now.
When you should buy gold coins and bars online
If you’re looking for the lowest cost on your gold coins and bars, buying them online may be your best bet. “Large online dealers can typically beat the cost of smaller shops with a large-scale operation and agreements with major suppliers,” explains Steve Azoury, ChFC and owner of the financial planning firm, Azoury Financial.
And, you may have access to gold coins and bars that are in better condition when you work with online dealers. That’s because, “your shipment comes directly from the source of production, unlike the local dealer who sells products bought from other customers,” says Azoury. However, some online dealers may offer items purchased from customers as well.
Buying online also makes sense if you want to choose from a larger inventory of gold products as online dealers may have larger selections than local shops.
It’s also worth noting that if you’d like to own gold coins and bars on a derivative basis, you may want to make your investment online. “If you’re just looking to own gold as part of a mutual fund or in an exchange-traded fund (ETF), then it can be a lot more convenient and cost-effective to buy it online,” explains Dana J. Menard, CFP, founder and lead financial planner at the financial planning firm, Twin Cities Wealth Strategies.
When you should buy gold coins and bars in person
If you’d like to be able to inspect gold coins and bars before you buy them, “you should do it in person since they should allow you to physically inspect and touch the bullion to verify its purity, weight, and authenticity,” says Menard.
It may also be a better option if you want your gold as soon as you buy it. “Buying in person could be beneficial,” says Azoury. “With a local dealer, you will get your purchase immediately and if there are any issues, you know where to go.”
The bottom line
Buying gold online and in person both come with their own pros and cons. If you want the best price and largest selection to choose from, buying gold online may be your best option. On the other hand, if you’d like to personally inspect the gold before you purchase it, support your local economy and get your gold as soon as you buy it, a local shop may be a better fit.
TRENTON, N.J. — Democratic Newark City Council President LaMonica McIver has defeated Republican small businessman Carmen Bucco in a contest in New Jersey’s 10th Congressional District that opened up because of the death of Rep. Donald Payne Jr. in April.
McIver will serve out the remainder of Payne’s term, which ends in January. She and Bucco will face a rematch on the November ballot for the full term.
McIver said in a statement Wednesday that she stands on the “shoulders of giants,” naming Payne as chief among them.
She cast ahead to the November election, saying the right to make reproductive health choices was on the ballot as well as whether the economy should benefit the wealthy or “hard working Americans.”
“I will fight because the purpose of politics and the purpose of our vote is to give the people of our communities and our nation a bold voice,” she said.
Bucco congratulated McIver on the victory in a statement but said he’s looking forward to the rematch in November.
“I am not going anywhere,” he said in an email. “We still have a second chance to make district 10 great again!”
Who are LaMonica McIver and Carmen Bucco?
McIver emerged as the Democratic candidate in a crowded field in the July special election. A member of the city council of New Jersey’s biggest city since 2018, she also worked for Montclair Public Schools as a personnel director and plans to focus on affordability, infrastructure, abortion rights and “protecting our democracy,” she told The Associated Press earlier this summer.
Bucco describes himself on his campaign website as a small-business owner influenced by his upbringing in the foster system. He lists support for law enforcement and ending corruption as top issues.
The 10th District lies in a heavily Democratic and majority-Black region of northern New Jersey. Republicans are outnumbered by more than 6 to 1.
It’s been a volatile year for Democrats in New Jersey, where the party dominates state government and the congressional delegation.
Among the developments were the conviction on federal bribery charges of U.S. Sen. Bob Menendez, who has denied the charges, and the demise of the so-called county party line — a system in which local political leaders give their preferred candidates favorable position on the primary ballot.
Democratic Rep. Andy Kim, who’s running for Menendez’s seat, and other Democrats brought a federal lawsuit challenging the practice as part of his campaign to oust Menendez, who has resigned since his conviction.
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Sean “Diddy” Combs at same Brooklyn detention center that held R. Kelly, Sam Bankman-Fried, other high-profile inmates
A second judge refused to grant bail to Sean “Diddy” Combs on Wednesday and he could remain in federal custody at a Brooklyn detention center until his trial for sex trafficking charges. Combs joins other high-profile inmates, such as singer R. Kelly, fallen cryptocurrency mogul Sam Bankman-Fried, rapper Ja Rule —even Al Sharpton served a brief stint— who were held at the same federal detention center.
Notorious for its horrible conditions —inmates won a $10 million class action settlement after enduring frigid conditions during an 8-day blackout in 2019— the waterfront industrial complex, MDC Brooklyn, houses 1,200 inmates.
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Violence and corruption have long plagued the facility; U.S. District Judge Gary R. Brown of the Eastern District of New York wrote the detention center had “dangerous, barbaric conditions” in a recent sentencing opinion. Two inmates were stabbed to death in recent months and several correction officers have been convicted for smuggling contraband and accepting bribes.
Combs joins a list of high-profile personalities that have landed at the MDC Brooklyn, partly because the city’s other federal detention center, MDC New York, closed in 2021, also due to horrible conditions. The disgraced financier Jeffrey Epstein died by suicide in his cell there in 2019. “Numerous and serious” instances of misconduct among corrections staff gave Epstein the opportunity to kill himself, a subsequent federal watchdog investigation found.
Kelly sued the federal detention center in 2022 for wrongly putting him on suicide watch after his sentencing. Kelly sought $100 million because he said the detention center knew he wasn’t suicidal after he was convicted in 2021 for racketeering and violating the Mann Act, which bars transporting people across state lines for prostitution.
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Former crypto billionaire Bankman-Fried survived on bread, water and sometimes peanut butter when he was in the MDC Brooklyn, his attorney said, because the detention center continued to serve him a “flesh diet” despite requests for vegan dishes.
Ja Rule stayed at the MDC Brooklyn for a brief time before being released after serving most of his two-year sentence for illegal gun possession. Most of his prison time was spent in a state prison in New York.
Sharpton served a 90-day sentence in 2001 and went on a hunger strike for protesting the U.S. Navy bombing of the island of Vieques, in Puerto Rico.
Combs was taken into custody on Monday and according to an indictment unsealed Tuesday he was charged with sex trafficking, racketeering conspiracy and transportation to engage in prostitution.
His attorney Marc Agnifilo told CBS News, “It’s impossible to prepare for a trial from where he is,” after a first federal judge denied Combs bail on Tuesday.
U.S. Magistrate Judge Robyn Tarnofsky agreed with prosecutors who argued the hip-hop mogul, who is accused of using his business empire as a criminal enterprise to conceal his alleged abuse of women, is a flight risk and poses an ongoing threat to the safety of the community.
Agnifilo said the part of the detention center where Combs is being held is “a very difficult place to be.”
contributed to this report.
