How to Evaluate Prices for Gold and Silver Purchases

Investors will want to make sure they are obtaining the best, most competitive pricing when buying actual gold and silver coins or bars. Here are RPS Gold’s top five recommendations:

1) Be aware of the spot price.

The current market price for 1 oz of gold or silver, which fluctuates minute by minute throughout the day, is referred to as the “spot price.” These prices, which change in accordance with the global market, are a benchmark that precious metal dealers use all around the world to determine the pricing at which they will offer their products to clients. 

2) Be Clear about Your Goals

It’s crucial to decide precisely what kind of bullion you want to purchase. Depending on the product, different coins and bars may have a variety of premiums.

Compared to a bullion coin, which is likely to be purchased closer to the spot price, a certified proof coin may carry a somewhat higher premium due to its collectible value. The lowest premiums over spot price are likely to be offered on bars, which are typically slightly more affordable to purchase than coins of the same weight but frequently sell for a bit less when resold.

3) Find and contrast dealers

You can start your investigation once you are aware of the spot pricing and have decided what you want to purchase. Online gold and silver bullion shopping has never been simpler, and customers can conveniently compare vendors and pricing from the comfort of their own homes. In order to remain competitive with other top retailers and offer the best price to our customers, RPS Gold routinely compares the retail prices of its gold and silver products.

Surprisingly, some of the most well-known merchants are not usually the ones with the best deals. Some may raise the final cost with additional fees or hidden charges, so it is always vital to completely investigate this before choosing. The greatest and most reliable dealers will always publish all of their pricing in full on their websites. Some, like ourselves, won’t have any additional fees and will even include free insured UK delivery to your door in the price you see.

As you can see, the premiums charged by various bullion companies can differ significantly. Shopping around and doing your homework will undoubtedly pay you in the form of significant financial savings.

4) Purchase in bulk if you can

If you purchase in bulk, certain retailers will provide large price discounts. These deals will probably save you a good few pounds and are frequently listed on websites if you search for them. RPS Gold, for instance, offers tiered pricing on a number of its products. For instance, the price of a single 2023 Britannia 1 oz. gold coin may be £1,580.16*, but if you decided to purchase 2-4 of the same coin at once, the cost would drop to £712.

5) Purchase used gold and silver.

Pre-owned gold and silver coins and bars typically carry lower premiums than new ones. Pre-owned coins and bars could be a great way to diversify your portfolio and save money if you’re solely looking to purchase gold or silver for investment purposes. Buying used is frequently your best bet if you want to acquire the most physical gold or silver for your money.

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