5 Ways to Compare Prices When Buying Gold & Silver

When it comes to purchasing physical gold and silver coins or bars, investors will not only want to ensure they buy from an established, reputable dealer; they will also want to ensure they find the very best price available.

But how can you make sure you are getting the best, competitive price for your gold and silver? Here are Atkinsons five top tips:

1) Know the Current Spot Price

The ‘spot price’ or ‘spot’ is the term for the current market price for 1oz of gold or silver which changes minute-by-minute throughout the day. These prices fluctuate with the world market and are a standard used by precious metal dealers around the world to set their premium prices in order to sell to their customers.
Most online bullion dealers host the live spot prices in real time on their website – you can see ours here.

2) Know What You Want

This may be obvious - but it is important to decide on exactly which bullion or coins you are interested in buying. Different coins and bars can have different premiums on them depending on the product. For example, a certified proof coin can carry a slightly larger premium due to collectable value, rather than a bullion coin which will most probably be purchased closer to the spot price. Bars will most likely be sold with the lowest premiums over spot price, generally working out a little bit cheaper to buy than the same weight for a coin, but will also fetch a little bit less upon resale.

3) Research & Compare Dealer Premiums

Once you know the spot price, you can then begin to do your research. It has never been easier to shop for gold and silver bullion online, and buyers can conveniently compare dealers and prices from their own homes. Here at Atkinsons Bullion & Coins, we regularly compare our retail prices of gold and silver, to ensure we stay competitive with other retailers and give the best price we can to our customers.

It can be quite surprising, but some of the best-known sellers are not always the dealers with the most competitive prices. If you look around, you will see there can be a huge difference in the premium charged by different bullion companies. It definitely pays to shop around and do your research and in turn – save a lot of money.

Also, when comparing prices, don’t forget to check how much the total payment comes to – some dealers may push up the total price with hidden costs or shipping fees so it is always important to do look into this fully before making a decision. The best dealers will always fully disclose all prices clearly on their website, and some, like ourselves, will have no hidden costs and will even offer FREE insured UK delivery to your door included in the price you see.

There are also some significant differences in the prices given when selling your gold and silver back to a bullion dealer. Even the smallest looking % margin can make quite a significant difference when selling a bulk load of gold! See our Selling to Atkinsons page for details on our process.

4) Buy in Volume If You Can

Some dealers will offer quite significant price discounts if you buy in bulk. These deals are often displayed on websites if you look for them and will more than likely save you a good few pounds. For example, we at Atkinsons offer tiered pricing on many of our gold or silver bullion products. For instance: if you decided to buy 1 x 2020 Britannia 1oz Gold Coin at a cost of £1,462.09, yet then decided to buy 2-4 of the same coin in the same transaction the price would lower to £1,461.12 per coin*. The price per coin would lower again if you were to buy 5 coins, even further at 10 coins, and so on.

5) Pre-Owned

Products that are pre-owned will generally offer lower premiums than those that are brand new. If you are looking to buy gold or silver for investment only, pre-owned coins and bars could well be an excellent idea to boost your investment portfolio whilst saving you a good few pounds. If you are looking to get the most physical gold or silver for your money, buying pre-owned can often be the best option. See our Pre-Owned section for some great products and prices, you may be surprised at the savings you could make!

Many of the pre-owned items we sell at Atkinsons are bought from previous clients, which means we often know the provenance of these products. When received, each coin or bar is thoroughly checked by our experienced appraisers and is tested using the latest handheld technology to ensure we are confident that the pre-owned product we are selling on to you is 100% authentic.

In conclusion, you can see that there can be quite significant savings to be made and it is always best to do your homework and shop around before purchasing gold and silver coins and bullion. By taking a minute to compare prices and check the reputation of your bullion dealer, you are able to purchase your gold or silver with confidence.

If you have any questions or would like to know more about buying gold and silver from Atkinsons Bullion & Coins, please contact us on the Live Chat, call us on 0121 355 0620 or email us at info@atkinsonsbullion.com.

This blog represents one person’s opinion only. Customers should conduct their own research and take advice before making an investment. We do not offer investment advice.