Where to buy?

All your questions about physical and paper gold
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Bronze Member
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Joined: 08 Oct 2011, 15:36

Where to buy?

Post by bailouts4ever »

When thinking of investing or settling into precious metals one has to automatically think of where to buy them. As dealer networks, structures and laws are different all over Europe this thread is intended to give a general overview of sales channels.

1. Banks:
Then thinking about doing something with money the "Average Joe" will automatically think of "the bank" as the place to go. Well, for precious metals that may not make most sense. While the network of branches may be pretty tight and there is a bank in most places most of these banks will have little to no interest to handle precious metals for their customers.

Banks want to sell their services and they want to be informed about what their customers "have". Selling an investment fund or a corporate share to a client is good business to banks. Not only because they can charge all kinds of often quite high fees but also because they know where the client is invested and thus can monitor what transactions he is doing. That allows banks to try to sell some other "interesting investment" to the client. Consequently banks are into service and not into selling precious metals. A client that bought gold or silver as a store of wealth will most likely not sell these any time soon or speculate with the physical metal. In the eyes of the bank the client can be considered as LOST.

Buying gold or silver at a regular bank is most likely possible but quite expensive. Prices will have a certain higher premium to the spot price that you would not see at a bullion dealer. Further physical metals often have to be preordered some days or weeks in advance with a recording of the client's ID which makes precious metal investments at banks a rather uninteresting business.

Still, there are some countries that have a traditionally high exposure to precious metals (mostly gold) such as Switzerland, Austria or even Luxembourg so precious metals can there be bought at most regular banks on any given day of a week.

2. Independent bullion dealers:
As the name already says you will be dealing with a professional here. Respected dealers often have decades of experience and thus often have handled precious metal investments long before many people have even thought of buying gold. While your bank (as explained above) actually has little interest of you buying precious metals, a bullion dealer surely has. Thus, with you will most likely be able to buy and sell metals at a preferable price with less premium added by the dealer.

Prominent coins and bars from respected mints or producers will thus most likely be available "to go". Getting a Kruger Rand, Philharmonic or Umicore bar even in large quantities should not be a problem.

For most bullion dealers though there is one rule for business - Cash is king. Unless you have not ordered and paid online you'll hardly be able to get bullion from a dealer without paying cash right away. With the tremendous raise of the gold and silver price most dealers are used to handling enormous sums of cash everyday. So remember: Leave your credit card at home...!

3. Precious metals and coin collectors shows:
Depending on your home country and on the collection culture you will or will not find a set of collectors and precious metals shows in your area. On these shows usually the collectors and investors meet their dealers in order to buy or sell precious metals.

These shows are a good basis for dealers to get in touch with potential customers. As many dealers are present on the same spot that may allow you as a client to get a good bargain on your store of wealth.

4. Ebay:
Believe it or not - a lot of gold and silver coins and bars are sold and bought on Ebay. Whether you like this transaction or not is completely up to you. But pay attention to too high prices and cheap fakes which are often for sale in the bay.

5. Private contacts:
The best possible deals for gold and silver purchases are often made from private individuals. People with cash problems, collectors resolving their collections or inheritance items being sold off may allow you buy these items. Shops buying precious metals will often offer a gold or silver price which is -10% to -20% below the actual spot price when buying coins or bars. Thus, if you know somebody who knows somebody who thinks of selling metals coins or bars it may be your chance to strike a real deal.

I invite all forum members to participate in this post and add further sources to the list.
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Joined: 19 Oct 2011, 18:47

Re: Where to buy?

Post by mcduff »

My two cents

Banks in Belgium

If your bank is BNP Fortis then it is quite easy to order gold coins and bars. You can even order silver bars. They don't always offer all kinds of coins but there is a rather large selection available (both investment OZ coins and "old money" like 20 FR Napoleon). Delivery time takes a few days to one week. Premium demanded is not that big for 1 OZ coins (3%). For 1 kg silver bars it is also about 3% and ofcourse tax(BTW). Smaller coins like 1/10 OZ and 20FR take 5% premium.

I heard you can also order coins at KBC but the selection available is more limited IMHO. Perhaps someone with experience with KBC can elaborate.


In my experience you have to be very lucky to acquire gold or silver coins more cheaply via ebay. Most people know the value of these things quite good. The only thing I found to be interesting is the cheap old silver coins that used to be money. In my case silver Belgium francs. Years ago I could acquire Leopold 5FR, Boudewijn 250FR etc... for spot price only (no premium). Ok, not 100% silver but when SHTF probably handy because local people will still recognize some of that "old" money.
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Indiana Jones
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Re: Where to buy?

Post by Indiana Jones »

Deutsche Bank, Coolsingel 104, Rotterdam - precious metal department.

Silver, Gold, Platinum and Palladium bars, but no coins

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