How to Find a Reputable Precious Metals Dealer

The precious metals industry has a long history of legitimate, professional dealers — and an equally long history of bad actors who prey on investors who are not sure what to look for. Whether you are buying online or from a local coin shop, knowing how to evaluate a dealer before you hand over your money can save you thousands of dollars and considerable grief.

This guide walks through every criterion that separates a dealer you can trust from one you should avoid.

Why Dealer Selection Matters So Much

Unlike buying stocks through a regulated brokerage, purchasing physical precious metals involves real counterparty risk. You are sending money — often thousands of dollars — to a company in exchange for gold or silver that will arrive weeks later. If the dealer is undercapitalized, dishonest, or simply disorganized, your metals may never arrive. And unlike a bank transfer, these transactions can be difficult to reverse.

Beyond fraud risk, a poor dealer choice can cost you money through inflated premiums, unfavorable buyback terms, and products that are harder to resell. The dealer relationship does not end at purchase — eventually you will want to sell, and who you bought from matters then too.

Industry Credentials to Look For

The precious metals industry has several self-regulatory bodies. Membership is voluntary, but reputable dealers tend to belong to at least one:

• Professional Numismatists Guild (PNG) — One of the most respected organizations in the coin and bullion industry. Members must pass background checks, adhere to a strict code of ethics, and maintain a complaint resolution process.
• Industry Council for Tangible Assets (ICTA) — A trade association focused on government relations and dealer education. Membership indicates engagement with industry standards.
• American Numismatic Association (ANA) — Primarily a collector organization, but dealer members are bound by a code of ethics and an arbitration process for disputes.
• Better Business Bureau (BBB) accreditation — Not industry-specific, but an A+ BBB rating with low complaint volume is a meaningful indicator of business practices.

None of these credentials guarantee a perfect experience, but they signal that a dealer is operating openly and has reputational skin in the game.

Evaluating Online Reviews

Third-party review platforms give you unfiltered buyer experiences. The most useful sources for precious metals dealers are:

• Trustpilot — Large sample sizes make it hard to fake. Look for dealers with hundreds or thousands of reviews, not just dozens.
• Google Reviews — Useful especially for local coin shops where the owner's personality and local reputation shine through.
• BBB complaint history — More informative than the rating itself. Read actual complaints and see how the dealer responded.
• Reddit (r/WallStreetSilver, r/Gold, r/Silverbugs) — Precious metals communities are candid about which dealers they use and which to avoid. Search a dealer's name before committing.

Be skeptical of dealers whose only reviews appear on their own website. Testimonials that a company controls tell you nothing.

Transparent, Real-Time Pricing

Every trustworthy online dealer posts live prices on their website that update automatically as the spot price moves. If a dealer's prices are static, require a phone call to get a quote, or seem suspiciously low compared to their competitors, treat it as a warning sign.

Compare the premium (the markup above spot) across two or three dealers before buying. Premiums for standard 1 oz gold bullion coins from government mints typically run 3%–6% over spot at reputable dealers. If someone is offering 15% below the going premium, ask yourself why.

Buyback Policy

A dealer's willingness to repurchase what they sell you is one of the strongest signals of their legitimacy and confidence in their products. The best dealers publicly post their buyback prices, which typically run slightly below spot (the spread is how dealers profit on both sides).

Questions to ask or look for on their website:

• Do they publicly post buyback prices?
• What is their typical spread between buy and sell?
• Will they buy back products they did not originally sell?
• Do they require shipping to sell, or can you sell in person?

If a dealer is vague about buyback terms or claims they do not repurchase, that is a significant problem. It means you are stuck finding a buyer elsewhere when it is time to sell.

Shipping, Insurance, and Delivery Times

Legitimate dealers ship your metals fully insured and use reputable carriers (typically USPS registered mail, FedEx, or UPS). Packaging should be discreet — nothing on the outside should indicate precious metals are inside.

Ask or look for:

• Is shipping insured, and up to what dollar amount?
• What is the typical order-to-delivery window? (Industry standard is 7–14 business days after payment clears.)
• What happens if a package is lost or damaged in transit?

Unrealistic delivery promises ("ships in 24 hours on a wire transfer order") or vague answers about insurance are red flags.

Red Flags: Walk Away If You See These

The numismatic coin upsell is worth a special mention. Many large precious metals companies operate a business model where they attract investors with bullion advertising, then train salespeople to convince buyers to "upgrade" to collectible coins with markups of 50%–200% above melt value. These coins are presented as superior investments, but for most buyers, they are simply a much worse deal. Stick to standard bullion products priced near spot.

Local Coin Shops vs. Online Dealers

Local coin shops (LCS) offer the advantage of in-person inspection, immediate possession, and a cash transaction with no shipping wait. Their premiums can be competitive, especially on common products, though smaller shops may have less inventory than online dealers.

Online dealers typically offer lower premiums on standard products due to volume, more payment options, and a wider selection. The tradeoff is waiting for delivery and the counterparty risk of a non-face-to-face transaction.

Many experienced investors use both: online dealers for larger purchases where the lower premium justifies the wait, and their local coin shop for smaller buys, quick sales, or when they want to inspect metals in person before buying.

Well-Regarded Dealers in the Industry

While this is not an endorsement of any specific company, a few names consistently appear in positive discussions across precious metals communities and have long operating histories: APMEX, JM Bullion, SD Bullion, Kitco, and Provident Metals for online purchases. For local shops, seek out PNG members in your area and confirm reviews on Trustpilot or Google before your first visit.

Do your own verification regardless of any list you find — dealer quality can change over time, and what was excellent five years ago may not be today.