How To Buy Gold In 2023: Become A Gold Investor

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Updated On: December 20, 2022

Are you considering investing in gold in the upcoming year? If so, you're not alone. As the gold industry continues to thrive, more and more people are looking to add precious metals to their investment portfolios.

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But where do you start when it comes to buying gold? With so many options available, it can be overwhelming to know where to begin. Don't worry. We've got you covered. This blog post will discuss how you can buy gold in 2023 and provide tips and considerations to keep in mind as you invest. 

Whether you're a seasoned investor or new to the gold market, this guide will help you confidently navigate buying gold.

We've gone over many ways to invest in gold, including working with gold IRA companies.

Investing in the stock market can be risky. It is important to remember that past performance does not guarantee future results. As an affiliate, we may earn a commission at no extra cost to you.

Risks Associated with Investing in Gold

Gold can be a great way to diversify your portfolio and protect yourself from inflation and currency devaluation. However, investors should be aware of the risks associated with gold before making any investments.

Price Volatility Risk: Gold prices can fluctuate significantly over short periods due to supply and demand factors, political events, or economic conditions. This means that an investor could lose money if the price of gold drops suddenly. To mitigate this risk, investors should only invest what they can afford to lose and use stop-loss orders when trading gold.

Storage and Insurance Costs Risk: Physical gold must be stored securely, which can incur additional costs such as storage fees or insurance premiums to protect against theft or damage. Investors should factor these costs into their overall investment strategy when deciding how much physical gold to buy.

When investing in ETFs or mutual funds that track the price of gold, you are exposed to counter-party risk, which is the risk that the fund manager may not fulfill its obligations under certain circumstances, such as bankruptcy or fraud.

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To reduce this risk, investors should research potential fund managers carefully before making any investments and ensure they have adequate protection against losses caused by counterparty default.

How to Buy Gold?

Purchasing physical gold can be a good investment for retirement because it is a tangible asset that protects against inflation and currency devaluation.

In addition, owning physical gold lets, you have direct control over your investment and provides peace of mind in an increasingly digital world.

However, it's important to remember that investing in gold carries its risks and should be considered carefully as part of a well-diversified investment strategy.

With the several options for buying gold, we wanted to give you some options:

  • Physical Precious Metals (Gold bars, coins)
  • Gold Investment Companies
  • Gold Miners
  • Gold stocks
  • Jewelry and other tangible assets
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1. Physical Gold

One option for buying physical gold is through a dealer or brokerage. You can find a list of reputable dealers through the US Mint or the Professional Coin Grading Service (PCGS).

It's essential to do your research and choose a dealer with a good reputation. You'll also want to consider the purity of the gold you're purchasing, with 24-karat gold being the purest form.

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One option is to ask a friend or a referral where they purchase this physical commodity and see if they can recommend you a location.

The easiest thing is to search online for the best gold dealers and read reviews. Many companies listed should have a phone number for you to contact or give you options.

2. Gold Jewelry & Other Precious Metals

While gold jewelry can make a beautiful addition to any collection, it can also be a wise investment. When buying gold jewelry as an investment, consider the gold's weight and purity and any additional costs, such as appraisal or certification fees.

It's also important to keep in mind that the value of gold jewelry can fluctuate based on market conditions, so be prepared for potential ups and downs.

With that, you can also buy pure gold in coins and bars. Some of the most popular selections are:

  • Canadian maple leaf
  • American gold eagle
  • Royal Canadian mint
  • American Buffalo

With Augusta precious metals, you can buy gold online knowing it's IRS-approved.

2. Invest In A Gold IRA

A Gold Individual Retirement Account (IRA) is an investment account that allows you to hold physical gold as part of your retirement portfolio.

To open a Gold IRA, you'll need to work with a custodian or brokerage specializing in precious metals.

Gold IRA companies will assist you in opening a precious metals fund, which allows you to purchase gold and other precious metals as part of your retirement portfolio. These companies typically offer a range of investment options, including gold coins, bars, and even gold mining stocks.

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They can also help you choose a storage option for your gold and assist with the process of transferring your existing retirement funds into a Gold IRA. By working with a Gold IRA company, you can benefit from their expertise and experience in the gold market, helping you make informed decisions about your investment in gold.

You'll also need to choose the type of gold you want to invest in, such as gold coins or bars, and decide on a storage option for your gold.

3. Direct Gold Mining Stocks

One way to purchase gold is by purchasing shares in gold mining companies. This strategy involves buying stocks in companies that are actively involved in extracting and producing gold.

While this type of investment carries more risk than some other options, it has the potential for higher returns. It's essential to thoroughly research and carefully evaluate the specific gold mining company you're considering investing in and any potential risks or uncertainties in the industry.

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These may include factors such as the company's financial stability, location and cost of their gold mines, and environmental impact. Considering these considerations, you can make informed decisions about your investment in gold mining stocks.

4. Gold Mutual Funds and ETFs

One way to buy gold is through gold mutual funds or exchange-traded funds (ETFs).

These options allow you to buy into a diversified portfolio of gold-related assets, such as gold mining companies or futures contracts. These investments offer a more passive way to invest in gold, as professional fund managers oversee them. Who doesn't love cash flow, right?

Before deciding, it's essential to thoroughly research and compare the various gold mutual funds and ETFs available. Consider factors such as the specific assets included in the fund, the management fees, and any additional expenses.

By taking the time to consider these details carefully, you can make informed decisions about your investment in gold through mutual funds or ETFs.

5. Gold Futures

Gold futures are agreements that enable the purchase or sale of a specified amount of gold at a predetermined price at a future date.

This type of investment is often more complex and is usually recommended for investors with experience. Before entering into a gold futures contract, it's crucial to thoroughly review the specific terms of the agreement and consider any potential risks associated with this type of investment.

Various factors, including market conditions, supply and demand dynamics, and economic events, can influence gold futures. Experienced investors can make informed decisions about gold futures by carefully weighing these considerations.

Overall, there are many ways to invest in gold in 2023. It's important to carefully consider your investment goals and risk tolerance and research and compare the various options available. By following these tips, you'll be well on your way to making informed decisions about how to buy gold in the upcoming year.

Tax Implications of Investing in Gold

When investing in gold, it is essential to understand the tax implications of this asset class. Capital gains taxes are applied to profits from selling physical gold, ETFs or mutual funds, and collectible coins.

Capital Gains Tax on Profits from Selling Physical Gold: When an investor sells physical gold bullion or coins for a profit, they will be subject to capital gains tax. The rate of taxation depends on the holding period. Short-term (less than one year) or long-term (more than one year).

Short-term capital gains are taxed at ordinary income rates, while long-term capital gains are typically taxed at lower rates.

Capital Gains Tax on Profits from Selling ETFs or Mutual Funds: Investors who sell exchange-traded funds (ETFs) or mutual funds that invest in gold will also be subject to capital gains taxes.

The rate of taxation is determined by how long the investment was held and whether it was a short-term or long-term gain. As with physical gold investments, short-term capital gains are generally taxed at higher rates than long-term ones.

Investing in collectible coins can have different tax implications depending on their classification as either “collectibles” or “investment property” under IRS rules.

If classified as collectibles, any profits made when selling them may be subject to regular income tax. If classified as an investment property, only ordinary income taxes apply, but there may still be state-level sales taxes applicable when purchasing them initially. 

Investors need to consult with their financial advisors about proper classification before making any purchases so that they are aware of what kind of taxes they might owe upon sale later on.

Key Takeaway: When investing in gold, investors should be aware of the potential capital gains taxes that may apply. Depending on the type of investment and how long it was held, this could include short-term or long-term capital gains tax and additional state-level sales taxes for collectible coins. It is essential to consult with a financial advisor before making any purchases so that investors know what kind of taxes they might owe upon sale later on.

What is Gold?

Gold is a precious metal that has been valued for centuries. It has unique physical properties, such as its malleability and luster, which make it desirable for jewelry and other decorative items.

Physical Gold

Gold has a long history of being used as money or currency due to its rarity and portability. Today, gold is an essential asset in many investment portfolios because of its potential to protect against inflation and currency devaluation.

Whether you buy physical gold or work with a self-direct investment account, buying gold can become a unique investment idea.

Physical Properties of Gold

Pure gold is one of the most malleable metals on earth; it can be hammered into thin sheets or drawn out into wires without breaking apart.

This makes it ideal for jewelry making, where intricate designs can be created easily. Its high reflectivity gives gold its characteristic luster, further enhancing its appeal as a material for ornamental objects like coins and rings.

Gold's resistance to corrosion also makes it suitable for industrial applications such as electrical contacts or medical implants that require durability over time.

Historical Significance of Gold

Humans have used gold since ancient times as decoration and money due to its scarcity relative to other metals like copper or silver.

In some cultures, gold was even considered sacred because it was rare compared to other materials available at the time.

Side note:

You can learn more about gold content through The World Gold Council.

Throughout history, governments have issued their forms of paper money backed by gold reserves held in banks or treasuries; this practice continued until 1971 when President Nixon ended the convertibility between US dollars and gold bullion stored at Fort Knox in Kentucky (known as the “Nixon Shock”).

Types Of Gold Investments

Today there are several ways investors can add exposure to gold in their portfolio, including physical bullion bars/coins, exchange-traded funds (ETFs), mutual funds focused on mining companies producing gold ore from mines around the world, and options contracts based on future price movements.

Each type carries different risks depending on factors such as storage costs associated with physical bullion investments versus counterparty risk associated with ETFs/mutual funds investing in miners, etc.

Key Takeaway: Before purchasing gold, Here are a few options:

  • Gold coins
  • Gold Bullions
  • IRAs
  • Gold stock
  • Gold Bars

Benefits of Buying Gold

Buying gold can have several benefits to an investor’s portfolio. Gold is often seen as a safe-haven asset, providing diversification and protection against inflation and currency devaluation.

Diversification Benefits: Purcashing gold can help reduce the overall risk of an investment portfolio by providing exposure to different types of assets. Gold tends to move independently from stocks and bonds, meaning it may not always follow the same trends as other investments.

This makes it an ideal way to diversify one’s holdings, reducing potential losses due to market volatility or economic downturns.

Hedge Against Inflation and Currency Devaluation: Gold has historically been used as a hedge against inflation since its value tends to increase when prices rise over time. Additionally, gold is seen as a store of value during times of currency devaluation or political uncertainty, making it attractive for investors looking for stability in their portfolios.

Gold also protects against volatile markets when stock prices are falling rapidly. As investors become more cautious about investing in equities during these periods, they may look towards alternative investments such as gold which tend to remain relatively stable even when markets are experiencing significant losses.

This makes gold an attractive option for those seeking safety from market volatility while still maintaining some level of growth potential within their portfolios

FAQs about How Do You Buy Gold

What is the best way to buy actual gold?

The best way to buy actual gold is through a reputable bullion dealer. This ensures you are getting the highest quality product at competitive prices.

You can purchase physical gold in various forms, such as coins, bars, and rounds. It's essential to research dealers thoroughly before making purchases to ensure they have a good reputation and offer secure payment methods.

Additionally, consider storage options for your gold since it may not be safe to keep it at home or with the dealer.

Can I Buy Gold Directly From The Bank?

No, you cannot buy gold directly from a bank.

Banks do not typically sell gold to customers. However, some banks may offer investments in gold-backed securities such as exchange-traded funds (ETFs) or mutual funds that invest in companies producing and selling gold.

Additionally, some banks may provide access to online trading platforms where investors can purchase and trade futures contracts for gold.

What is The Safest Way To Buy Gold?

The safest way to buy gold is through a reputable dealer. Look for one that has been in business for several years and has positive customer reviews.

Make sure the dealer offers secure payment methods, such as credit cards or PayPal, and guarantees the authenticity of their products. Additionally, consider buying gold coins or bars certified by an independent third-party grading service like NGC or PCGS to ensure quality assurance.

Finally, ensure you keep your purchase receipts and store your gold safely until you sell it.

How Much Does it Cost To Buy Gold?

Gold funds vary depending on the type and quantity purchased. Generally, investors can expect a premium over the spot price for physical gold coins or bars.

For example, 1 oz Gold American Eagles typically sell for around USD 1,800 per coin, while 1 kg Gold Bars may be priced at around USD 50,000 each.

The cost also depends on where you purchase your gold; online dealers tend to have lower prices than brick-and-mortar stores due to their lower overhead costs. Ultimately, it is important to do research before investing in getting the best deal possible.


Buying a precious metal like gold can diversify your portfolio and grow your wealth.

However, it is essential to understand the risks of investing in gold before making any decisions. Gold prices are volatile, and tax implications come with buying gold.

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Knowing how to buy gold is essential to ensure you get the best price for your investment. Ultimately, whether or not you should buy gold depends on your individual financial goals and risk tolerance level.

Ready to produce cash flow through gold content? With, you can learn how to buy and hold gold safely and confidently.

Buying gold is a great way to diversify your portfolio. Our resources provide tips on where to buy, what investments are best for your portfolio, tax considerations, storage options, and more. So you can make an informed purchasing decision.

About the Author

Colin Shipp is a marketer who has been working remotely full-time since 2015. He specializes in growth marketing, content marketing, online courses, and remote work. On he writes about strategies he is using in his own life.