Buying Gold and Silver in Vermont? 5 Things to Compare Before Choosing a Dealer
If you're buying physical gold or silver in Vermont, one of the first decisions you'll need to make isn't necessarily what to buy.
It's who to buy it from.
The closest dealer isn't automatically the best choice. Neither is the dealer advertising the lowest price on a single product.
A better approach is to compare a few things that can affect both your purchase today and your options later.
For Vermont buyers, that may mean comparing local dealers with precious metals dealers across the border in New Hampshire. Before deciding where to buy, here are five things worth looking at.
1. Compare the Price Over Spot
The spot price of gold or silver is a useful starting point, but it isn't normally the price you'll pay for a physical coin or bar.
Dealers typically sell physical precious metals at a price above spot. The difference is generally referred to as the premium.
For example, two dealers could be looking at the same gold spot price but offer the same type of gold coin at different prices.
That's why it's helpful to ask:
How much am I actually paying over spot, and what am I getting for that premium?
Don't assume the lowest premium always makes something the best purchase, either. The specific product, its condition, availability, payment method, and other factors can affect the final price.
The important thing is understanding the numbers before you buy.
2. Compare What Each Dealer Actually Has Available
Not every precious metals dealer carries the same inventory.
You may find gold and silver bars, government-minted bullion coins, privately minted rounds, older U.S. coins, or collectible coins.
And inventory can change.
If you're simply looking to add physical silver, you may have several options. If you're looking for a particular coin, weight, mint, or type of gold product, your choices may narrow considerably.
This is one reason Vermont buyers may benefit from looking at dealers in New Hampshire as well.
You're giving yourself another market to compare instead of limiting your choices based entirely on which side of the state line a business happens to be located.
Not Sure What You Should Be Comparing?
If you're looking at gold or silver and aren't sure which product makes sense for what you're trying to accomplish, you don't have to figure it out by yourself.
Talk with Mr. Vann about what you're considering. Ask your questions first, compare your options, and then decide what makes sense for you.
3. Ask What Happens If You Want to Sell
This is one of the questions that's easy to overlook when you're excited about making a purchase.
Will this dealer buy the gold or silver back?
You don't necessarily have to sell it back to the same person you bought it from. But understanding the selling side of the market can help you make a more informed purchase.
Ask the dealer what they buy.
Ask how they determine what they'll pay.
If you're choosing between different types of gold or silver, ask if there are differences you should understand when it comes time to sell.
This becomes even more important if you already own precious metals.
Maybe you inherited some coins. Maybe you've had silver sitting in a safe for years. Maybe you know what you own but want to find out what it's worth today.
A dealer who both buys and sells precious metals can help you understand both sides of the transaction.
4. Pay Attention to How the Dealer Answers Your Questions
You don't need to become a precious metals expert before you buy gold or silver.
But you should be able to ask questions.
If you don't understand why one coin costs more than another, ask.
If you don't understand the premium, ask.
If you're deciding between coins and bars, ask what the differences are.
And if you don't know what something is, it's perfectly reasonable to say so.
Pay attention to the answers you receive.
A good conversation should leave you with a better understanding of what you're considering. You should know what you're buying, what you're paying, and why one option may or may not make sense for you.
That can be particularly valuable if you plan to buy precious metals more than once.
You're not just choosing where to make today's purchase. You may be choosing someone you'll call again the next time you have a question.
5. Compare the Total Transaction, Not Just the Sticker Price
Finally, look at the entire transaction.
The advertised price of a coin or bar is only one piece of it.
Depending on how and where you purchase, other considerations can include payment fees, shipping, insurance, premiums, and applicable taxes.
New Hampshire is well known for not having a general statewide sales tax. For a Vermont resident, however, that doesn't mean you should automatically assume every purchase connected to a New Hampshire dealer will have no Vermont tax implications.
Where and how a transaction takes place can matter, particularly if an item is shipped across state lines.
If taxes could affect a significant purchase, verify how the current rules apply to your transaction before making your decision.
Once you understand the total cost, you can make a much more useful comparison between dealers.
Should a Vermont Buyer Consider a New Hampshire Gold Dealer?
Yes, it's worth considering.
That doesn't mean a New Hampshire dealer is automatically a better choice than a Vermont dealer.
It means you don't have to limit your comparison to Vermont.
Vermont and New Hampshire share a long border, and for some Vermont residents, working with a dealer in New Hampshire may be a practical option.
Compare the price. Look at the available products. Ask about selling. Have a conversation. Understand the total transaction.
Then choose the dealer that makes the most sense for you.
The Right Dealer Should Help You Make a Decision
Buying physical gold and silver doesn't have to start with knowing every term or having your entire strategy figured out.
It can start with a few questions.
A dealer should be able to explain what you're looking at without making the process unnecessarily complicated.
And if you're comparing several dealers, that's okay too.
The point is to understand your options well enough to make your own decision.
Let's Talk Before You Decide
If you're in Vermont and considering buying or selling physical gold, silver, bullion, or coins, Mr. Vann is available to talk through your questions.
Tell him what you're considering, what you've been looking at, or what you already own.
Request a phone call with Mr. Vann before you decide.
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