How to Find the Best Precious Metals Dealer

Two people shaking hands

April 27, 2023

Before investing your hard-earned money, you must learn how to recognize reputable precious metals dealers. Unfortunately, this industry attracts unreliable sellers, and in some cases, outright scammers. However, as long as you do your due diligence beforehand, you should have no problem avoiding them.

As a Tier 1 US Mint bullion dealer, we take pride in what we do and strive to make precious metals investing safer for everyone. We created this guide to help you recognize the signs of a good (or bad) dealer.

We hope this information on how to select the best precious metals dealer makes the vetting process easier, even if you choose to purchase your precious metals elsewhere. That said, our sterling reputation speaks for itself! Here’s how to evaluate precious metals dealers.

1. Read Online Reviews

Without a doubt, the easiest and most effective way to learn about a dealer is to check their online reviews. Of course, anyone can write a fake review, so make sure you verify that they’re real. If the reviews don’t come from a legitimate source, take them with a grain of salt.

Endeavor Metals has a 4.9 Google star rating and an A+ accredited grade on the Better Business Bureau. Our customers consistently call us the best precious metals dealer simply because we always go the extra mile to keep them happy.

Our exceptional customer service, 50+ years of experience, wide selection, and competitive prices have instilled trust in the local and online communities. The most reputable precious metals dealers treat their customers well, and the positive reviews happen organically.

2. Compare Prices and Premiums

Sometimes all it takes to recognize a shady dealer is checking their prices. Even if they’re technically legitimate, overcharging is still a dishonest tactic that’s easy to avoid. Compare the price of their products with other dealers, as well as the metal’s current spot price. The best precious metals dealer will keep their prices competitive and unambiguous.

In addition to base prices, you’ll want to inquire about premiums. It’s completely normal to pay a slight markup, as dealers do have to cover business expenses such as storage, insurance, employee wages, and so on—just like any other company. However, if a dealer charges unusually high premiums, it’s best to move on.

3. Look for Brick-and-Mortar Locations

If a dealer only sells online, that’s a red flag. These days, anyone can start an online business. Opening a physical location requires that the company is truly a real company and not just someone who made a website.

The best precious metals dealer will have at least one retail location, but that doesn’t mean you should avoid buying online entirely. Even if you don’t live in the area, just the fact that a brick-and-mortar location exists is a good sign.

Endeavor Metals has a secure office in West Palm Beach where customers can shop and meet our team. After all, when seeking out reputable precious metals dealers, putting a face to the business makes a big difference.

4. Talk to a Representative

A man talking on the phone

A quick phone call or email will reveal a lot about a precious metals dealer. Besides being accessible, the best precious metals dealer will be knowledgeable. They’ll be able to answer your questions and provide personalized guidance without being biased or pushy.

If you talk to a representative and they don’t instill confidence, keep looking for a better dealer. When your finances are at stake, you must work with a qualified specialist who knows the ins and outs of the industry.

Additionally, if a dealer wants to charge you for a consultation, it’s best to move along. Rest assured, we’ll always provide free guidance and education based on your specific financial goals, preferences, and requirements. We provide factual information so you can make your decision without feeling pressured.

5. Research Memberships and Affiliations

The best precious metals dealer should be able to prove their legitimacy through their credentials. For example, Endeavor Metals is an authorized U.S. Mint and Royal Canadian Mint bullion dealer. We also belong to numerous organizations, including the Industry Council for Tangible Assets, American Numismatic Association, Certified Acceptance Corporation (CAC), and the prestigious Silver Institute.

6. Browse Product Options

Reputable precious metals dealers will carry a wide range of precious metals products. If a dealer has a small selection, they’re probably not well-established at best, and scammers at worst. A legitimate precious metals dealer will carry gold and silver at a bare minimum, and the best precious metals dealer will also offer other options like platinum and palladium.

In addition to precious metals, you may want to seek out a dealer that carries numismatics—rare coins that possess value beyond their precious metals content. Even if you’re not interested in collecting coins now, as you become more knowledgeable about precious metals, you may decide to pursue them later.

Working with a trusted dealer is especially important with numismatics because you need to be confident that they’re accurately graded and priced. Additionally, stocking numismatics is a sign that you’re working with an experienced dealer that’s familiar with all aspects of precious metals investing—not just bullion.

7. Reach Out to the Community

A woman using a laptop and sipping coffee

The best precious metals dealer should have no problem passing the scrutiny of experienced precious metals and numismatics investors. You can join online forums and social media groups where you can interact with real people who can help you determine the legitimacy of a dealer.

Experienced investors can spot reputable precious metals dealers with ease. Even if they’ve never heard of a company, they’ll quickly be able to tell you whether a dealer is worthy of your business or if you should keep looking.

8. Be Skeptical

In this industry, if something seems too good to be true, it almost always is. The best precious metals dealer will keep their prices competitive, but don’t expect any major sales or giveaways.

While you can purchase precious metals like any other product, dealers don’t set the prices, so discounts can only come out of their bottom line. Simply put, selling items with established prices at discount prices just doesn’t make sense unless you’re buying wholesale.

If a dealer offers bargain prices to consumers, it’s almost guaranteed that they’re either selling fake products or nothing at all.

9. Learn About Buyer Protection

If a dealer says that all purchases are final, it’s time to move along. A good dealer is flexible and willing to work with you. The best precious metals dealer will provide a solid guarantee. At Endeavor Metals, we offer a generous 7-day, 100% money-back guarantee, even if the market has a downturn.

10. Inquire About Precious Metals IRAs

Even if you don't plan on opening a precious metals IRA anytime soon, it’s nice to know that the option is available in the future. After all, when it’s time to start planning for your retirement, you’ll want to work with a dealer that you know you can trust.

Reputable precious metals dealers should be able to offer brokerage and storage services, and they should also stock IRA-allowable precious metals that can be stored in your retirement account.

11. Check Payment Options

A woman and man using a credit card to pay online

The best precious metals dealer will be able to facilitate transactions using your preferred payment method. If they only accept very specific, narrow payment options, there’s probably a reason.

At Endeavor Metals, we accept all major payment methods, including credit cards, bank wires, certified checks, cashier’s checks, personal checks, money orders, ACH, and precious metals.

12. Stick With Experienced Dealers

Finally, longevity goes a long way in proving legitimacy. Bad dealers and fraudsters don’t last long in this industry. If a company has been around for a long time, that’s a positive sign in and of itself.

With over 50 years of in-house experience, Endeavor Metals has proven that we have what it takes to be the best precious metals dealer. We go above and beyond to set the standard for integrity, honesty, and overall excellence. Our customers return again and again because we never give them a reason to invest elsewhere.

Contact Us for a Free Consultation

Be sure to check this guide to recognizing reputable precious metals dealers as you plan your precious metals acquisition. If you have any questions at all, please don’t hesitate to contact us. We want you to be 100% confident before proceeding with your purchase, and our friendly precious metals specialists are always happy to assist in any way possible.

Ready to get started? Let’s talk. Secure your financial future with the best precious metals dealer—Endeavor Metals.

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