How to Buy Physical Gold in the USA: A Practical Guide to Bullion

Step 1: Decide Why You Are Buying Gold Bullion

The right product depends on your purpose, so settle that first. US buyers typically fall into three groups.

• Investors who want to hold gold as a long-term asset. Refined bars and coins of high purity are the usual choice because they are easy to value and resell.
• Refiners that buy raw gold such as nuggets and dust as feedstock, then refine and recast it into their own branded product.
• Jewellery manufacturers who need a high-purity input they can alloy to the 14K and 18K standards common in American jewellery.

Step 2: Understand How US Gold Prices Are Quoted

In the US, gold is quoted in US dollars per troy ounce. One troy ounce is 31.1035 grams, not the 28.35-gram ounce used in everyday American weights, so always check which ounce a quote refers to. The benchmark is the spot price, which reflects trading in the global over-the-counter market centred on London and the futures market in New York.

Dealers sell refined bullion at a premium over spot and buy it back at a lower price. The gap is the spread, and it is a real cost of ownership. Raw gold is different again: it is priced on its assayed fine gold content, usually at a discount to spot. You can check the indicative spot price and run your own numbers on our gold price page.

Step 3: Check Sales Tax in Your State

The United States has no federal VAT, but sales tax on gold is set state by state. Some states exempt investment bullion completely, some exempt it only above a purchase threshold, and others tax it. Because the rules differ so much and change from time to time, check the current position in your own state before you buy, and factor any tax into your comparison of quotes.

When you sell, gains on physical gold are generally subject to federal tax. The IRS treats physical precious metals as collectibles, which can mean a different long-term capital gains rate from shares. Keep your invoices and assay certificates, and ask a US tax professional how the rules apply to you.

Step 4: Decide Whether to Hold Gold in an IRA

IRS rules allow gold bullion of at least 99.5% fineness to be held in a self-directed IRA, provided a qualified trustee or approved depository holds it. You cannot keep IRA gold at home. Custodians also keep their own lists of acceptable products and often require bars from specific accredited refiners, so a bar that meets the purity rule may still not be accepted by your custodian.

If you are buying for an IRA, confirm with your custodian that a specific product is acceptable before you place the order. If you are buying to hold personally, you have more flexibility in what you buy but take on the responsibility for storage and insurance.

Step 5: Vet the Seller

The US bullion market is large and competitive, which also makes it attractive to fraudsters. Whether you buy from a domestic dealer or import directly, run the same checks.

• Confirm the company’s registration and physical address independently, not from documents the seller sends you.
• Ask for an independent assay certificate for every bar or lot, and check that serial numbers and weights match.
• For imported gold, ask for chain-of-custody records and export documents from the country of origin.
• Use traceable payment methods to an account in the company’s registered name.
• Be wary of prices far below spot, requests for upfront ‘release’ or ‘clearance’ fees, and pressure to pay quickly.

Step 6: Know the Rules for Imported Gold

If you buy gold from abroad, the shipment must be entered with US Customs and Border Protection, normally through a licensed customs broker. Classification, entry procedures and any duties depend on the form of the gold, so confirm current requirements with a broker before each shipment.

Origin matters too. Section 1502 of the Dodd-Frank Act requires US-listed companies that use gold to carry out a reasonable country-of-origin inquiry, with further due diligence where the gold may come from the Democratic Republic of the Congo or an adjoining country. If you supply listed companies, expect detailed questions about origin, and US buyers should also screen counterparties against US Treasury sanctions lists.

Step 7: Plan Storage and Insurance

Once you own physical gold, you need to keep it safe. The main options are a professional depository, a bank safe deposit box or a home safe. Depositories usually include insurance and keep records that make resale easier. Bank boxes are often not insured by the bank itself, and home storage may need a specific rider on your homeowner’s policy, so check what is and is not covered.

Keep all paperwork together: invoices, assay certificates, import documents and shipping records. They prove what you bought, when and for how much, which matters both for tax and for selling later.

Buying African Gold as a US Buyer

Some US buyers, especially refiners and jewellers, source gold directly from producing regions. YNM Gold Sellers, based in Nairobi since 2009, supplies 99.99% gold bars in 1 oz and 100 g, natural 22–23K nuggets and 99.9% gold dust, each lot with an independent third-party assay certificate and chain-of-custody documentation, delivered under insurance. Whoever you buy from, apply the same checks set out above and in our general guide on how to buy physical gold safely.