Best Overall: Money Metals Exchange
Money Metals Exchange
The combination of highly competitive prices, low shipping costs, vast product selection, and an exceptional customer experience lands Money Metals Exchange on our list as the best overall online gold dealer.
Free shipping on orders of $500 or more
Prepackaged starter portfolios for beginning investors
Winner of “Bullion Dealer of the Year”
Automated monthly savings plan
Low purchasing limits for check and PayPal payments
Shipping can be slow
Founded in 2010, Money Metals Exchange has quickly amassed a customer base of more than 100,000 U.S. customers. Its customer-centric focus has translated into highly competitive pricing, personalized service, a pathway for new investors, and one of the best online reputations, making Money Metals Exchange our choice as the best overall online gold dealers.;
Recognized by Bullion.Directory as the “Bullion Dealer of the Year” in 2015, Money Metals offers the full gamut of precious metals products, including gold, silver, platinum, palladium, rhodium, copper coins, and bullion. They also offer a variety of concentrated diamonds.;
Money Metals locks in your price for 10 minutes to allow you to finish entering your information and payment method.;
Shipping is free on all orders over $500, which is not such a high bar considering the cost of gold. For orders up to $149, the fee is $6.97, and it’s $9.97 for orders between $150 and $499.
Disadvantages Of Investing In Digital Gold:
- Limit of Rs.2 lakhs for investment on most platforms.
- Lack of an official government-run regulating body such as RBI or SEBI.
- Delivery and making charges are further applied to the price of gold.
- In some cases, companies only offer a limited storage period, after which you either have to take physical delivery or sell the gold.
Ways Of Investing In Gold
Traditionally people have been buying gold in the form of jewelry or in the form of coins, biscuits, bars, or bullions. However, buying gold jewelry is not considered an investment. Hence, traditionally, the main ways of investing in gold were coins, biscuits, bars, or bullions. With the passage of time, people started investing in Sovereign gold bonds, Gold mutual funds, and Gold ETFs. However, with the advent of technology, another form of investing in gold has gained popularity, and that is investing in digital gold.;
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What Is Digital Gold What Are Its Advantages Should One Invest
Since last year as Covid-19 pandemic hit, gold prices rallied to historic highs that encouraged more investors to invest in the precious metal. People who are not familiar with the different avenues of investment in gold gradually became interested in the same. So, if you are one of those looking to invest in the precious metal, you must be sure about the vast opportunities and options in the investment, and its benefits. Additionally, before going into the discussion of gold investment, an investor should always consider that what is the particular purpose behind it. If someone is looking for an ornament, then this is gold jewellery, but if someone is looking for more profit or return out of it – then digital gold is certainly a better option than gold coins or other physical gold options. Here is a discussion about what digital gold is, and should one choose it or not.
Easy Availability And Price Starting From As Low As Rs 1 Are The Reasons Behind The Immense Popularity Of Digital Gold In The Recent Times One Can Purchase Digital Gold Via Popular Wallets Including Paytm Amazon Pay Google Pay And Phonepe
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Buying gold on Akshaya Tritiya has been been tradition in India. Demand for gold especially physical gold in the form of jewellery and coins rise during this time. However, in the view of coronavirus pandemic, when going to a jewellery shop is still considered as risk, more and more people are investing in digital gold in India. Individuals can buy digital gold from vendors and refiners through various platforms. Three companies that offer digital golds are Augmont Gold; MMTC-PAMP India Pvt. Ltd, a joint venture between state-run MMTC Ltd and Swiss firm MKS PAMP; and Digital Gold India Pvt. Ltd with its SafeGold brand. One can also purchase digital gold via popular wallets including Paytm, Amazon Pay, Google Pay and PhonePe.
Digital gold has increasingly caught the eye of investors as it offers all the benefits of gold and more. It is simply physical gold bought digitally and easily through a mobile app, which negates the need to go to a store,” said Ashraf Rizvi, founder and chief executive officer, Digital Swiss Gold & Gilded.
In the present environment, when some states are under a lockdown and in others citizens are discouraged to step out, digital gold is a safe option that allows customers to buy gold, from the comfort of their homes,”;Rizvi added.
Easy availability and low price are two reasons behind the immense popularity of digital gold in the recent times. Here the key things that you need to keep in mind while buying digital gold
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What Is An Online Gold Dealer
The top online gold dealers are trusted vendors offering everything from investment-grade bullion, coins, collectible gold pieces, and more. Customers can easily compare prices across multiple sellers and make a buying decision based on price and shipping speed. The top dealers offer options to take physical delivery of the gold or store it in a secured vault. Customers also have the option of selling their gold back to the dealer.;
Why Should You Invest In Gold
If one investigates the gold prices more closely, one would find that between 1971 and 1981, the gold prices shot up by 833%. The same rise is 514% between 2001 and 2011. There are not too many assets that have given that kind of return. Hence, when it comes to investing in an asset that is safe and gives good returns, gold is a preferred choice of many investors. So, if you are looking at a portfolio thats safe and gives you good returns, simultaneously, gold is definitely an asset worth looking into. According to financial experts, as a general rule of thumb, investment in gold should account for about 10-15% of ones total investment.
Listed below are some reasons why one should invest in gold:
1. Buying gold is very easy and in case, you need to sell gold, its easy to sell it. Thus, it offers liquidity.
2. Over a long period of time, the price of gold has always gone up and given good returns to investors.
3. The gold price is largely unaffected by not just political uncertainties but geopolitical uncertainties. In such times, while the prices of paper investments go down, the value of gold in the long term has always gone up.
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Historical Ways Of Investing In Gold
Gold is among the most popular commodities. It has been part of the evolution of human culture from ancient to the modern world. There isnt an era or culture where gold isnt seen as a valuable asset. Gold was the foundation of the global economy as we know it today, serving as both a form of currency and wealth. Historically the most popular ways of investing in gold are by buying physical gold. Physical gold can be bought in any of the following forms:
Best Reputation: Golden Eagle Coins
;Gold Eagle Coin
Established as a family-owned business, Golden Eagle Coins has a nearly unblemished track record with thousands of positive reviews, making it our choice as the online gold dealer with the best reputation.
Extensive selection of gold coins
Solid online reputation
Limited selection of gold bars
Known primarily for its vast selection of gold coins, including collectible and numismatic coins, Golden Eagle Coins’ started in 1974 and maintains a track record of customer satisfaction that is unmatched, which is why it makes our list as the most reputable online gold dealer.;
You can’t help but marvel at Golden Eagle Coins’ extensive selection. In addition to the popular coins, such as American Eagles, South African Krugerrands, and Canadian Maple Leafs, Golden Eagle Coins sells a wide variety of silver, platinum, palladium, and copper coins. Investors can also find a great selection of pre-1933 coins, commemoratives, mint sets, and foreign coins from more than 100 countries.;
Also, you won’t find too many dealers that offer historical currency, such as Confederate notes and Colonial currency. Collectors are also impressed with its selection of ancient Arabic, Greek, Roman, and medieval coins.;
Golden Eagle Coins’ pricing is very competitive but not nearly as cheap as BGASC or SD Bullion. Its Golden Eagle Coin sells for $2,044, about par with its main competitors. But you go to Golden Eagle Coins for its selection and service, not necessarily for its pricing.;
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Best For Gold Coins: Bgasc
As its name implies, BGASC is one of the best sources for gold bullion coins sold at reasonable prices, making it our choice for the best online gold dealer for coins.
Best selection of gold coins
Best pricing on gold coins
Excellent customer support
No live chat
Three-day return policy
Although BGASC offers a complete lineup of gold products, its primary focus is on selling gold bullion coins. Their selection of coins is vast, their prices are highly competitive, and their customer service is excellent, which is why BGASC is our choice for the best online gold dealer for coins.;
BGASC is the newest company in this roundup, but they’ve managed to build a solid reputation as a major player, especially as a gold coin dealer. In addition to a great selection of all the essential standbys, such as American Eagles, Canadian Gold Maples, South African Krugerrands, Pre-1933 U.S. Gold, and Australian Gold Kangaroos, they maintain an extensive inventory of premium and rare numismatics. It also offers silver, platinum, and palladium products. They do offer gold bars in all the standard sizes, yet they tend to focus on one brandPAMP Suisse Fortuna Gold Bars.;;
The gold bars they do sell are priced competitivelyabout $15.50 over the spot price. Their 1 oz. Gold Eagle coin is offered at $2021, which is the lowest price in this roundup.;
How To Buy Digital Gold From Google Pay
An investor, via Google Pay, can buy 24 carat gold units from MMTC-PAMP. MMTC-PAMP India is an advanced gold and silver refining and minting facility which is a joint venture between India’s MMTC and Switzerland’s PAMP SA . The physical gold will be stored in a Gold Accumulation Plan , with 100% insurance by MMTC-PAMP, for the custodian who bought digital gold from Google Pay.
To invest in digital gold, after opening Google Pay on phone, the investor should go to the ‘Business and bills’ segment where the Gold window can be found. Here the customer will be given the option to buy, sell and gift 99.9% pure gold securely. Here, as one is interested to buy gold, on the transaction bar the exact amount will have to be put in INR, which will be counted including GST. The GST on Google Pay is currently standing at 3% in Kolkata, but that will vary on the location. Then ‘proceed to pay’ and put UPI on the tab below. As the payment is done, the investor will receive the transaction ID, invoice number along with the exact quantity of gold bought.
To sell the already purchased gold, the investor should wait till the price of 24 carat gold goes up, to make profit. One should remember that digital gold is unlike Sovereign Gold Bond, where the GST is not needed to pay, thereby puts additional costs. So, while selling digital gold from the Google Pay account, the price should be higher than the buying price.
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Digital Gold And Mutual Funds
Investing in physical gold comes with a lot of charges. If you are buying gold jewellery, then the vendor imposes making charges to manufacture the jewellery. The vendor in the process wastes some gold for which he charges the buyer. Hence, investing in gold jewellery will prove to be an expensive option. Also, you are never sure of the purity of the gold you are buying.;;
If you are buying gold bars and coins, then you need a safe place to store the same. In this case, you will have to be extremely careful about the place where you are going to store them. There are bank lockers available where you can safely deposit your belongings. However, they too come at a certain cost. Hence, investing in physical gold is not a viable option.;;
If you are to invest in gold, then the best option you have is digital gold. This is 24K 99.9% pure gold, and there is no chance of losing this. It does not come with charges such as making and wastage charges. You donât have to worry about safety, and it is easy to buy and sell.;;
How To Sell Digigold On Airtel Payment Bank
Individuals can sell gold only after holding it for 24 hours. This means, if you buy gold today, you can sell that only tomorrow. s
Step 1: Click on Sell goldStep 2: Enter the gram or amountStep 3: Click on Sell NowStep 4: Enter the account detailsIFSC Code and Bank NameStep 5: Enter MPINStep 6: Click on Proceed to sell.
The amount will be credited in 24-48 hours once the account is verified. You can also download the receipt.
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Why Should You Invest In Digital Gold
You cannot directly invest in digital gold as you need an authorised third party. When you place an order for digital gold with your agent, they buy the corresponding amount of gold and place it in a vault on your behalf. Likewise, when you wish to sell your digital gold holdings, the agent will sell the gold at the prevailing market price and deposit the amount to your account. The process is entirely digital and safe. At no point, the investors are handed physical gold.;;
Here Are Some Benefits Of Buying 24
Digital gold is highly affordable. The minimum transaction amount for purchasing digital gold with Finserv MARKETS is Rs. 100, which is not possible when you buy physical gold. On top of that, digital gold eliminates the cost of middle-men and the making charges involved in other forms like jewellery. When transacting, check the pure gold rate mentioned on our website.
When you buy physical gold, you deal with the additional hassle of storage costs for bank vaults or lockers, including registration fees, annual charges, service charges etc. Digital gold, on the other hand, saves you this trouble. Digital gold investment is insured.
- Time-effective, liquid and flexible
To begin with, you can purchase gold online in sachets on Finserv MARKETS. You get the flexibility to buy, sell and hold any amount of gold anytime you want. And this purchase or sale transaction can be done in just a few clicks online.
Gold price is linked to the live market prices. Hence, the price of online digital gold is the same across the country. These rates can be tracked in real-time. The end-to-end transactions are digital, making them transparent, seamless and trackable.
- Doorstep delivery of gold
You can accumulate gold by making small purchases and this accumulated gold can be made available at your doorstep at the click of the button.
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Google Pay Gold Locker
At the ‘Gold Locker’ which is a visual, digital representation of the Gold Accumulation Plan account balance, one can check the details of gold purchased or received on the Google Pay account. All gold transactions can be viewed from here. Google Pay is a reliable option to invest in gold as it maintains the security of the customers exclusively. The ‘Gold Locker’ is linked to the verified SIM card and phone number; in any case of an unusual or suspected transaction, Google Pay will block access to the account automatically.
If an investor has no problem paying the GST on gold purchases, digital gold will be a viable option, without the tension of storage. Additionally, digital gold allows investing even precisely in a minimum amount of money that will not be possible in other investment options like SGB or physical gold.
How Digital Gold Works
You can invest in digital gold from several mobile e-wallets such as Paytm, Pay and PhonePe. Brokers such as HDFC Securities and Motilal Oswal also have an option for digital gold investing.
Currently, there are three companies that offer digital gold in India-
1. Augmont Gold Ltd.2. MMTC-PAMP India Pvt. Ltd. a joint venture between state-run MMTC Ltd. and Swiss firm MKS PAMP.3. Digital Gold India Pvt/ Ltd with its SafeGold brand.
Apps and websites like Paytm, G-Pay etc only provide a platform for metal trading companies SafeGold and MMTC PAMP. Once you invest in digital gold, these trading companies purchase an equivalent amount of physical gold and store it under your name in secured vaults.
But is the process actually as easy and convenient as it sounds? Lets take a look at how you can invest in Digital Gold
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The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you.