Buying gold and silver is safe when you know what to look for. Most problems buyers run into come from a small set of repeating tactics: unsolicited outreach, pressure to act immediately, and dealers who won't disclose pricing clearly. Knowing these patterns ahead of time makes them easy to spot.
Federal regulators track the same handful of tactics showing up again and again. According to the Commodity Futures Trading Commission, common schemes include dealers who charge storage fees for vaults that don't actually exist, sellers who misrepresent what a coin or bar actually is, and firms that push customers into financed or leveraged metals purchases that carry hidden costs far beyond the price of the metal itself.
One documented case cited by the CFTC involved a dealer who charged nearly $150,000 in commissions and fees on a single $300,000 retirement account rollover, a reminder that fees and financing terms deserve as much scrutiny as the metal itself.
A newer pattern the Federal Trade Commission has flagged involves scammers posing as government agents, from the IRS to federal marshals, who convince people to withdraw cash, buy gold bars, and hand them over to a "courier" to resolve a supposed legal problem. As the FTC states plainly, real government agents will never instruct you to buy gold and hand it to a stranger. Any call, email, or text asking you to do this is a scam, regardless of how official it sounds.
A few warning signs tend to show up before money changes hands. The FTC's guidance on investment scams points to unsolicited contact as one of the clearest indicators, since legitimate dealers don't cold call or message people out of nowhere pushing a purchase.
Other signs worth watching for:
Weight, dimensions, and design details are the first things to check against a coin's known specifications, since counterfeits often miss one of these by a small but measurable margin. Our guide on how to identify real versus counterfeit gold and silver coins walks through the specific checks step by step.
For added confidence, coins graded by a recognized third-party service carry a verified track record. If you're buying a graded coin, it helps to understand what PCGS and NGC grades actually mean before assuming a higher number automatically means a higher price is justified.
A trustworthy dealer publishes its pricing openly, states its premium over spot clearly, and doesn't need pressure tactics to close a sale. It's worth comparing a dealer's current gold and silver deals against spot price directly, since transparent pricing is one of the easiest ways to separate a legitimate seller from one hoping you won't check.
If something about an offer feels rushed, unclear, or too good to match current market pricing, it's worth pausing and verifying independently before sending payment.
Ready to buy from a dealer with transparent, published pricing? Explore our current gold and silver selection.
Is it safe to buy gold and silver online? Yes, as long as you're buying from a dealer with a verifiable business, transparent pricing, and no pressure tactics. Checking reviews and confirming a physical address are simple first steps.
Would a real government agent ever ask me to buy gold bars? No. The FTC has specifically warned that scammers impersonate government agents to convince people to buy gold and hand it over, and no legitimate agency will ever ask for this.
How can I tell if a coin is counterfeit? Check its weight and dimensions against the coin's official specifications, and look closely at design details, since counterfeits often miss small details or come in slightly under or over the correct weight.
Does third-party grading guarantee a coin is genuine? Coins graded by services like PCGS or NGC have been independently authenticated, which adds a verified layer of confidence beyond buying ungraded.
What's a normal premium over spot price? Premiums vary by product and market conditions, but a reputable dealer will always state the premium clearly rather than leaving you to guess how the price was calculated.
What should I do if I think I've been targeted by a scam? Stop the transaction, avoid sending any payment or metal, and report the contact to the FTC or CFTC before taking any further action.