6 Best Gold Brokers to Use in August 2023 • Benzinga

Gold has enjoyed a special place in the financial markets for millennia as a store of wealth, a hard currency inflation hedge and a widely accepted medium of exchange. You can protect yourself from rising interest rates, expect the gold price you paid to be outpaced in short order and shelter yourself from a bear market with the stability of gold. In fact, any people look at gold in the same way they do crude oil, expecting it to protect their investments because it’s always in demand.

You’ll want to invest in gold through a reputable online broker. Remember though that not all dealers are created equal, so be sure to carefully consider your needs before opening a brokerage account or retirement account.

While many online brokers will allow you to get involved in gold trading, each of the brokers featured below let you trade in gold in a variety of unique ways. These include gold bullion, coins and a range of other metals along with a Gold IRA. If you wanted to expand your portfolio, you might look at other brokers that will help you invest in gold mining stocks and gold ETFs (exchange-traded funds). As you search for the best gold broker, take a look at this collection from Benzinga.

FOREX.com is a popular gold broker amongst traders and investors due to its wide range of services available. Aside from gold trading, the platform also offers a comprehensive selection of other forex pairs as well as CFDs on stocks, indices, commodities and cryptocurrencies depending on your location. Along with competitive pricing, FOREX.com allows clients to enjoy up to 50:1 leverage when trading gold and other assets.

The FOREX.com platform is available in three versions: web, desktop and mobile. The broker’s customer service is excellent and available 24/7 via live chat, email and telephone. The support team is knowledgeable and helpful, although the response time could be faster.

Overall, Forex.com provides a reliable gold trading experience with competitive spreads, plenty of trading tools and resources, and an intuitive platform. The broker is best suited for traders who are looking for an all-in-one trading

Investing with American Hartford Gold Group allows you to access a family-owned business that offers a wide range of gold and silver coins along with easy setup for Gold IRAs. This is a simple platform to use that could even give you up to $15,000 in free gold and silver storage over the first 3 years you hold your account. Many brokerages simply cannot front you this much cash, and as a wholesaler, you can be sure that American Hartford is passing on the best prices to you.

American Hartford Gold stands out in that is allows you to invest in a more stable asset without becoming an accredited investor. You can also get account support from a gold expert when you have questions.

Advantage Gold makes it easy for you to get into the metals market, especially when you are new to the space. Physical metals can be shipped to your home or stored on your behalf. The precious metals available through Advantage Gold include gold bullion, gold coins, silver, platinum and palladium. This platform brings you in contact with rare investment vehicles like a palladium bar, which is not only valuable but difficult to access.

The team at Advantage Gold is more than happy to help you understand where these metals can fit into your portfolio. Plus, you can turn to Advantage Gold is plan to start a collection that might be handed down to future generations.

You can invest with Lear Capital if you want to buy into a full-service metals investment broker and dealer that sells gold coins, bullion and gold IRAs. The IRA, coin and bullion products can help you build a nest egg for the future. Plus, you can use this platform to hedge against economic trouble in the present, especially because the customer service team is so helpful, meaning that you can get in and out of any position with relative ease.

When you invest with Red Rock Secured, you can buy into gold, silver or a Gold IRA with your regular investment fund or your retirement assets. Red Rock Secured pays for your shipping on all gold purchases and provides you with price protection for 7 days.

Around 90% of clients can get their fees waived, and there is an expert team that will help you make wise investments, choose the appropriate gold products and deal with account issues throughout the year.

Working with Augusta Precious Metals allows you to purchase metals like gold and silver, gold coins or originate a Gold IRA that will invest your retirement funds in the precious metals sector. Uniquely, this platform works only with 99.5% pure, IRA-eligible gold.

Gold storage is handled by the firm on your behalf, and you might have the opportunity to save money on fees depending on your initial investment and your future goals.

As one of the original market commodities to be traded, gold has a long history for both investors and traders alike. The precious metal also often trades in broad sweeping moves that can make it suitable for long and medium-term trading strategies that follow trends, as well as for investors looking for capital appreciation by holding a hard asset.

Shorter-term strategies like day trading and scalping can also be viable in the gold market, although their success can depend on market conditions since they tend to do best in volatile markets. Nevertheless, traders using those relatively active strategies tend to pay more in commissions and dealing spreads than investors who look to buy gold on dips and might hold the metal for years or even decades.

Your gold broker selection may also depend on whether you want a broker to employ a long term investment strategy or a short term trading strategy with. Furthermore, those who wish to invest in gold over the long haul and want to use it as a hard currency if times get tough may wish to take secure physical possession of the product with help from the dealer.

When investing in physical gold, the usual strategy involves waiting for a dip in the gold market to purchase some physical metal. You then just take delivery and hold onto the gold in a very safe place. If the market then rallies to a high point where you think it should then correct lower, you can sell some of your gold and wait for another dip to purchase it back at.

As a store of wealth and an indestructible inflation hedge, gold has enjoyed an impressive run as one of the most popular hard currencies in history. Even if people lose faith in the value of fiat or paper currencies issued by nations, they will still probably consider gold of at least some value in transactions.

Furthermore, metals like gold often appreciate sharply during troubling geopolitical events that might include outbreaks of war, major elections, military coups, and natural disasters. Even U.S. interest rate changes, central bank reserve changes and gold production-related events can influence gold prices on the global market. 

When unexpected, troubling incidents can notably boost the overall market for these commodities — and especially the price of gold — as investors engage in a desperate flight to quality. Also, since metals like gold have traditionally been considered safe havens in times of economic hardship and social unrest, they can be purchased by investors to serve as a popularly accepted type of hard currency in case an economic breakdown occurs.

With respect to determining gold’s future outlook, performing fundamental and technical analysis are your go-to options. Those interested in investing in gold can also review market sentiment indicators as an important clue to the market’s future direction. A popular sentiment report is put out by the Commodity Futures Trading Commission (CFTC) and is known as the Commitment of Traders (COT) report.

Released on Fridays at 3 p.m., the CFTC’s COT report breaks down the long and short open interest in gold futures and options by the type of trader holding the position. Excessive open interest imbalances tend to suggest a market reversal may be forthcoming.

Every online broker offers different services and tradable products, so be sure to choose one with the best features among those you require. You will also want to look out for the following items to make sure a broker measures up adequately as you are reviewing your prospective choices.

Also, brokers regulated in European countries need to comply with the EU’s Markets in Financial Instruments Directive (MiFID) and its more recent revision the MiFIR. These regulatory agencies are especially helpful when purchasing physical gold because you are generally sidestepping the U.S. Mint or Federal Reserve by purchasing through a third party.

Any good online broker should provide trading via a software platform that is easy and free to use. If the platform, like those above, sells physical gold or handles gold IRAs, you need to make sure that you have easy access to your account and can reach the customer support team readily.

While many online brokers have their own proprietary platforms, most will also gold market access via the popular MetaTrader 4 or 5 platforms from MetaQuotes. This platform is the market standard, and it allows traders to draw and trade from price charts, perform technical analysis, review financial news, backtest strategies, create custom indicators and even automate their trading.

While spreads and fees will not affect long term traders or investors greatly, the profitability of those using active short term trading strategies can be significantly impacted by high charges of this type. It therefore makes sense to inquire about any trading, fund transfer or gold storage charges that may apply to your activities.

A good quality gold dealer or broker will often have their own research department providing fundamental and technical analysis to help clients inform their trading and investment activities. Discount gold dealers typically have fewer offerings in this regard than full service brokers.

Traders and investors may need to contact their broker quickly in case of an error or with an important question. Any gold dealer should have a good and responsive customer service department with a live chat function, phone access, email support and a comprehensive FAQ to answer common questions. They can work with you on anything from the market price of gold to the top pick of the day, spot prices on unique precious metals in which they might traffic, etc.

This is especially important if you are investing in physical gold products that must be stored and may be difficult to conceptualize, even if you can quickly glance at your account. Some investors might also split up coin inventory from the trading platform where they hold stocks, bonds, etc. Having easy access to both firms makes it much easier for you to keep track of where your money is going.

If you wish to invest in gold stocks, gold ETFs, gold futures, gold options and more, you can turn to an online broker that will give you access to the non-physical gold market. You may run across a CFD broker that allows you to invest in unique instruments, or you could buy stock in mining companies, invest in the spot price of gold, improve your retirement investment, buy into a futures contract and gain access to all the other aspects of the stock market that you need.

After you’ve decided on your gold trading or investment objectives, you will have determined whether having a gold dealer or broker makes sense because you can either buy into physical gold or gold intangible gold assets.

If you do decide to use a gold dealer, make sure they offer the products that you truly wish to compile. If you need an investment house that allows you to invest in gold, you can check out those who provide the gold related instruments you most wish to trade, which might include spot gold, gold CFDs, gold futures and options, gold mining stocks, gold ETFs, gold bullion, gold coins, gold IRAs and more. Once you have found the best gold dealer or broker for your needs, you can test your trading plan using a demo account funded with virtual money or ask the customer support team how certain purchases will support your portfolio.