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Find the Best Way to Invest in Gold in Buffalo, NY

Buffalo residents looking to diversify their investments often turn to gold, especially during economically turbulent times. The Buffalo News has partnered with ConsumerAffairs to create this guide by comparing consumer reviews and local availability of 26 businesses and choosing 12 favorites from the top gold investment companies in Buffalo.

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Gold and other precious metal IRAs are an investment and carry risk. Consumers should be alert to claims that customers can make a lot of money in these or any investment with little risk. As with any investment, you can lose money and past performance is not a guarantee of future performance results. Consumers should also obtain a clear understanding of the fees associated with any investment before agreeing to invest.

How to invest in gold in Buffalo

buffalo skyline

Many experts agree that the key to a strong investment strategy is diversifying assets. With stable historical value that traditionally increases as paper assets like stocks decrease, gold is a popular option for some in Buffalo. Investing in a gold IRA and adding physical metals to a portfolio can help protect investors against the volatility of the traditional market.

  • Gold IRA: Also known as a precious metals IRA, a gold IRA is an investment strategy used by many in a self-directed capacity. These types of investments include physical gold bullion held in a depository. Because they come with the need to store physical gold, these types of IRAs often have higher fees than other options.
  • Gold bars: A gold bar is a type of bullion, which is a bulk amount of a precious metal. There are a few ways to invest in gold bars, including buying from a dealer, brokerage or bank.
  • Gold ETF: A gold ETF is a commodity fund, traded like a stock. These types of funds don’t require you to possess physical gold like other gold investment options. Instead, investors purchase small quantities of gold-related assets.
  • Gold futures: Gold futures are contracts to buy a certain amount of gold at a specific time in the future. Gold futures trade on exchanges.

Buffalo gold investment/gold IRA FAQ

How does a gold IRA work?

A gold IRA works like a traditional IRA, but instead of holding paper assets, it holds physical gold. This is a type of self-directed IRA used by investors who want to diversify their assets.

Is gold a good retirement investment for Buffalo residents?

It depends on your investment strategy. Gold has historically held its value very well and is seen as a safe investment. A gold IRA has higher fees than other IRAs, however. Speak with a financial advisor to learn more about whether setting up a gold IRA is a good retirement strategy for you.

How much gold should I own in my portfolio?

Most experts agree that you shouldn’t have more than 5% to 10% of your portfolio in gold.

Are there taxes on buying gold and silver bullion in New York?

New York has a sales and use tax exemption for precious metal bullion that is bought for investment purposes and totals over $1,000. Other conditions apply to this exception.

Can I hold physical gold in my IRA?

Yes, a gold IRA or a precious metal IRA is a way to hold physical gold in your retirement account.

Can I store my gold IRA at home?

No. According to the IRS, the gold must be in the possession of a bank or IRS-approved nonbank trustee.

Buffalo gold investment company information

Red Rock Secured

Red Rock Secured is a privately held company that’s been wholesaling gold and other precious metals for IRAs since 2009. You can make your own arrangement for gold storage or have Red Rock Secured arrange for depository storage. Spot market prices are applied to all transactions. Account executives are available during business hours for no-obligation consultations.

Red Rock Secured Learn More

Patriot Gold

Patriot Gold is a gold IRA company offering no fees for life on certain plans. Customers receive up to $2,500 in free gold coins when they enroll. Investors work directly with an owner and set up accounts within 24 hours. Secure vault storage services are located throughout the nation.

Patriot Gold

Orion Metal Exchange

As a precious metals investment dealer, Orion Metal Exchange offers gold, silver, platinum and palladium coins and bars, plus gold and silver investment retirement accounts. Storage is free for up to three years for investment accounts, and there are no setup or transfer fees. The buyback commitment offers clients an opportunity to sell their gold back to Orion Metal Exchange.

Orion Metal Exchange Learn More

Monetary Gold

Monetary Gold, headquartered in Southern California, has helped its customers invest in gold and precious metals for two decades. Depository storage is handled by Delaware Depository of Wilmington, DE, and the company charges a storage and insurance fee of about 0.1%, with a $100 minimum at the time of publishing. Investors who want physical delivery pay a flat shipping fee of $30. Precious metal specialists are available by phone for no-obligation consultations.

Monetary Gold

Oxford Gold

Oxford Gold Group is a precious metal investment company based in Beverly Hills, CA. Its annual charge for gold IRAs is $175 on accounts up to $100,000 and $225 for larger accounts. Precious metal coins or bars are stored at private depository facilities in Wilmington, DE, and Salt Lake City, UT. You are not able to hold the precious metals while they’re in your IRA. Complimentary consultations with investment experts are available by phone.

Oxford Gold

American Hartford Gold

American Hartford Gold has assisted investors with purchasing over $300 million in gold and silver. Buffalo customers can set up an IRA in just one business day. An account executive helps with transferring funds from other accounts, purchasing precious metals and tracking the value of your IRA. There is no charge for shipping to the depository, and some accounts are eligible for no storage fees. You can also purchase gold and silver for direct delivery from American Hartford Gold.

American Hartford Gold Learn More (866) 265-7222

Advantage Gold

Advantage Gold provides gold bullion and other precious metal products for gold IRA investors. The buyback policy guarantees that Advantage Gold will buy gold back at a fair market price. Assets are stored at either Brink’s Global Services or Delaware Depository.

Advantage Gold Learn More

Augusta Precious Metals

Augusta Precious Metals charges a one-time $50 application fee and annual $80 and $100 custodial and storage fees. It stores precious metals in one of several secure North American facilities, but they can be viewed by appointment. Pricing is based on the spot market value. Once you sign up, Augusta assigns you a personalized specialist who guides you through the investment process.

Augusta Precious Metals Learn More

Lear Capital

Lear Capital is a gold dealer and gold IRA company offering precious metals investments. Its inventory includes gold and silver bars and coins from across the world. Personal account representatives offer up-to-date spot pricing and insights. Gold IRA metals are stored at Delaware Depository as part of a $160 annual fee, which includes insurance.

Lear Capital

Buffalo Gold Rush

Buffalo Gold Rush is a local pawnshop that buys and sells gold, silver, platinum, bullion, good or broken jewelry and precious metals. Appraisal happens in front of the customer for a more transparent process. The buyback program offers 30 days to repurchase a sold item for a fee, plus the original amount of cash. The company is located at 1400 Bailey Ave., Buffalo, NY 14206.

Buffalo Gold Rush

Premier Gold, Silver & Coins

Premier Gold, Silver & Coins is a gold, silver, coin and antique dealer in Western New York. The company buys items including scrap gold, class rings, coins, sterling silver and antique jewelry. Personal asset brokerage services provide hands-on support for selling items at the highest value. The company is located at 4208 Union Road, Cheektowaga, NY 14225.

Premier Gold, Silver & Coins

Jack Hunt Gold & Silver

Jack Hunt Gold & Silver offers customers the opportunity to buy or sell gold and silver coins, bars, jewelry, bullion and other precious metals at a fair price. Valuations are free and customers are under no obligation to sell. All gold and silver purchases are paid by check. Jack Hunt Gold & Silver is located at 2746 Delaware Ave., Kenmore, NY 14217.

Jack Hunt Gold & Silver