Once you decide which products you would like to buy, your next step is to find a platinum dealer. There are two primary options for finding a dealer: the first is to seek out an online platinum dealer, and the second is to find a local bullion shop and see if they offer platinum products.
We will discuss each method below, as well as link to more information about buying platinum online and locally.
Buying Platinum Bars Online
Our preferred method of buying platinum bars is to work with an online dealer. Buying platinum online offers you several advantages, including:
- Wider Selection – most local bullion dealers do not offer platinum, and even if they do, it would be a few random products with limited selection and quantity.
- Lower Prices – this relates to the above, but since most local dealers specifically deal with gold and silver, any platinum pieces they have are likely to be marked up significantly as they’re lower volume products.
- Tax Free – some states require local sales tax when buying platinum, so buying from an out of state online dealer can save you a huge % by avoiding the sales tax on the metal.
Because of the above, we recommend working with online dealers, as cost is really most important when buying platinum bars. If you have to pay 10% extra to buy locally, that is 10% higher that platinum spot prices have to go before you break even.
Buying Platinum Bars Locally
Although we typically advocate buying online for the reasons above, some customers do prefer to buy locally, and there are some advantages:
- Instant Transaction – instant gratification is surely a perk of dealing locally, as you leave the store with the platinum in your hand and don’t have to await shipment from an online retailer.
- Anonymous – some local dealers will let you buy with cash and without submitting any identification information, which is of course impossible when buying online as you have to at least use a delivery address to receive the products.
- Relationship – by working consistently with the same local dealer, you forge a personal relationship that can help you get answers to questions, seek out rare products, or even get better deals on buy/sell transactions.
If you are going to go the local route, we recommend calling around to several dealers beforehand to ensure they have platinum in stock, as most only do gold and silver.
If they do have platinum, find out what they have and premiums over spot before making the trip, as it’s disappointing to make a drive then find ridiculous premiums or hardly any selection.
Beyond buying from online retailers or local coin shops, you can also buy platinum on eBay as well as at local coin shows.
Platinum on eBay
Buying platinum on eBay is not the first option explored by most investors, but there is a decent selection there and it makes it easy as you can use your Paypal account to fund the deal. For example, searching “platinum bullion” on eBay presently returns ~1,200 results, most of which are smaller gram bars or fractional platinum American Eagles.
Platinum at Coin Shows
Another option for buying platinum is to go to coin shows. Most major online retailers as well as local coin shops travel to coin shows and sell gold, silver, platinum, and more. By going to a coin show, you get that personal, hand-to-hand transaction while still having access to the larger inventories and selections of the online dealers.
No matter where you buy platinum bars, make sure you are working with a reputable retailers who has history in the industry. Always do your own research and try to find third party reviews of the platinum dealer, as the most reliable way to find out how the company treats their customers is to hear from the customers themselves.