As we age, many of us tend to be more cautious with our investments. We want to protect what we've earned and ensure our money grows steadily. That's where gold comes in.

Gold has a long history of holding its value and serving as a reliable hedge against economic uncertainty. Investing in gold can be a smart way to diversify your portfolio and protect against losses caused by more traditional (and more volatile) assets like stocks.

One popular way to invest in the precious metal is by buying gold bars and coins. It's a fairly easy process that only requires a little time and know-how, starting with where to buy them. 

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Where seniors can buy gold bars and coins

Seniors have several choices when it comes to where to purchase physical gold.

Local gold dealers

One of the easiest and most accessible ways for seniors to buy gold bars and coins is through local dealers. These brick-and-mortar shops allow you to physically browse and examine the items you're interested in, making the buying process more transparent.

Visiting a local gold dealer is ideal for seniors who are unfamiliar or uncomfortable with the online shopping process or who prefer face-to-face assistance when making a purchase. Additionally, you may be able to negotiate prices with the dealer, which can result in a better deal.

It's important to do your research and ensure the dealer you choose is trustworthy and has good reviews from previous customers to ensure you receive genuine, quality items at a fair price.

Online gold retailers

For those seniors who prefer to shop from the comfort of their own homes, there are many online gold retailers to choose from. These retailers offer the advantage of 24/7 convenience and a wider selection of products to choose from.

It's crucial to be cautious when buying gold online, however, as there are many fraudulent websites out there. Look for reputable retailers that have been in business for several years. Respected gold dealers include American Precious Metals Exchange (APMEX), JM Bullion and American Hartford Gold.

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Auction houses

Seniors who are savvy and enjoy the hunt for special items may find success in attending auctions. Auctions may be held online or in person and often have rare or unique items, such as coins that are no longer minted. This can make them an exciting way to acquire physical gold.

On the other hand, competitive bidding can drive prices up beyond retail market rates. Take the time to educate yourself before attending these sales so you can identify the best finds and avoid spending more than an item is worth.

Banks

Seniors who want to purchase gold bars and coins can also look to the banks in their area. Some U.S. banks sell gold bars and coins, which they can then store in their safe deposit boxes, making for a simple and straightforward transaction.

That said, bank offerings may be limited, and banks may charge a markup, so be sure to compare all of your options first.

The bottom line

Investing in gold has long been considered a valuable strategy for seniors seeking to add stability and security to their portfolios. Buying gold bars and coins can be an easy way to do this. And with plenty of places to buy them, there's likely an option out there to fit your preferences and needs.

Just be sure to carefully vet any dealer you're considering, know what to look for when purchasing physical gold and learn how to identify real gold. With a little research and due diligence, you can enjoy the many benefits gold offers as an investment.