How many companies in the U.S. buy gold and silver?

There are literally thousands of US companies that buy gold and silver. It is difficult to specify an exact number because many of these “businesses” are fly-by-night operations that are not registered properly, change names frequently or are start-ups with good intentions that simply fail. Some businesses buy jewelry; others purchase scrap gold. Many experts peg the number of companies that buy gold and silver bullion around 3,000.

How many gold and silver buyers do some major US cities have?

  • The Better Business Bureau lists 22 companies that buy gold in Manhattan alone
  • Google Maps lists about 30 gold and silver buyers in Chicago, IL
  • As of October 2012 there are 36 companies that buy gold and silver in Dallas, TX

In addition to the numerous local gold and silver buyers in the US there are more online gold and silver dealers in the US than ever before. Companies that are highly advertised are not necessarily good companies. For example, Good Morning America investigators sent the same amount of gold to three different companies; each packet was independently appraised at $350. The highest offer? $107.

Be sure to check any potential gold buyer’s Better Business Bureau report before sending money or precious metals. You can protect yourself from fraud by only investing in commonly-known and widely traded gold and silver bullion and certified coins. Such investments allow dealers to guarantee your buy-back price before you agree to send it to the depository.

Gold Silver encourages investors to call our Help Desk toll-free at 1-800-394-3337 with any questions about buying and selling precious metals. Our non-commissioned advisers can answer your questions and explain how a gold transaction works. For more information on selling your gold and silver get your free copy of Real Money Magazine below.

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