THE SHORT ANSWER
Verify the legal counterparty before comparing its gold price
A professional-looking website, government-sounding name or registry number is not enough. Match the contracting entity, address, payment recipient and salesperson; check relevant official records and complaints; demand the exact product, complete fees, delivery date, storage location and buyback terms in writing; then start with a transaction you can independently verify.
EIGHT-STEP DEALER CHECK
Make identity, product and delivery converge
Name, address and jurisdiction on contract.
Salesperson identity and authority.
Verify only claims relevant to the service.
Regulator, attorney-general and court context.
Mint/refiner, fine content, condition and quantity.
Spot, ask, spread, fees and commissions.
Deadline, carrier, insurance and risk transfer.
Written same-product buyback and deductions.
REGISTRY BOUNDARY
A valid lookup answers only the question that registry covers
FINRA and CFTC advise checking whether a person giving investment or commodity advice is registered when registration may be required. NFA says BASIC includes records for entities that are not current approved members. A retail dealer delivering fully paid metal may fall outside a securities or derivatives registry. Never convert “not found” into an automatic fraud verdict or “found” into a government guarantee.
WRITTEN OFFER
Do not fund a transaction whose complete economics are verbal
Record the agreed retail price, fine-metal content, spread, every commission, payment charge, delivery and insurance fee, cancellation right and buyback term. The joint FINRA/CFTC bulletin warns that excessive spreads and fees can make profit unrealistic. A below-market price also deserves extra scrutiny because the seller must explain what product, condition or obligation changed.
STOP CONDITIONS
One serious conflict outweighs ten reassuring details
- Payment recipient differs from the contracting entity without a documented explanation.
- The seller refuses a physical address, written fees or delivery location.
- Guaranteed return, risk-free language or time pressure replaces product evidence.
- Storage is charged but the custodian, account type or withdrawal process is undisclosed.
- A claimed registration cannot be reconciled to the exact entity and people.
PRIMARY SOURCES
Regulator and market-standard evidence
- Joint FINRA/CFTC physical-metals bulletin for dealer, spread, fees, storage and statement checks.
- CFTC precious-metals fraud advisory for missing metal, undisclosed storage, financing and delivery warning signs.
- NFA guidance on checking BASIC records for the important difference between an ID number, membership and approved status.
Reviewed July 31, 2026. Registration, custody terms, fees, insurance and withdrawal procedures are time-sensitive; verify the current contract and official record.
FAQ
Gold dealer verification questions
How do I verify a gold dealer?
Identify the contracting legal entity and physical address, check complaints with relevant public authorities, independently verify any claimed professional registration and obtain product, price, fees, delivery and buyback terms in writing.
Is there one government-approved list of gold dealers?
No. FINRA says retail metal dealers are not regulated at the U.S. federal level as a single class. Check only registrations the seller actually claims and use the relevant jurisdiction's authorities.
Does an NFA ID mean a firm is an approved NFA member?
No. NFA warns that non-members, former members, exempt firms and pending applicants can appear in BASIC. Read the displayed status and contact details, not just the presence of an ID.
What is the strongest warning sign?
A conflict between the legal entity, payment destination, product, delivery promise or written agreement should stop the transaction. Pressure, guaranteed returns and missing fee disclosures add risk.