Most people buying physical gold for the first time start on the high street: the neighbourhood jeweller, the cash-for-gold shop on the corner or the bank branch. They are legitimate options, but they do not all sell the same thing at the same price, and some do not sell investment gold at all. Before comparing places, it helps to know what is being compared.
What you are buying and what to insist on
Investment gold, for tax purposes, is a bar of at least 995 thousandths purity or a minted, recognised gold coin of at least 900 thousandths. It is the only gold bought VAT-free. A bracelet, a ring or a commemorative coin are not: they carry VAT and are sold by weight minus a margin.
Wherever you buy, there are four things you should come away with: the identified metal (refiner, weight, purity and serial number on bars; mint and year on coins), an invoice in your name with those details, the price broken down against the day's spot, and, if you leave it in custody, a document proving the gold is yours and not the custodian's. Without an invoice you cannot prove your purchase price when you sell, and you will pay more income tax than necessary.
Jewellers and cash-for-gold shops
Their main business is buying used gold and selling jewellery. Some carry coins or small bars, but it is not their speciality: the range is short, the premium over spot tends to be high and they cannot always certify provenance. When buying back, they pay by weight and purity, with a margin that covers their risk, not for the numismatic or investment value of the piece.
In their favour: proximity and immediacy. They work for small amounts and for anyone who wants the metal in hand today. They do not work for building an investment position or for keeping it safe.
Banks
In Spain, most banks do not sell physical gold to retail customers at the branch. Those that offer something do it through a third party, with limited formats, or as a financial product linked to gold, which is not metal in your name but a security. If that route interests you, see the comparison in physical gold or gold ETF.
What a bank can offer is a safe deposit box for gold bought elsewhere. It is a reasonable option for medium amounts, with an annual cost and access during office hours.
Specialist dealer, in store or online
This is the natural channel for investment gold: bars from recognised refiners, coins from the usual mints, a published premium over spot and a full invoice. Serious dealers offer buyback at a known price, which gives you a clear exit the day you want to sell.
What to look at: the premium over spot, higher on small pieces and lower on large bars (we explain it in bars or coins), the insured shipping terms if you buy online, and what they offer for storage. In many cases the gold arrives at your home and the problem becomes where to keep it.
"Buying gold well is half the job. The other half is keeping it safe, being able to prove it is yours and knowing who you will sell it to."
With advice and custody: what we do at Equus Capital
We start from your goal, not from the product. First we look at what you want the gold for: a long-term store of value, regular purchases, a share in silver, something to leave to your heirs. From there we choose format and supplier, and the metal is bought in your name, with invoice and certificate.
After that, the gold is not sent to your home: it stays in custody at Loomis, insured and in your name, which removes the risk of theft or loss and the question of a home safe. And when you want to sell, we buy back: the sale closes within a few days, with the metal already in the vault, at the day's spot. You can see the real client cases with their figures.
Comparison
| What to look at | Jeweller / cash for gold | Bank | Dealer | With advice and custody |
|---|---|---|---|---|
| Sells investment gold | Sometimes, short range | Rarely, via third parties | Yes | Yes, chosen for your goal |
| Premium over spot | High | Variable | Published | Published and explained |
| Invoice and certificate | Not always | Depends on product | Yes | Yes, in your name |
| Custody | No | Safe deposit box | Sometimes | Loomis, insured, in your name |
| Buyback | By weight, high margin | No | Yes, at a known price | Yes, within days |
| Advice on format and tax | No | No | Limited | Yes |
| Best for | Single pieces, today | Storing what you already own | Buying and storing it yourself | Building and keeping a position |
Frequently asked questions
Is it cheaper to buy gold online than in Valencia?
Not necessarily. The reference price is the same; what changes is the premium over spot, insured shipping and service. Always compare the total price per gram of fine gold.
Can I buy gold without an invoice to pay less?
Best not to. Without an invoice you have no proof of ownership or of your purchase price, and when you sell you will be taxed on the whole capital gain as if it had cost you nothing.
What minimum amount makes sense?
Whatever fits your plan. Buying coins or small bars periodically lets you start with modest amounts; see how to buy gold every month.
What about selling gold in Valencia?
It depends on what gold you have. For jewellery, cash-for-gold shops pay by weight. For investment gold with an invoice, a dealer, or a buyback from whoever sold it to you, will give a better price. More in selling gold in Valencia at a fair price.
Is silver bought the same way?
The channels are the same, with one difference: silver carries 21% VAT, so the entry price is higher and it should be factored in when working out the capital gain.
Conclusion
For a single piece, the shop next door will do. For an investment position, a specialist dealer is the minimum, and if you also have advice, custody and buyback, the purchase becomes something you can hold for years without worrying. What never changes: investment gold, an invoice in your name and a price broken down against spot.