Where to Buy Gold in Europe: Dealers, Vaulted, ETFs

A no-hype, criteria-first guide for European investors comparing local dealers, online shops, vaulted platforms, banks/bullion services, and UCITS ETFs/ETCs—with costs, jurisdictions, KYC/AML basics, and a step-by-step purchase checklist.

Spot vs Premium: What You Actually Pay

“Spot” is the live wholesale price for unfabricated gold in global OTC markets. Retail buyers almost never transact at pure spot. You pay a total landed cost composed of:

Fabrication premium (to mint coins/bars and cover distribution).
Dealer spread (the margin between the dealer’s bid and ask).
Operational frictions (shipping, insurance, card/transfer fees, and—if applicable—storage).
Taxes/charges (most EU countries exempt investment gold from VAT, but confirm product eligibility and local rules).

Premiums vary by form factor and ticket size. Smaller pieces command higher per-ounce premiums: a 1g bar or 1/10 oz coin has more fabrication cost relative to metal content than a 1 oz coin, and far more than a 400 oz Good Delivery bar. During retail demand surges, premiums can widen sharply even if spot is flat, because inventory scarcity and logistics pressure dominate.

Your exit price is equally important. When you sell, dealers quote a buy-back price below spot (their bid). The round-trip performance of a coin bought at, say, +4–6% over spot and sold at −1–2% below spot can lag spot by 5–8% before market moves even enter the equation. That’s why investors planning frequent rebalancing prefer vaulted accounts (tighter spreads) or ETFs/ETCs (tight spreads + TER) for their core sleeve.

A useful habit is to convert everything into basis points per year over your expected holding period. Example: if a vaulted platform’s all-in cost is 30 bps/year, while your favorite coin route has a 5% round-trip drag over five years (~100 bps/year), the storage fee might actually be cheaper for a long-term investor—despite “paying for storage.”

Rule of thumb:

Buy to hold (multi-year): optimize for all-in cost and title quality (allocated, audited).
Rebalance actively: optimize for spread + execution speed; ETFs/ETCs often win here.

Buying Physical: Local Dealers and Online Shops

Buying physical coins or bars across the EU is straightforward if you apply professional criteria. Local dealers and reputable online shops offer the same end product—investment-grade coins (e.g., Britannia, Maple Leaf) and bars (1g to 1kg)—but differ in pricing, convenience, and liquidity.

Local dealers provide face-to-face verification, immediate possession, and a human relationship for future sell-backs. Expect more limited inventory and potentially wider spreads than the biggest online shops. In return, you get hands-on inspection and faster cash settlement. If you value discretion, a local shop can also offer in-person payment/pickup under KYC/AML thresholds set by national law (note those thresholds can be low or zero; know your country’s rules).

Online shops offer broader inventory, transparent live pricing, and order automation. You’ll pay shipping and insurance, and you’ll wait for delivery; during heavy demand, shipping queues grow and premiums widen. Reputable platforms publish buy-back quotes, minimums, and packaging/authentication procedures. Their advantage is scale: larger dealers often have tighter spreads, especially on standard 1 oz coins and 100 g / 1 kg bars.

Whether you go local or online, write down:

Accepted payment methods (SEPA, cards, cash in-person) and fees.
Delivery options (insured courier vs in-store pickup).
Buy-back policies (requirements, ID, settlement time, price basis).
Authentication protocols (how the dealer verifies on buy-back).
Your exit plan (who, how, and at what discount to spot).

Verification and Authenticity (Red Flags)

Modern bullion is hard to counterfeit convincingly at scale, but your process must assume trust, verify:

Documentation & serials: Bars should come with serial numbers and certificates from recognized refiners. Some products include tamper-evident packaging; keep it intact.
Weight/dimensions: Bring (or use in-store) a precision scale and calipers; compare against official specs.
Magnet test: Gold is non-magnetic. A simple magnet can flag obvious fakes (not sufficient alone).
Ultrasound/conductivity/XRF: Professional dealers use density/ultrasound/XRF scanners to verify beyond the surface. Ask how they test on buy-back.
Supply chain: Prefer direct distribution from reputable mints/refiners; avoid products with unclear provenance, repackaged lots, or bulk “deals” below market.
Pricing that’s “too good”: Deep discounts to spot/premium norms are a red flag—counterfeits or bait-and-switch risk.

RED FLAG BOX

No bar/coin specs or serials; damaged or opened tamper packaging.

Dealer refuses to disclose buy-back terms or uses “call us later” pricing.

Payment methods pushing you into irreversible high-risk rails with no invoice.

Websites with copycat branding, no physical address, or recent domain with fake reviews.

Buy-Back Policies and Liquidity

Your exit is part of your entry. Before buying:

Get a written buy-back formula (e.g., “spot − X% for coin Y in mint packaging”).
Know settlement timing (same day vs T+1/T+2) and payout rails (cash in-store, SEPA).
Confirm ID/KYC needed for sell-backs and any reporting thresholds.
Ask about condition penalties (scratches, removed packaging) that reduce your price.
If selling by post, clarify insured shipping, responsibility during transit, and acceptance criteria on arrival.

Liquidity is typically best for standard, widely recognized products (1 oz major sovereign coins; 100 g and 1 kg bars from top refiners). Obscure formats may carry wider spreads and fewer immediate buyers.

Vaulted Platforms: Jurisdictions, Fees, Access

Vaulted gold gives you allocated title to bars held in professional vaults, with audits, insurance, and often online dealing near spot. It’s the middle ground between coin-collecting and “paper” exposure.

Jurisdiction: Common vault locations include Switzerland, the UK (London), and EU countries with established bullion infrastructure. Consider property rights, insolvency regimes, and political stability. Also ask whether the provider can move bars across jurisdictions on request and what that costs.

Custody model: Prefer allocated and segregated storage (bars identified to you by serial number). Avoid or explicitly accept the trade-offs of unallocated/pool accounts where you have a claim on a pool, not specific bars.

Fees: Expect storage in bps per year (often 10–40 bps), plus possible minimums and withdrawal fees for taking delivery. Some platforms tier fees by balance; calculate your all-in annualized cost. Dealing spreads are usually tighter than retail coin shops, especially for larger tickets.

Access & dealing: Many platforms allow 24/7 orders at spot + small premium, with settlement via SEPA/SWIFT. Confirm buy/sell minimums, funding/withdrawal rails, audit frequency, published bar lists, and whether you can inspect or audit (even virtually) your allocation.

Who it suits: Long-horizon holders who want real metal with professional logistics and a clean, auditable title—and who only rebalance infrequently (calendar or wide bands). For fine-grained, frequent rebalancing, an ETF/ETC is often operationally superior.

Banks and Bullion Services: Pros and Cons

Some European banks still sell bullion or provide custody services. Others offer brokerage access to gold ETCs/ETFs and derivatives, but not physical delivery.

Pros:

One-stop onboarding/KYC if you’re already a client.
Potentially familiar rails for payments and statements.
In some countries, bank-affiliated bullion desks can source at competitive institutional spreads (usually for larger tickets).

Cons:

Retail bank branches often carry limited inventory and wider spreads.
Custody may be unallocated or co-mingled unless you explicitly request allocated with serials and segregation.
Fee schedules can be opaque (storage, handling, delivery), and delivery options may be restricted.
Banks may suspend retail bullion services during stress, or require long lead times.

If you choose a bank route, the same rules apply: demand allocated/segregated custody, bar lists, audits, and transparent buy-back pricing. Otherwise, you may be paying bank-brand pricing for less clarity than a specialized vaulted provider.

ETFs/ETCs: When “Paper” Is Enough

Physically backed UCITS gold ETFs/ETCs provide exchange-traded exposure to spot with custody, audits, and the creation/redemption mechanism that keeps prices close to NAV. They’re ideal when your priority is rebalancing discipline, tight spreads, and portfolio integration—not touching metal.

When they fit:

You run tolerance bands or event-driven rules and need speed.
You want to keep all positions in one brokerage for reporting and automation.
Your wrapper (pension, savings plan) prohibits direct bullion but allows UCITS.

What to check: TER (commonly 0.15–0.40%), bid-ask spreads on your venue (Xetra/Euronext, etc.), AUM/liquidity, custodian, bar lists, audit cadence, and share-class FX (EUR-quoted and/or EUR-hedged vs unhedged).

Caveat: ETFs/ETCs are claims on a vehicle holding bullion with a custodian; they are not self-custodied sovereign coins. If your motive is sovereign possession or off-grid optionality, an exchange-traded product won’t meet that constraint. If your motive is portfolio hedge + rebalancing, they often meet it best.

Payment, Shipping, Insurance, and KYC/AML Basics

Payment rails: Expect SEPA transfers to dominate. Cards may incur fees and limits. Cash is restricted or prohibited beyond low thresholds per KYC/AML rules that vary by country. Wire from your own named account to avoid hold-ups.

Shipping & insurance: Reputable dealers ship via insured courier with discreet packaging. Confirm coverage limits, who bears risk in transit, and signature/ID requirements at delivery. Retain invoices and tracking for your records (and for potential tax audit).

KYC/AML: Dealers and platforms must comply with EU AML directives plus national rules. That means ID verification and source-of-funds checks for certain thresholds or any persistent relationship. Be ready with passport/ID, proof of address, and bank statements if asked.

Storage & insurance at home: If you self-custody, decide between a home safe vs bank box. Ask your home insurance whether bullion is covered, under what limits, and what security measures are required. Keep serial numbers and a photo log stored separately.

Record-keeping: Maintain a file with invoices, serials, shipping receipts, custody statements, and (if using ETFs) broker statements. Good records simplify tax, estate, and future sell-backs.

Purchase Checklist (Downloadable)

(Copy, print, and tick boxes before and after each purchase.)

A) Objective & Sizing

Why am I buying? (Inflation hedge / FX buffer / drawdown control).
Target weight in portfolio: __% (e.g., 2–10%).
Vehicle chosen: Local dealer / Online shop / Vaulted (allocated) / UCITS ETF/ETC.
Rebalancing rule: calendar (annual/semiannual) and/or bands (± __ pp).

B) Product & Pricing

Product type: 1 oz coin / 100 g bar / 1 kg bar / ETF share class.
All-in entry cost calculated (spot + premium/spread + fees + storage).
Exit path documented (buy-back formula or ETF market liquidity).
For physical: serials, mint/refiner, packaging intact.

C) Counterparty & Custody

Dealer/platform vetted (address, company registry, terms, reviews).
Allocated & segregated (if vaulted); bar list and audits available.
Custody jurisdiction noted; insurance limits verified.
For ETF/ETC: UCITS domicile, custodian, TER, AUM, spreads, FX class.

D) Payments, Shipping, Compliance

Payment method and fees confirmed (SEPA/card).
KYC/AML docs ready (ID, proof of address).
Shipping insurance and responsibility clarified.
Home storage plan (safe/bank box) and insurance coverage.

E) Post-Trade Log

Trade recorded (date, quantity, cost, fees).
Documents filed (invoices, serials, statements).
Portfolio weight updated vs target; set next rebalance reminder.

Related Guides and Cautions

Gold as a Hedge (sizing 2–10%, rebalancing, costs)
Security for Nomads: Brokerage & Crypto, operational hygiene on the move.
Cartera permanente en España

Cautions (high-level):

Brand names ≠ due diligence. Apply the same custody and cost tests to everyone.
Unallocated ≠ emergency hedge. If resilience is your goal, prioritize allocated, segregated title and clear audits.
Premium FOMO. In panics, retail premiums surge; if you must buy then, consider vaulted or ETF to avoid overpaying for fabrication scarcity.
Tax is local. Investment gold is often VAT-exempt, but capital gains treatment varies. Document advice from a qualified local professional in your IPS.

In few words

Europe offers four clean routes to gold:

Local dealers/online shops: best when you want possession, accept higher premium/spread, and trade infrequently.
Vaulted (allocated) platforms: the long-term core option—audited title, reasonable bps, and smoother dealing than coin shops.
Banks/bullion services: convenient if they offer allocated/segregated custody with transparent fees; otherwise, you may pay more for less clarity.
UCITS ETFs/ETCs: the rebalancer’s tool—tight spreads, intraday execution, and tidy reporting inside your broker.

Choose based on objective (hedge type), agility needs, all-in cost, and custody quality. Write your plan, run the checklist, and keep documents in order. Done right, your gold sleeve will quietly do its job—diversifying equity/bond risk and smoothing drawdowns—without turning your portfolio into a jewelry store.