David Joyner, President of US Bullion Reserve.
Wiring $100,000 or more to a bullion dealer is a one-way transaction. Once funds clear, your leverage is gone. The premium you accepted, the delivery terms you assumed, and the documentation you never requested all become fixed at that moment.
That is why the 10 questions to ask a wholesale gold dealer before a large purchase matter more than any market forecast you read this week.
At this allocation size, the difference between a 3% premium and a 9% retail markup is $6,000 on a single $100,000 order. Multiply that across a multi-year accumulation plan.
Pricing structure becomes the single largest controllable cost in your entire precious metals position. Market dynamics move gold. Your dealer agreement determines how much of that movement you actually keep.
Keep reading to get a checklist you can work through on a single call, question by question, before any wire instructions are exchanged. This guide helps you decide whether a specific dealer deserves your funds and what a satisfactory answer sounds like compared to a warning sign.
Establish the True All-In Price
Your total cost is spot price plus premium plus any fees layered on top. A dealer who cannot state all three components in writing has not given you a price at all. Start here, because every other term depends on the number you agree to.
Retail sellers often quote a per-item price and let you reverse-engineer the markup. Wholesale buyers work in the opposite direction: confirm the spot basis. Then confirm the premium applied to the full order. Wholesale pricing tiers commonly begin at $50,000, with premiums stepping down as order size increases.
1. What Spot Price, Time Stamp, and Market Benchmark Will You Use?
Spot price is the cash price for immediate delivery of physical metal, quoted per troy ounce. Ask which feed the dealer uses and how often it refreshes. Some platforms update every 15 seconds. Others refresh on a delay that quietly favors the seller.
A satisfactory answer names the benchmark, the refresh interval, and the exact moment your price is captured. You should be able to check that number against an independent quote provider while still on the call.
A red flag is a dealer who quotes a "today's price" with no timestamp. That vagueness gives them room to move the basis after you commit.
2. What Premium Applies to My Full Order Size, and What Does It Cover?
Premium is the markup above dealer cost. At scale, it should be tied to your total order value, not to each individual product. This is the core difference between wholesale and retail structures.
A common volume-based structure looks like this:
$50,000 to $250,000: 5% premium above dealer cost
$250,001 to $500,000: 4% premium above dealer cost
$500,001 and above: 3% premium above dealer cost
Ask directly whether the quoted premium covers sourcing, handling, and shipping, or whether those are billed separately. A satisfactory answer confirms exactly what is bundled. A red flag is a "special" premium that only applies to one product in the order.
3. Are There Any Spreads, Transaction Fees, Sales Tax, or Other Additional Fees?
The spread is the gap between what a dealer sells at and what it buys back at. According to a joint CFTC and FINRA investor bulletin on buying physical gold, some fraudulent dealers have charged spreads above 300%, while others charge under 20%.
Ask for all fees, commissions, and the agreed retail price in writing before signing anything. Ask what you would receive if you sold the metal back tomorrow. That buy-back number tells you the real spread faster than any quoted premium.
Sales tax treatment varies by state and by product type. Confirm whether tax applies to your delivery address before funding, not after. Once pricing is fully mapped, the next issue is whether the metal and the company behind it hold up to scrutiny.
Verify the Metal and the Counterparty
Two separate risks sit inside every large bullion order. The product might not be what you think it is. The dealer might not be who they claim to be. Both need documentation, not reassurance.
Bullion coins and bars share investment-grade purity and weight standards. Numismatic coins are rare or collectible, and their value rests on scarcity rather than metal content. That distinction drives both pricing and liquidity.
4. Which Bullion Products Are Available, and How Are Purity and Authenticity Verified?
Ask for the specific product list: gold bullion, silver bullion, platinum, and palladium, along with mint, weight, and fineness for each item. Standard sovereign coins and recognized refiner bars carry the deepest resale markets.
A satisfactory answer includes assay documentation, serial numbers on larger bars, and clear sourcing through recognized refiners or distributors. Ask whether the metal is new from the mint or from the secondary market.
A red flag is heavy pressure toward numismatic or "semi-numismatic" coins for a large allocation.
FINRA and the CFTC describe semi-numismatic as an industry term with no real meaning, often used to justify inflated spreads. Rare coins have a legitimate collector market, but they are not a substitute for bullion when your goal is wealth preservation and liquidity.
5. What Can You Document About Your Business History, Licenses, Reviews, and Complaints?
Retail metal dealers are not regulated at the federal level, which places the verification burden on you. Ask how long the firm has operated and where it is physically located, and confirm the registered entity name.
Check the state attorney general, the Better Business Bureau, and your state securities regulator for complaint history against the company. A longer operating history and a documented client base give you more public record to examine, but they are not proof on their own.
What actually demonstrates legitimacy is documentation: a verifiable street address, a registered entity name, written pricing and trade confirmations, and references you can contact. Evasiveness on any of these is the answer.
With the metal and the counterparty verified, attention shifts to how money and product actually move.
Control Funding, Price Locks, and Delivery Risk
The window between your wire and your delivery is where large orders go wrong. Price can move, funds can sit unconfirmed, and shipping terms can shift. Pin down each step in advance.
Wire transfers are standard at six-figure order sizes because they clear faster and more securely than checks or card payments. That speed matters when your price is tied to a live market.
6. When Is the Price Locked, and Can Repeat Clients Qualify for a Pre-Funding Lock?
Most dealers confirm final pricing once funds are received, because they cannot hold a market position on an unfunded order. Ask exactly which event triggers the lock: wire initiation, bank receipt, or cleared funds.
Some firms extend price locks before funding to repeat clients with established account history. A satisfactory answer explains the qualification standard clearly. A red flag is a verbal promise of a lock with no written confirmation.
7. What Happens Between My Wire Transfer, Fund Clearance, and Final Trade Confirmation?
Ask for the sequence in writing. A clear wholesale process typically runs like this:
You review pricing and product selection with a dedicated specialist
You receive written wire instructions and confirm them by phone before sending
Funds are received, and final pricing is confirmed against live spot
A written trade confirmation is issued listing products, weights, premium, and total
Delivery details are reviewed, and the order is released to shipping
Confirm wire instructions verbally using a number you already have. Never use one emailed to you. Wire fraud in high-value transactions almost always starts with altered banking details. A red flag is any pressure to send funds before you receive a written confirmation of the products and price.
8. How Will the Order Ship, Who Bears Transit Risk, and What Insurance Is Included?
Ask who holds title and risk during transit, and what the insurance limit is per package. Delivery risk describes the chance that one side fails to deliver the asset as agreed. Insurance is how you price that exposure.
A satisfactory answer specifies the carrier, whether a signature is required, whether packages are split to stay within coverage limits, and what the claims process looks like. Many wholesale orders ship fully insured within 48 hours once funds are secured and pricing is locked.
Also ask about the return policy and the buy-back procedure. Knowing the exit terms before you enter is standard practice at this size. If the funds are coming from a retirement account, an additional layer of rules applies.
Evaluate Retirement Account Requirements and Advice Boundaries
Retirement money carries compliance risk that cash purchases do not. A single ineligible product or a misrouted transfer can threaten the tax-deferred status of the entire account.
Metals held in a self-directed individual retirement account (SDIRA) must be held by the IRA custodian or trustee. Never store them at your home. That single rule eliminates a large share of the pitches investors receive.
9. Is Each Product IRA-Eligible, and How Will You Coordinate With My Custodian or Trustee?
Ask the dealer to mark each line item as IRA-eligible or not, in writing, before funding. Only certain bullion meets the fineness and mint standards required for a gold IRA or silver IRA.
A satisfactory answer includes the name of the custodian they will coordinate with, who sends the funding request, and how the depository receipt reaches your account statement. Ask about administrative fees and storage fees separately from the metal premium.
A red flag is a salesperson steering retirement funds toward collectibles. FINRA notes that in some gold or silver IRA fraud cases, victims lost one-third to one-half of their savings to markups, fees, and commissions. If someone charges extra for "collectible" coins inside an IRA, treat it as a scam signal.
10. What Guidance Is Educational, and When Should I Consult My Financial and Tax Professionals?
Ask the salesperson directly whether they are a registered commodity trading advisor or investment professional. If they recommend what to buy, how much, or when, that is advice, and it may require registration with the Securities and Exchange Commission (SEC), FINRA, the Commodity Futures Trading Commission (CFTC), or a state regulator.
A satisfactory answer draws a clean line: product education, pricing mechanics, and process logistics from the dealer; tax and suitability decisions from your own tax professional and financial advisor. IRS rollover rules are complex, and mistakes can be costly.
Never respond to cold calls, unsolicited emails, or boiler-room telemarketers offering limited-time metals deals. If you suspect fraud, you can file a whistleblower tip or fraud complaint at CFTC.gov/complaint, report to FINRA, or contact the North American Securities Administrators Association (NASAA) through your state regulator.
Seniors can call the FINRA Securities Helpline for Seniors at 844-574-3577. With all ten answers collected, the last step is comparing them side by side.
Compare Written Terms Before You Commit
Put every dealer's answers into one document and compare the numbers, not the sales pitch. Premium percentage, spot basis, fee schedule, delivery window, insurance limit, and buy-back terms are the six fields that decide your true cost.
US Bullion Reserve structures pricing around total order size rather than fixed retail markups: 5% above dealer cost from $50,000 to $250,000, 4% from $250,001 to $500,000, and a 3% premium above $500,001. Displayed prices are wholesale ask prices tied to live spot, and final pricing is confirmed at the time of purchase. Most orders ship within 48 hours, fully insured, once funds are secured and pricing is locked.
Use this short comparison list when you review competing quotes on physical precious metals:
Premium basis: applied to the full order or per product?
Spot feed: named benchmark with a refresh interval you can verify
Fees: every charge listed in writing before funding
Metals covered: gold, silver, platinum, and palladium under the same tier
Fulfillment: stated shipping window and insurance coverage
IRA path: eligible products identified and custodian coordination confirmed
If a dealer answers all ten questions with specifics and puts them in writing, you have a counterparty worth funding. To review current wholesale pricing for your allocation size, or to confirm which products qualify for a self-directed account, call 1.855.655.4653 and speak with a specialist before you wire.
Frequently Asked Questions
What Is Your Total Delivered Premium Over Spot for This Order Size?
Ask for one number that includes the premium, shipping, and insurance, expressed as a percentage above spot. At volume-based pricing, that figure should fall between 3% and 5% depending on whether your order clears $50,000, $250,001, or $500,001. Anything materially higher is retail pricing in a wholesale wrapper.
Which Gold Products Are IRA-Eligible, and What Are Their Minimum Order Quantities?
Only bullion meeting IRS fineness and approved-mint standards can be held in a self-directed IRA, and it must be stored with an approved custodian or trustee. Ask for the eligible list marked line by line before funding. Confirm any minimum quantity per product, since some bars trade in fixed increments.
Can You Provide Independent Assay, Serial-Number, and Chain-of-Custody Documentation?
Larger bars should arrive with a serial number and assay card traceable to a recognized refiner. Sovereign bullion coins carry mint specifications that serve the same purpose. A dealer who cannot produce this paperwork on request has not given you a verifiable product.
How Are Funds Held and Protected Before Physical Gold Is Shipped?
Ask where your wire lands, how quickly the dealer confirms receipt, and what written trade confirmation you receive in return. A clear process confirms pricing once funds are received and issues documentation listing products, weights, premium, and total. Always verify wire instructions by phone using a number you already have on file.
What Are Your Delivery Timelines, Insurance Limits, and Shipping Procedures for Large Orders?
Confirm the stated fulfillment window, such as shipment within 48 hours after funds clear and pricing locks. Ask about the per-package insurance limit and whether large orders are split across shipments to stay inside coverage. Signature requirements and the claims process should be documented before the metal leaves.
Are You Registered With the Commodity Futures Trading Commission (CFTC), and Have You Faced Regulatory Actions?
Physical metal dealers are generally not federally regulated, but salespeople giving trading or investment advice may need to register with the CFTC, SEC, FINRA, or a state regulator. Ask directly, then verify the answer and review any disciplinary history. Also check your state attorney general and securities regulator for complaint records.
This content is for educational purposes only and is not investment, tax, or legal advice. Consult a licensed financial advisor before making investment decisions.