How to buy gold in bulk: wholesale gold for private and business buyers

Retail "bulk" and wholesale gold are different markets

A retail buyer ordering a tube of coins pays a dealer's premium over the spot price. A wholesale buyer (a refiner, bullion dealer, jewellery manufacturer or trading house) buys bars by the kilogram or the hundred kilograms, close to the benchmark, from counterparties that must identify it and verify the gold's origin before any contract.

What you buy

See gold bar sizes and weights and the gold bar specification.

How the price is set

Wholesale gold is priced from the LBMA Gold Price (or a spot price) per troy ounce of fine gold, adjusted by a differential for the bar's brand and fineness, its location, delivery terms and whether it must be re-assayed. A deep discount to the benchmark is a warning sign, not a bargain. See how gold from Uganda is priced.

KYC runs both ways

Refiners and dealers publish what they require from a supplier before a first trade: company documents, beneficial owners (10% under LBMA guidance, 25% on UAE forms) with identification, licences, sanctions and politically-exposed-person screening, and for mined gold the mine licence, location and export permit. Expect to give your own company documents, beneficial owners and the purpose of the purchase in return. Our buyer compliance file lists the full document set.

Minimum quantities and terms

We found no UAE, Swiss or South African refiner or dealer that publishes a minimum lot, an Incoterm or a discount: these are agreed per contract. In filed refining contracts, payment follows receipt, weighing and assay, and settlement is by bank transfer. LBMA's draft responsible-sourcing guidance would prohibit cash payments over USD 10,000 for its refiners, with narrow exceptions.

Red flags when buying in bulk

• Payment requested before a signed contract, or to an agent rather than the selling company
• A price well below the benchmark, or "tonnes available"
• A seller-arranged assay with no split sample or umpire
• No export permit, licence or verifiable company

See how Uganda gold scams work.

Buying gold in bulk from Uganda

Under the Act, minerals may be exported only under an export permit for each consignment. Uganda Gold Report is working towards a licensed supply route. We record each requirement and check it against a lawful supply route; no supply is in place yet. Read how buying gold from Uganda works, work through the rest of our buyer resources, or request a gold quote with your form, fineness, quantity and delivery point.