Goldandsilveronline.com Review

Based on looking at the website Goldandsilveronline.com, it presents itself as a platform for buying gold and silver bullion, pre-1933 gold coins, and facilitating IRA-approved precious metals.

While the site offers an extensive catalog of products and educational resources, a critical review reveals several points that warrant caution, particularly from an ethical and financial standpoint rooted in Islamic principles.

The online nature of buying and selling precious metals, especially with a “lock in price” mechanism that involves a credit card hold, raises concerns about immediate possession and the potential for speculative elements, which are critical considerations in Islamic finance.

Here’s an overall review summary:

• Website Focus: Primarily offers gold and silver bullion, rare coins, and IRA investment options.
• Product Variety: Extensive, covering a wide range of gold and silver coins and bars, including pre-1933 gold.
• Educational Resources: Provides “Strategy,” “Education,” and a “Protection Guide” focusing on wealth preservation.
• Transaction Model: Involves selecting products, locking in prices with a credit card hold, and then shipping. This delay in possession is a major point of concern.
• Transparency: The site explicitly mentions a “$35 hold on your credit card to lock in the prices until funds arrive,” which is a clear indicator of a deferred exchange, problematic in Islamic finance.
• Shariah Compliance: Highly questionable due to the deferred exchange model credit card hold and subsequent shipping for gold and silver, which mandates immediate possession hand-to-hand exchange in Islamic rulings to avoid riba interest and gharar excessive uncertainty.
• Overall Recommendation: Not recommended for Muslims due to the fundamental conflict with Islamic principles regarding the exchange of gold and silver.

The very nature of buying gold and silver online, where there is a delay between the payment even a “hold” and the actual physical possession of the metal, directly contradicts the Islamic principle of hand-to-hand exchange for monetary items like gold and silver. This principle aims to prevent riba interest and gharar excessive uncertainty or speculation. While the website offers what appears to be a robust inventory and educational material, the transactional process outlined, particularly the “lock in your order” with a credit card hold and delayed shipping, introduces an element of deferred payment for a deferred commodity, which is impermissible. The intent of protecting wealth through precious metals is noble, but the method must align with Islamic ethical guidelines. For Muslims, such transactions should involve immediate, physical exchange or clear, instantaneous transfer of ownership without any intervening speculative risk or debt.

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Here are better alternatives for ethical wealth management that align with Islamic principles:

• Ethical Investing & Savings:
  • Halal Investment Funds: Focus on shariah-compliant equities, real estate, and other permissible asset classes.
  • Takaful Islamic Insurance: Cooperative insurance models that avoid interest and gharar.
  • Halal Savings Accounts: Interest-free savings options offered by Islamic banks or financial institutions.
  • Ethical Real Estate Investment: Direct investment in tangible properties, avoiding interest-based mortgages or speculative ventures.
  • Agricultural Land Investment: Investing in productive land, aligning with principles of tangible assets and sustainable growth.
  • Commodity Spot Trading Halal: Engaging in real-time commodity trading where physical possession is immediate and speculative elements are minimized, ideally via brokers who facilitate true spot transactions.
  • Socially Responsible Investing SRI: Investing in companies that adhere to ethical standards, even if not explicitly Islamic, but align with broader ethical principles e.g., avoiding tobacco, weapons, unethical labor practices.

Find detailed reviews on Trustpilot, Reddit, and BBB.org, for software products you can also check Producthunt.

IMPORTANT: We have not personally tested this company’s services. This review is based solely on information provided by the company on their website. For independent, verified user experiences, please refer to trusted sources such as Trustpilot, Reddit, and BBB.org.

Goldandsilveronline.com Review & First Look: A Deep Dive into its Offerings

Based on a thorough review of its homepage, Goldandsilveronline.com positions itself as a comprehensive platform for individuals looking to buy and sell precious metals.

The website, operated by ITM Trading, emphasizes wealth protection through gold and silver, particularly in the face of inflation.

The site’s primary interface highlights various categories of precious metals, educational resources, and a straightforward purchase process.

Understanding the Core Business Model

Goldandsilveronline.com operates by allowing users to browse a wide array of gold and silver products, from pre-1933 gold coins to modern bullion.

The process typically involves selecting items, adding them to a cart, and then “locking in” the price with a credit card hold before the final funds are transferred and the physical metals are shipped. Wiltshireweddings.com Review

• Product Catalog: The site boasts an extensive catalog, featuring:
  • Gold Bullion: American Gold Eagle, Canadian Gold Coins, Austrian Gold Philharmonics, British Gold Coins, Australian Gold Coins, South African Gold Krugerrands, and various gold bars e.g., 1 oz, 10 oz.
  • Silver Bullion: American Silver Eagle, Canadian Silver Coins, Silver Rounds, Peace Silver Dollars, Morgan Silver Dollars, and silver bars.
  • Pre-1933 Gold Coins: A significant focus, with detailed categories like $20 Liberty Gold Coins, $20 Saint Gaudens Gold Coins, and other denominations.
  • IRA-Approved Precious Metals: A dedicated section for individuals looking to include precious metals in their Individual Retirement Accounts.
• Educational Emphasis: The site heavily promotes its “Strategy” and “Education” sections, promising insights into macroeconomics, central banks, currencies, and global economic trends. They offer a “Gold & Silver Protection Guide” to help users understand how to strategically protect their wealth.
• Transaction Workflow:
  1. Select Products: Users choose desired precious metal bars and coins.
  2. Lock in Order: A crucial step where a $35 hold is placed on the credit card to secure the prices until full payment is received.
  3. Shipping: Products are shipped within 72 hours, with shipping insurance and a signature required for security.

Initial Impressions and User Interface

The website’s design is clean and professional, with clear navigation categories.

The prominent display of a contact number “888-696-4653” and email “[email protected]” suggests a commitment to customer service.

The inclusion of social media links Facebook, YouTube, Twitter also indicates an effort to engage with a broader audience.

• Ease of Navigation: Categories are well-defined, making it relatively easy to find specific types of gold or silver.
• Information Accessibility: Key information like “Shipping & Returns,” “Market Loss & Ordering Policies,” and “Frequently Asked Questions FAQ” are readily available in the footer, indicating a degree of transparency in their operational policies.
• Call to Action: Prominent calls to action like “Schedule a Strategy Call” and “Get Your Free Guide” aim to convert visitors into engaged prospects.

The initial look suggests a legitimate, well-organized platform for precious metal transactions.

However, the details of the transaction process itself necessitate a deeper ethical review, especially concerning Islamic financial guidelines. Roverholidays.com Review

Goldandsilveronline.com Cons: A Strict Ethical Examination

While Goldandsilveronline.com presents a seemingly robust platform for acquiring precious metals, a critical ethical examination, particularly from an Islamic finance perspective, reveals significant drawbacks and areas of concern.

The primary issue revolves around the very nature of buying and selling gold and silver online, which, in most cases, inherently violates core Islamic principles.

The Prohibited Practice of Deferred Exchange for Gold and Silver

In Islamic finance, the exchange of gold for gold, silver for silver, or gold for silver or their contemporary equivalents like currency must be “hand-to-hand” yad bi yad and “like for like” mithlan bi mithl when dealing with the same type of commodity, and “hand-to-hand” when dealing with different types e.g., gold for silver. This is to prevent riba al-fadl riba due to excess and riba al-nasa’ riba due to delay, as well as gharar excessive uncertainty.

• Deferred Possession: Goldandsilveronline.com’s operational model explicitly states: “We place a $35 hold on your credit card to lock in the prices until funds arrive. Ship to Your Door for Free We ship within 72 hours and provide you with a tracking number to follow your order.”
  • Problem: This process involves a significant delay between the “locking in” of the price which acts as a contractual commitment and the actual physical possession of the gold or silver. This delay, where payment is made or committed to, but the commodity is not immediately transferred, is precisely what riba al-nasa’ aims to prohibit.
  • Islamic Ruling: The consensus among Islamic scholars is that for the exchange of gold and silver and modern currencies as their representatives, the transfer of possession must be immediate. This doesn’t necessarily mean physical “hand-to-hand” in a literal sense for digital transactions, but it must be an instantaneous, undisputed transfer of ownership and control, free from future uncertainty. A several-day shipping window after a price lock-in fails this test.
• Credit Card Hold and Uncertainty: The “$35 hold on your credit card to lock in the prices until funds arrive” creates a situation akin to a debt or a future obligation tied to a commodity exchange, rather than a spot transaction with immediate settlement.
  • Gharar Uncertainty: While the price is “locked in,” the full transfer of ownership is contingent on future events funds arriving, shipping. This introduces an element of uncertainty over the completion of the salam spot transaction, which is not permitted for monetary items.
  • Riba Interest: Even without explicit interest, the delay in possession while a financial commitment the hold is made, can inadvertently lead to aspects of riba by creating a situation where a potential benefit or loss arises purely from the deferment.

Lack of Explicit Shariah Compliance

The website makes no mention of Shariah compliance, Islamic finance principles, or certifications from Islamic scholars or bodies.

For a platform dealing with precious metals, which have specific rulings in Islam, this omission is a red flag for Muslim users. Rabsal.org Review

• Absence of Transparency: There is no information on how they ensure immediate physical transfer or instantaneous ownership if one were to pay in full, without the “hold and ship later” model.
• Generic Financial Advice: The educational content focuses on “wealth protection” and “macroeconomics,” which are valuable but do not delve into the specific ethical or religious considerations of precious metal ownership and exchange.

Focus on IRA and Speculation Potentially

The heavy promotion of IRA-approved precious metals, while not inherently forbidden, can nudge individuals towards viewing gold and silver primarily as speculative investments rather than tangible assets for wealth preservation.

• Investment vs. Real Asset: While gold and silver can be part of a diversified portfolio, emphasizing their role in IRAs often aligns with long-term investment strategies that might involve holding without immediate physical possession, a model that often falls foul of Islamic rulings for gold and silver as thaman monetary value.
• Market Loss Policy: The “Market Loss & Ordering Policies” section is a standard disclaimer, but for Muslim investors, it underscores the inherent risks and speculative nature of deferred transactions. If the market value of gold drops significantly between the “price lock-in” and physical delivery, it could be seen as an unjust enrichment or loss based on a deferred transaction.

Conclusion on Ethicality

From an Islamic perspective, Goldandsilveronline.com’s standard transaction model is problematic.

The delayed transfer of physical possession of gold and silver, coupled with a credit card hold to “lock in” prices, directly conflicts with the fundamental Islamic requirement of immediate, hand-to-hand exchange for monetary commodities.

While the intent might be to facilitate convenient online purchases, the method employed falls short of the strict ethical standards required for Muslims dealing with precious metals.

Goldandsilveronline.com Alternatives: Ethical Approaches to Tangible Assets

Since the standard online model of Goldandsilveronline.com, involving delayed possession for precious metals, conflicts with Islamic principles, exploring ethical alternatives for tangible asset ownership is crucial. Goavio.com Review

These alternatives prioritize immediate possession, ethical investment, and real-world utility over speculative online trading.

1. In-Person Purchase of Physical Gold and Silver

The most direct and Shariah-compliant way to acquire gold and silver is through in-person transactions where physical possession is immediate upon payment.

• Key Features: Direct physical exchange, no deferred payment or delivery, transparent pricing at the time of transaction.
• Pros:
  • Full Shariah Compliance: Meets the requirement of yad bi yad hand-to-hand and immediate transfer of ownership.
  • Zero Counterparty Risk Post-Transaction: Once in your possession, the asset is yours, free from online platform risks.
  • Tangible Security: Provides psychological comfort and actual physical security of holding a real asset.
• Cons:
  • Limited Availability: Requires finding reputable local dealers or coin shops.
  • Security Concerns: Transporting and storing large quantities of physical metals can be risky.
  • Potentially Higher Premiums: Local dealers might have higher overheads, leading to slightly higher prices than online.
• Average Price: Varies based on local dealer premiums, usually spot price plus 2-8%.
• Availability: Check local coin shops, reputable jewelers, and specialized bullion dealers in your area. For broader search: Local Bullion Dealers

2. Ethical Real Estate Investment

Investing in real estate is a well-established method of preserving wealth through tangible assets and generating permissible income.

• Key Features: Ownership of physical property residential, commercial, land, potential for rental income, capital appreciation.
  • Shariah Compliant: Direct ownership of a tangible asset, permissible income from rent, avoids interest-based financing with Islamic mortgage alternatives.
  • Inflation Hedge: Real estate often appreciates with inflation.
  • Income Generation: Rental properties provide regular, passive income.
  • Diversification: Offers a tangible asset class distinct from financial markets.
  • High Capital Requirement: Requires significant upfront investment.
  • Illiquidity: Not easily converted to cash quickly.
  • Management Intensive: Rental properties require active management or property management fees.
  • Market Fluctuations: Real estate values can still decline.
• Average Price: Highly variable, from tens of thousands for land to millions for commercial properties.
• Availability: Real estate agents, online property listings e.g., Zillow, Realtor.com, Ethical Real Estate Investment Platforms

3. Agricultural Land Ownership

Investing in agricultural land represents a direct investment in productive assets, aligning with principles of sustainable wealth and real economy activity. Artscycles.com Review

• Key Features: Ownership of land for farming, potential for produce income, long-term appreciation, direct connection to the real economy.
  • Tangible Asset: A physical, productive asset.
  • Income Potential: Through farming, leasing to farmers, or timber.
  • Inflation Hedge: Land value often holds up well against inflation.
  • Limited Supply: Land is a finite resource, supporting long-term value.
  • Illiquidity: Can be difficult to sell quickly.
  • Management: Requires understanding agricultural practices or reliable tenants.
  • Environmental Risks: Vulnerable to weather and climate changes.
  • Low Immediate Yield: Income might be seasonal or lower than other investments initially.
• Average Price: Varies widely by region, type, and productivity.
• Availability: Specialized land brokers, real estate agencies, online land marketplaces. Search for Agricultural Land Investment.

4. Direct Investment in Shariah-Compliant Businesses

Instead of holding precious metals digitally, invest directly in ethical businesses that adhere to Islamic principles.

• Key Features: Equity ownership in companies operating within Shariah guidelines e.g., no interest, alcohol, gambling, Riba-based finance, focus on real economic activity.
  • Ethical Alignment: Supports businesses that align with moral and religious values.
  • Diversification: Can invest in various sectors.
  • Growth Potential: Participate in the growth of successful enterprises.
  • Potential for Dividends: Income from company profits.
  • Due Diligence Required: Need to research and vet businesses for Shariah compliance and financial viability.
  • Risk: Business failures can lead to loss of capital.
  • Liquidity: Depends on whether the business is publicly traded or a private equity investment.
• Average Price: Varies significantly based on the business and investment type.
• Availability: Wahed Invest, Amanah Ventures, Shariah-Compliant Private Equity Funds

5. Islamic ETFs or Mutual Funds

For those seeking diversification without direct physical asset management, Shariah-compliant Exchange Traded Funds ETFs or mutual funds offer an ethical alternative.

• Key Features: Portfolios managed according to Shariah principles, typically investing in screened stocks avoiding prohibited industries and interest-bearing activities, often providing diversified exposure.
  • Diversification: Spreads risk across multiple companies.
  • Professional Management: Funds are managed by experts.
  • Liquidity: ETFs can be traded like stocks on exchanges.
  • Accessibility: Lower entry barrier than direct real estate or business ownership.
  • Fees: Management fees and expense ratios apply.
  • Indirect Ownership: You own units of a fund, not direct physical assets.
  • Market Risk: Subject to stock market volatility.
  • Screening Limitations: While screened, some scholars might have nuances on specific holdings.
• Average Price: Investible with varying amounts, from small sums for ETF shares to higher minimums for some mutual funds.
• Availability: S&P Dow Jones Islamic Market Index ETFs, Global Islamic Investment Funds, consult with a financial advisor specializing in Islamic finance.

6. Sukuk Islamic Bonds

Sukuk are Islamic financial certificates, similar to bonds, but structured to comply with Shariah law.

They represent an ownership interest in underlying assets or projects, not a debt.

• Key Features: Asset-backed or asset-based, provide returns through profit sharing or rental income, avoid interest riba.
  • Shariah Compliant: Structured to adhere to Islamic finance principles.
  • Fixed Income Alternative: Provides regular distributions similar to bond coupons, but as profit shares.
  • Diversification: Offers an alternative to equity investments.
  • Supports Real Economy: Funds real projects and assets.
  • Liquidity: Secondary market can be less liquid than conventional bonds.
  • Availability: Fewer Sukuk offerings compared to conventional bonds.
  • Complexity: Understanding the underlying structure can be more complex.
• Average Price: Varies by issuance, often traded in denominations.
• Availability: Institutional investors often have more access, but some platforms and funds offer access to retail investors. Search for Sukuk Investment.

7. Productive Business Investments e.g., Agricultural Cooperatives

Investing in or supporting agricultural cooperatives or other community-based productive enterprises directly aligns with the Islamic emphasis on real economic activity and shared prosperity. Verc.com Review

• Key Features: Direct investment in a productive enterprise, share in profits from real goods/services, often community-focused.
  • Highly Ethical: Directly supports real economy and job creation.
  • Social Impact: Can contribute to local communities and sustainable practices.
  • Tangible Output: Tied to the production of actual goods e.g., food, textiles.
  • Direct Engagement: Opportunity to understand and contribute to the business.
  • Risk: Business success is not guaranteed.
  • Illiquidity: Often long-term investments with limited exit options.
  • Requires Due Diligence: Thorough investigation of the cooperative’s management and operations.
• Average Price: Highly variable, depending on the scale and nature of the cooperative.
• Availability: Research local agricultural cooperatives, community-supported agriculture CSA initiatives, or ethical investment networks. Search for Agricultural Cooperatives Investment.

These alternatives provide pathways to building wealth through tangible assets and ethical investments, ensuring compliance with Islamic financial principles while still offering avenues for growth and stability.

The key is to always prioritize immediate possession for monetary items and ensure that investments are in real assets or productive enterprises free from riba and gharar.

Goldandsilveronline.com Pricing Model & Transparency

Understanding the pricing model of any precious metals dealer is crucial, and Goldandsilveronline.com, being an online platform, has a structure that needs careful examination.

While specific real-time prices for individual items are not visible without navigating to product pages, the homepage text gives clues about their general approach to pricing and order locking.

How Prices Are Determined and Locked

The core of Goldandsilveronline.com’s pricing model, as gleaned from the homepage, revolves around securing a price at the time of order placement. Securedoorbraces.com Review

This is a common practice in the online precious metals industry, but the mechanism of doing so has implications for Shariah compliance.

• Spot Price Plus Premium: Like most dealers, Goldandsilveronline.com likely prices its gold and silver based on the current spot price the real-time market price for immediate delivery plus a premium. This premium covers their operational costs, overhead, and profit margin.
  • Factors influencing premiums:
    • Product Type: Bullion coins, bars typically has lower premiums than rare or numismatic coins like pre-1933 gold, which carry a higher premium due to their collector value and scarcity.
    • Quantity: Larger purchases often incur lower per-ounce premiums.
    • Market Conditions: Volatility and demand can affect premiums.
• “Lock in Your Order” Mechanism: This is the most explicit detail regarding their pricing strategy on the homepage: “Lock in Your Order Select your payment method, and enter your billing, shipping, and credit card information. We place a $35 hold on your credit card to lock in the prices until funds arrive.“
  • Purpose: This hold serves to protect the dealer from market fluctuations between the time an order is placed and when full payment is received. If a customer places an order for gold at $2,000/ounce and the price jumps to $2,100/ounce before their payment clears, the dealer would lose out. The hold ensures the customer is committed to the agreed-upon price.
  • Implication for Shariah: As discussed previously, this deferred payment/delivery model for monetary commodities like gold and silver is problematic in Islamic finance. The “lock-in” suggests a binding contract is formed, but the actual transfer of ownership and hence possession is delayed, which violates the yad bi yad hand-to-hand principle. It introduces an element of riba al-nasa’ riba due to delay and potentially gharar uncertainty in the transaction.

Transparency in Pricing Based on Homepage Info

While the exact pricing for specific items isn’t displayed on the homepage, the site does list categories with product counts, implying a clear inventory.

• No Live Price Feeds: The homepage does not display live spot prices for gold and silver, which is a common feature on many reputable bullion dealer websites. Users would need to navigate deeper into product pages to see specific prices, or perhaps rely on external charts mentioned in the “View Charts” link.
• Disclosures: The presence of “Market Loss & Ordering Policies” and “Shipping & Returns” links in the footer suggests they have detailed terms regarding price changes and order cancellations. However, without reviewing these in detail, it’s hard to ascertain full transparency. The “Market Loss” policy typically means that if a customer cancels an order after the price is locked in and the market price has moved unfavorably for the dealer, the customer might be liable for the difference.

Conclusion on Pricing Model

Goldandsilveronline.com uses a standard industry model for online precious metals dealers, where prices are locked in at the time of order with a partial commitment credit card hold and then finalized upon full payment and shipping.

For a general audience, this might seem like a practical approach to managing market risk.

However, for a Muslim audience, this model is fundamentally incompatible with the strict requirements for gold and silver exchange in Islam due to the deferred possession and the potential for riba and gharar inherent in the “lock-in” mechanism that precedes immediate transfer. Parachute-calecons.com Review

Ethical alternatives emphasize immediate, physically settled transactions.

Goldandsilveronline.com vs. In-Person Bullion Dealers

When considering acquiring gold and silver, consumers often weigh the convenience of online platforms against the traditional method of purchasing from in-person dealers.

For Muslims, this comparison is not just about convenience or price but critically about Shariah compliance.

Goldandsilveronline.com Online Model

*   Wide Selection: Online dealers like Goldandsilveronline.com can offer a vast inventory, including rare coins and various bullion types from around the world, potentially exceeding what a local dealer might stock.
*   Competitive Pricing Potentially: Online dealers often have lower overheads than physical stores, which *can* translate to slightly lower premiums over spot price, especially for larger quantities.
*   Convenience: Browse and order from anywhere, anytime. Delivery to your doorstep.
*   Educational Resources: Many online platforms, including Goldandsilveronline.com, provide extensive educational content, market insights, and strategy guides.
*   Shariah Non-Compliance: The primary drawback for Muslim buyers. The "lock-in" and delayed shipping process violates the *yad bi yad* hand-to-hand principle for gold and silver transactions, leading to *riba al-nasa'* riba due to delay. This makes the standard transaction model impermissible.
*   Shipping Risk: While insured, there's always a slight risk of loss or damage during transit, or issues with signature delivery.
*   Impersonal Experience: Lack of face-to-face interaction and personalized guidance that some buyers prefer.
*   Payment Delays: Full payment clearing can take days, which ties up funds and prolongs the transaction.

In-Person Bullion Dealers Local Coin Shops, Jewelers

*   Shariah Compliance Potentially: This is the most significant advantage for Muslim buyers. When you pay for and immediately take physical possession of the gold or silver in person, it fulfills the *yad bi yad* hand-to-hand requirement, making the transaction Shariah-compliant.
*   Immediate Possession: You walk out with your purchase immediately, eliminating shipping delays and risks.
*   Trust and Relationship: Building a relationship with a local dealer can foster trust and provide access to expert advice.
*   Physical Inspection: You can physically inspect the items before purchasing, ensuring authenticity and quality.
*   Privacy: Cash transactions can offer more privacy compared to online records.
*   Limited Selection: Local dealers typically have smaller inventories compared to major online platforms. They might not have obscure coins or certain bar sizes.
*   Potentially Higher Premiums: Physical stores have higher operating costs rent, security, staff, which are often passed on to customers through slightly higher premiums.
*   Less Competitive Pricing: May not be able to match the razor-thin margins of high-volume online dealers.
*   Accessibility: Requires travel to a physical location, which might not be convenient for everyone.
*   Security Concerns: Carrying large sums of cash or significant quantities of precious metals can pose security risks.

The Decisive Factor for Muslims

For a Muslim buyer, the choice unequivocally leans towards in-person bullion dealers where immediate, hand-to-hand exchange is possible. The ethical imperative of Shariah compliance outweighs the convenience or marginal price differences offered by online platforms like Goldandsilveronline.com. While Goldandsilveronline.com excels in product variety and online convenience, its fundamental transaction structure makes it unsuitable for Muslims due to the violation of the yad bi yad principle for gold and silver.

Recommendation: For Muslims seeking to acquire physical gold and silver, the focus should be on finding reputable local dealers or engaging in online transactions only if a true spot delivery mechanism is guaranteed e.g., immediate digital transfer of ownership and control, though this is rare for physical bullion, or a trusted third-party vault service that effects immediate transfer. However, the safest and most widely accepted method remains direct in-person exchange. Bateriku.com Review

How to Acquire Gold and Silver Ethically Shariah-Compliant Methods

Given the issues with deferred online transactions for gold and silver, it’s crucial for Muslims to understand the permissible ways to acquire these precious metals. The core principle revolves around the concept of Qabd possession, which must be immediate for monetary items gold, silver, currencies.

1. Direct Physical Exchange: The Gold Standard Pun Intended

This is the most straightforward and universally accepted method in Islamic finance for buying gold and silver.

• Process: You physically hand over the payment cash or immediate bank transfer that is settled on the spot to the seller, and in return, the seller immediately hands over the physical gold or silver to you.
• Where to Do It:
  • Local Bullion Dealers/Coin Shops: These are prime locations for ethical transactions. Many such establishments operate on a cash-and-carry basis.
    • Actionable Tip: Call ahead to confirm they accept cash payments and allow immediate pickup upon payment.
  • Reputable Jewelers: For smaller quantities or specific jewelry which also falls under the same rule if considered an exchange of gold for gold/money, ensured immediate handover.
  • Private Sellers with Caution: If buying from an individual, ensure the transaction is face-to-face, payment is immediate, and physical goods are exchanged instantly.
• Key Principles Fulfilled:
  • Yad bi Yad Hand-to-Hand: Direct, immediate exchange of goods and payment.
  • No Riba al-Nasa’ Riba due to Delay: Eliminates any temporal separation between the two countervalues.
  • No Gharar Uncertainty: The ownership and possession are clear and immediate.

2. Immediate Digital Transfer of Ownership for Vaulted Gold Conditional

This is a more modern approach, but it comes with strict conditions to ensure Shariah compliance. It is generally permissible if the transfer of legal and beneficial ownership and immediate access even if through a vault is truly instantaneous and undisputed.

• Process: You make an immediate, irreversible payment e.g., bank wire, instant online payment to a trusted, Shariah-compliant bullion vaulting service. Upon confirmation of payment, the ownership of a specific, identifiable quantity of gold or silver in their vault is immediately and irrevocably transferred to your name. You should receive instant confirmation of this transfer and have the right to request physical delivery or transfer ownership at any time.
• Key Considerations for Compliance:
  • Segregated and Allocated Gold/Silver: The gold or silver must be physically segregated and allocated to your account, meaning you own specific bars or coins, not just a share in a commingled pool. This is crucial.
  • Immediate Ownership Transfer: The moment payment is confirmed, the legal and beneficial ownership must transfer to you. There should be no “holding period” or “processing delay” during which the gold is not definitively yours.
  • Right to Physical Delivery: You must have the absolute right to request physical delivery of your specific, allocated gold/silver at any time, even if it incurs a cost.
  • No Leverage or Margin: The transaction must be 100% funded by your cash, without any borrowed funds or margin trading.
• Providers: Look for specialized Shariah-compliant precious metals providers or services that explicitly offer allocated, segregated gold/silver with instant transfer of ownership. This is not what general online bullion dealers like Goldandsilveronline.com offer with their “credit card hold and ship later” model.
  • Actionable Tip: Before using any such service, consult with a knowledgeable Islamic scholar or institution specializing in finance to ensure their specific terms and conditions align with Shariah.

3. Avoiding Prohibited Practices

To ensure ethical acquisition of gold and silver, explicitly avoid these common pitfalls:

• Online Purchases with Delayed Shipping: As discussed, this is the primary issue with Goldandsilveronline.com’s model.
• Gold/Silver ETFs that are Not Backed by Allocated Physical Metal: Many ETFs invest in futures contracts or unallocated gold, which is not Shariah-compliant as it doesn’t represent true ownership of a physical asset.
• Leveraged or Margin Trading: Buying gold or silver on margin borrowed money is forbidden due to the inherent riba interest and excessive speculation.
• Futures Contracts for Gold/Silver: Trading futures contracts for gold or silver where there’s no intention of physical delivery at maturity is considered speculative and impermissible.

By focusing on direct, immediate physical exchange or strictly compliant allocated vaulting services, Muslims can acquire gold and silver ethically, aligning their financial practices with their faith. Usconsumerattorneys.com Review

The objective is to secure a real, tangible asset without engaging in prohibited forms of exchange, interest, or excessive uncertainty.

FAQ

What is Goldandsilveronline.com?

Goldandsilveronline.com is an online platform operated by ITM Trading that specializes in selling physical gold and silver bullion, pre-1933 gold coins, and facilitating IRA-approved precious metals investments.

Is Goldandsilveronline.com legitimate?

Based on the website’s appearance and the detailed product listings, Goldandsilveronline.com appears to be an operational and legitimate business entity, part of ITM Trading, dealing in precious metals.

However, its transaction model raises ethical concerns for specific users.

Is buying gold and silver from Goldandsilveronline.com Shariah-compliant?

No, the standard transaction model described on Goldandsilveronline.com is generally not Shariah-compliant for Muslims. This is because their process involves a “credit card hold to lock in prices until funds arrive” followed by shipping, which introduces a delay between payment commitment and physical possession, violating the Islamic principle of yad bi yad hand-to-hand exchange for gold and silver. Hosting-marketers.com Review

What is the Islamic ruling on buying gold and silver online?

In Islamic finance, the exchange of gold for gold, silver for silver, or gold for silver or currency must be “hand-to-hand” yad bi yad and immediate. This means both the payment and the physical possession of the metal must occur simultaneously to avoid riba al-nasa’ riba due to delay and gharar excessive uncertainty. Standard online purchases with delayed shipping often violate this principle.

What are the best alternatives to Goldandsilveronline.com for Muslims?

The best alternatives for Muslims seeking to acquire gold and silver ethically include in-person purchases from reputable local dealers where immediate physical exchange occurs, or investing in Shariah-compliant tangible assets like ethical real estate, agricultural land, or direct investments in Shariah-compliant businesses.

Does Goldandsilveronline.com offer physical delivery?

Yes, Goldandsilveronline.com states that they “ship within 72 hours” and provide a tracking number, with shipping insurance and a signature required for security.

How does Goldandsilveronline.com “lock in” prices?

Goldandsilveronline.com locks in prices by placing a $35 hold on your credit card at the time of order placement.

This hold secures the price until the full payment for the order arrives. Popfax.com Review

What is “Pre-1933 Gold” that Goldandsilveronline.com sells?

Pre-1933 Gold refers to gold coins minted by the U.S.

Before the Gold Reserve Act of 1934, which effectively ended the circulation of gold coinage and made private ownership of gold bullion illegal for U.S.

Citizens until 1974. These coins are often sought after for their historical and numismatic value in addition to their gold content.

Does Goldandsilveronline.com deal with IRA-approved precious metals?

Yes, Goldandsilveronline.com has a dedicated section for “IRA 202” approved precious metals, indicating they facilitate the inclusion of gold and silver in Individual Retirement Accounts.

What are the common types of gold bullion available on Goldandsilveronline.com?

Goldandsilveronline.com offers various types of gold bullion including American Gold Eagle Coins, Canadian Gold Coins, Austrian Gold Philharmonics Coins, British Gold Coins, Australian Gold Coins, South African Gold Krugerrands, and gold bars 1 oz, 10 oz, metric. Alarmescobra.com Review

What types of silver bullion are sold by Goldandsilveronline.com?

Goldandsilveronline.com sells a range of silver bullion such as American Silver Eagle Coins, Canadian Silver Coins, Silver Rounds, Peace Silver Dollar Coins, Morgan Silver Dollar Coins, 90% Silver Pre-1965 Coins, and silver bars.

Does Goldandsilveronline.com provide educational resources?

Yes, the website features sections on “Strategy” and “Education,” offering resources, research, and weekly insights on macroeconomics, central banks, currencies, and global economic trends, as well as a “Gold & Silver Protection Guide.”

How long does Goldandsilveronline.com take to ship orders?

Goldandsilveronline.com states they ship orders within 72 hours of receiving full payment and provide a tracking number.

Is there a minimum order on Goldandsilveronline.com?

The homepage text does not explicitly state a minimum order value.

However, most online bullion dealers have minimums for certain products or payment methods. Magedirect.co Review

What are the payment methods accepted by Goldandsilveronline.com?

While the homepage text mentions selecting a “payment method” and entering “credit card information” for the $35 hold, it doesn’t list all accepted payment methods for the full purchase.

Typically, wire transfers, checks, and potentially other electronic payments are accepted for full payment.

Does Goldandsilveronline.com have a return policy?

Yes, the website’s footer includes a link to “Shipping & Returns,” indicating they have a policy in place for product returns. Specific details would be found on that page.

What is Goldandsilveronline.com’s policy on market loss?

The website has a “Market Loss & Ordering Policies” section, which typically outlines how they handle situations where the market price of precious metals drops significantly after an order is placed but before it’s fully paid or shipped.

This policy usually states that the customer might be liable for the difference if they cancel the order. Harba.co Review

Can I sell my gold and silver back to Goldandsilveronline.com?

The homepage primarily focuses on buying precious metals.

While many dealers offer buyback programs, the information is not explicitly detailed on the homepage, but often implied through their overall business model.

You would need to contact them directly or check their “About” or “FAQ” sections.

Is Goldandsilveronline.com affiliated with ITM Trading?

Yes, the homepage explicitly states “ITM Trading Your Wealth Shield™ ITM Trading was born out of the need for education and strategy in the precious metals industry.” This confirms Goldandsilveronline.com is either a subsidiary or closely affiliated with ITM Trading.

Does Goldandsilveronline.com offer customer support?

Yes, the website prominently displays a phone number 888-696-4653 and an email address [email protected] for customer inquiries, suggesting active customer support.