First National Bullion Review

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Gold crossed $5,000 per ounce for the first time in January 2026. Silver has been trading above $80 per ounce. Platinum and palladium are each well above $2,000. In a market moving this fast, the dealer you choose matters more than most investors realize.

First National Bullion, founded in 2006 and operating out of California and Arizona, has been buying and selling precious metals through multiple market cycles.

The firm has processed over $1 billion in transactions and holds an A+ rating with the Better Business Bureau.

This review covers what they sell, how they operate, who they serve, and where they fit in the current market.

Key Takeaways

• First National Bullion has been operating since 2006 and has completed over $1 billion in precious metals transactions.
• The firm offers physical possession, IRA accounts, and insured storage through Brinks, giving buyers three distinct ownership paths.
• With five retail locations across California and Arizona, buyers can walk in, inspect product in person, and speak with staff who average 10 or more years of industry experience.

Company Background

First National Bullion was founded by Jonathan Cavuoto, who began his career trading oil futures and options in 1999 before moving into currency markets.

His exposure to the Forex markets led him to research the historical role of gold as money, and he launched the bullion business on that foundation.

The company's stated mission: source and serve as many people as possible and treat clients the way the company would want to be treated.

Nearly two decades later, the firm has five brick-and-mortar retail locations: San Diego, Del Mar, and Carlsbad in California, plus Scottsdale and Show Low in Arizona.

There are also satellite offices in Florida. Every product listed on the site has a published buy price and sell price, with no hidden markups or commissions.

The company has been featured on CNBC and Fortune and exhibits at events like the Barrett-Jackson Auto Auction in Scottsdale and Palm Beach, where staff bring product samples and educational materials.

The Market These Buyers Are Entering

The context matters here. Gold set 53 new all-time highs during 2025, according to the World Gold Council. The metal started that year around $2,624 per ounce and reached a peak of approximately $5,589 per ounce in January 2026 before pulling back. As of mid-April 2026, gold is trading near $4,820 per ounce.

That is still roughly 84% higher than where it opened 2025.

Silver has made a similarly aggressive move. The metal is currently above $80 per ounce, up from levels in the low-to-mid $20s just a couple of years ago. Platinum is trading around $2,146 and palladium near $1,592.

What drove the gold rally? Several compounding factors: persistent inflation, dollar weakness, significant central bank buying (863 metric tons purchased in 2025 alone), and broader uncertainty about fiscal policy.

J.P. Morgan's Global Commodities Strategy team has forecast that gold could average $5,055 per ounce by the final quarter of 2026, with prices potentially reaching $5,400 by end of 2027.

Global gold demand topped 5,000 metric tons in 2025 for the first time on record, producing an estimated $555 billion in total value, up 45% year over year.

For buyers in the San Diego, Carlsbad, Del Mar, and Scottsdale markets, the local angle is relevant. Southern California and the Phoenix metro area have both seen elevated demand for physical precious metals as real estate prices remain high and investors look to diversify across asset classes.

First National Bullion's retail footprint across both regions gives local buyers walk-in access to product that online-only dealers cannot offer.

What First National Bullion Sells

The product range covers four metals across coins, rounds, and bars. Here is a current snapshot of representative products and their listed prices:

The gold coin selection includes American Eagles, American Buffalos, Australian Kangaroos, Austrian Philharmonics, British Sovereigns, Canadian Maple Leafs, Mexican Pesos, South African Krugerrands, and Goldbacks.

For silver, there are American Eagles, Australian Kangaroos, Austrian Philharmonics, British coins, Canadian Maple Leafs, rounds, bars, and 90% junk silver. Platinum and palladium selections are narrower but include bars and Canadian Maple Leafs from major mints.

The site also carries vintage Americana coins dating back to the mid-1800s through the early 1900s, which appeals to a collector segment that overlaps with the investment buyer market. That dual audience is unusual for a bullion dealer and gives the firm a wider reach.

Three Ways to Own

First National Bullion structures ownership into three categories:

• Physical Possession: Buyers take direct delivery of coins and bars, either in store or via fully insured shipping on orders over $199 within the continental United States.
• Precious Metals IRA: The firm works with affiliated companies to set up self-directed IRAs backed by physical gold, silver, platinum, or palladium. This is structured separately from their direct retail operation.
• Storage Accounts: Buyers can hold metals in a Brinks-secured, insured storage account. The metals remain liquid, meaning they can be sold back or transferred without needing physical retrieval.

The IRA path is relevant in the current market. Gold's run from under $3,000 to over $4,800 per ounce has renewed investor interest in retirement accounts that hold physical assets rather than paper proxies.

A self-directed gold IRA lets a buyer hold actual metal rather than a gold ETF or mining stock, and First National Bullion's affiliated service handles the custodial requirements that the IRS mandates for these accounts.

Pricing Transparency and the Buy/Sell Spread

One of the more useful features of the site is the live spot price display. Gold, silver, platinum, and palladium prices update in real time at the top of every page. The spread between spot and listed price is visible without any additional steps: the "As Low As" price on each product reflects the lowest per-unit cost at a given quantity tier.

The firm makes a two-way market. Published buy prices (what they will pay for your metal) are listed on the website alongside sell prices. There are no hidden markups or commissions layered in after the fact.

For buyers evaluating whether to sell back, this is useful because it removes the need to negotiate from scratch or guess at what the dealer will offer.

Free shipping and insurance applies to orders over $199. Below that threshold, shipping costs apply. For local buyers in San Diego, Del Mar, Carlsbad, or Scottsdale, walking in removes this cost entirely and allows inspection before purchase.

Staff Experience and Credentials

The firm reports that many staff members have 10 or more years of experience in the precious metals industry. Cumulatively, the team has bought and sold over $500 million in precious metals across their careers.

That number has since been folded into the broader $1 billion-plus in total transactions completed by the company.

The company holds memberships with the Professional Coin Grading Service (PCGS), Numismatic Guaranty Company (NGC), and the National Coin and Bullion Association (NCBA).

These affiliations matter for coin authentication. When buying graded coins or vintage Americana pieces, those PCGS and NGC certifications provide an independent assessment of grade and authenticity that the buyer can verify independently.

A phone line with a live US-based representative is available during business hours. The company's site prominently displays the number 1-800-866-0879 and offers a callback scheduling form for after-hours inquiries.

Who Is a Good Fit for First National Bullion

The firm works well for a few distinct buyer profiles:

The firm is less suited to buyers who prioritize the absolute lowest premium over spot and are willing to shop multiple online-only dealers to find it. Walk-in retail and verified staff expertise carry overhead that typically shows in the spread.

That said, the published pricing is competitive for a full-service dealer with physical locations in high-cost markets like Del Mar and Scottsdale.

Selling Metals Back to First National Bullion

The company's "Sell to Us" page lists the process for selling back. Sellers can bring metals into any of the five retail locations for an evaluation, or contact the firm remotely to discuss larger collections.

Buy prices are posted on the site and update alongside the spot market. For sellers holding older coin collections or mixed bags of 90% silver, the in-store evaluation process is typically faster than mailing product to an online buyer and waiting for a quote after receipt.

The published two-way market is particularly relevant now. With gold above $4,800, many buyers who purchased metals in 2022 or 2023 are sitting on significant gains.

Having a dealer with published buy prices and physical locations simplifies the liquidation process compared to peer-to-peer markets or auction platforms.

Certifications and Ratings

Practical Details for New Buyers

Orders ship within the continental United States only. All shipments are fully insured. Free shipping applies to orders above $199. Payment options include standard credit card transactions via Visa.

The site has a wishlist function and a login portal for account holders, along with a separate MIDAS login for storage account holders.

The five physical locations are:

• San Diego, CA: 4885 Convoy Street, San Diego, CA 92111 — (858) 304-7580
• Del Mar, CA: 1125 Camino Del Mar, Ste. C, Del Mar, CA 92014 — (858) 304-7629
• Carlsbad, CA: 785 Carlsbad Village Dr., Carlsbad, CA 92008 — (760) 253-8072
• Scottsdale, AZ: 10223 N. Scottsdale Rd., Ste. A, Scottsdale, AZ 85253 — (480) 546-5089
• Show Low, AZ: 801 E. Deuce of Clubs Suite B, Show Low, AZ 85901 — (928) 585-6680

Consultations can be scheduled through the website's callback form. The firm describes itself as pet-friendly at all retail locations, which is an unusual but apparently genuine detail for buyers who prefer not to leave their dogs in the car.