Buying Gold from a Bank: Things You Should Know

If you’re looking to start investing in precious metals to diversify your portfolio, you may be considering buying gold from a bank. Can you buy gold from a bank? The simple answer is yes — but should you? What are the other options for purchasing gold coins?

Government-Issued Gold Online

Shipped directly to your door

To help you make the best possible decision on where and when to purchase precious metal commodities, we compiled a list of tips and resources to make sure you get the highest quality gold and the best bang for your buck.

How do I find a bank that sells gold?

While there are banks that do sell gold, the selection of assets for purchase are often limited to a select assortment of gold coins. Nowadays, fewer and fewer banks actually hold physical gold that they’re willing to sell over the counter. If you’re determined to buy gold from a bank, make sure you contact them beforehand to ensure they have the supply to sell.

A better alternative for most buyers are trusted online retailers like Nationwide Coin & Bullion that offer similar products shipped directly to you at a competitive rate.

Where else can I buy gold?

Buying gold from a bank isn’t for everyone. Online retailers often offer the same quality gold products at comparable or better prices. Gold dealers are experienced in what they sell and are often licensed to sell these gold assets to you. Combine competitive online rates with direct low-cost shipping to your door, and there is a good incentive to purchase online.

Gold coins are usually available at pawn shops and the like, but we typically don’t recommend buying gold at establishments like that since they are usually not experts, and you’ll find a high markup.

How do I find a precious metal dealer?

It’s best to do business with an established precious metal dealer who is located in the United States. Customer reviews can often help clear up concerns, offer personalized takes on a dealer’s reputation, and give you an idea of what the purchase experience is like. Look for a dealer with lots of reviews and above-average ratings as opposed to a dealer with just a handful of 5-star “amazing” reviews.

Another thing to consider is how long the dealer has been in business. Most trusted dealers in the industry have been selling gold for years. And while new dealers can certainly be trustworthy, a precious metals dealer that has been in business for many years can be more readily trusted.

Buying gold online versus from a bank

Most gold transactions today take place online. Like modern stock, bond, and equity trading, technology has enabled users to find the best deals and products quickly on the Internet.

Buying gold from a bank requires you to physically visit a location and then transport your gold and precious metals to a storage facility. But when you buy gold online, you have a custodian or other financial representative assist you in having your assets delivered directly to your or your secure location. This reduces the level of risk and concern associated with personally handling assets. Shopping online also allows users to explore and compare all possible precious metal offers, and not just those within driving distance.

While purchasing precious metals and gold from a bank may seem like the safest idea, it’s important to evaluate all of your options before you invest. Some people do feel more confident purchasing gold directly from a bank, and that’s perfectly normal — just make sure you are getting a fair price and that the inventory is in place before you make the trip.

If you decide that buying gold online is for you, check out Nationwide Coins’ product catalog and compare our prices and reputation against our competitors to see why we’re the best place to buy gold online.

Government-Issued Gold Online

Shipped directly to your door