Gold Purchases: How to Buy Gold Coins from a Bank

Are you interested in investing in gold? This precious metal is a tried-and-true way to store your wealth. Many individuals who decide to invest feel unsure about the best way to acquire gold. One option requires you to buy gold coins from a bank.

However, you may wonder how to purchase gold from a bank. In the United States, this process is often complicated because many banks do not hold or sell precious metals, so you need to do your research or choose an overseas bank.

This article covers all the steps to buy gold coins from your bank. You can also review additional options for buying gold with our team at the Oxford Gold Group. Contact us at (833) 600-GOLD to learn more.

Banks and the History of Gold Sales in America

Historically, the government used gold to back the dollar in the United States. However, in 1933 the government stopped using the gold standard, meaning that the dollar no longer had any direct connection to precious metals.

The government even made it illegal to own gold or silver tender in the U.S. for a time. Due to these changes, many banks stopped selling gold coins or bullion. Therefore, your first step if you want to buy gold from a bank is to find a bank that offers this commodity.

The vast majority of banks in the U.S. do not sell gold. However, you may call around to your local banks to find out if they are willing to supply you with coins or bullion before moving on to further steps. You may also work with banks in other countries – like Germany or Canada – to purchase gold.

How to Purchase Gold Coins from a Bank

three american gold eagle coins

As you can see, you can buy gold coins from a bank. Once you find a bank willing to sell gold, you may have several other steps to complete before finalizing your purchase.

Some banks only make sales to members. Therefore, you may need to join the bank before you purchase. Expect to pay a membership fee to join most banks around the country, though some do not charge these fees.

Many banks also impose fees on the sale of gold, which may raise your overall bill for your purchase. Finally, many banks do not keep gold directly on hand. This means that you may have to wait sometime after making your order to receive your gold.

Pros of Buying Gold from a Bank

Despite these challenges to buy gold coins from a bank, some people still decide to buy from a bank because they offer benefits such as:

  • Limited risk associated with the purchase
  • Careful authentication of the gold quality

Consider the value of authenticity against the increased expenses and inconvenience before you purchase gold from a bank.

Other Options for Purchasing Gold

You do not have to buy gold coins from a bank if you want to invest in your future. Instead, you have several other options available to make your purchase.

Buy from a Mint

Many governments – including the United States government – sell gold coins directly from their Mint to the public. The U.S. Mint, for example, sells:

  • Gold medals
  • Commemorative coins
  • Special-finish gold coins

You can generally purchase from the Mint online, making it very easy to get the items you want. In addition, items from the Mint usually come with verification documents that provide you with details about your purchase.

Buy from a Dealer

You may reach out to a gold dealer if you want to purchase gold bullion, antique coins, or other items not sold by the Mint. These dealers frequently offer gold bars, gold rounds, and gold coins, providing you with another shopping option.

You can find many gold dealers who operate online or have brick-and-mortar stores. We recommend that you look for an established dealer with good reviews before making your first purchase.

Generally, with an online dealer, you can complete your entire order over the internet. In addition, most dealers accept credit and debit cards, making it easy to complete your purchase.

Buy from a Jeweler

Perhaps you don’t want to limit your purchase of gold to coins and bullion. In this situation, you may want to consider purchasing jewelry, including rings, necklaces, and bracelets. A reputable jeweler can help you find valuable precious metal items you like.

Keep in mind that gold jewelry does not all contain the same amount of gold. Jewelers dilute the gold to make it usable, as pure gold is too soft to work into objects to wear. As a result, 24K jewelry contains the most gold, while 14K jewelry is only around half gold.

Consider Additional Options for a Gold Purchase

gold stock chart beside gold bars

Not sure you want to buy gold coins from a bank, dealer, or Mint? Perhaps you don’t want to deal with physically securing and caring for gold coins, bullion, or jewelry. In this situation, you still have investment options.

Consider ETFs or Mutual Funds

You may select mutual funds that contain stocks from several gold refineries or mines to build your investment portfolio. You can learn more about the benefits of options like a gold IRA by exploring our website or contacting the Oxford Gold Group.

Buy Stock in a Gold Mine

Many companies around the world continue to mine gold. You could invest in these companies to benefit from positive changes to their stock. You may consider options like the Newmont Mining Corporation (NMC) or Barrick Gold.

Purchase Options or Futures

Finally, you have the option to purchase either gold futures or options on the stock market to diversify your investment portfolio. These options allow you to engage in the speculative market. However, the prices of gold futures and options can change rapidly, making this a riskier form of investment than your other options.

Consider These Factors Before Purchasing Gold

Gold represents an excellent investment for many people. However, before you make any significant investment, you should always consider the potential challenges associated with the transaction. Keep these factors in mind before making your purchase:

How Will You Store the Gold?

If you purchase physical gold, you need somewhere to store it. Gold is a very valuable metal that people could attempt to steal if you do not keep it safely stored. You may consider storage options before you finalize your purchase.

Some investors purchase a safe for their homes to store their gold securely. Other individuals store their gold in a secondary location, such as a local bank.

What Type of Gold Do You Want to Purchase?

Manufacturers offer gold at different purity levels. Gold with a higher degree of purity is worth more than gold with a higher concentration of other metals. Generally, you want to purchase gold items that are at least 91% pure.

Many investment experts recommend that you look for bullion, coins, or jewelry that’s closer to 99% pure, especially if you want to resell your gold in the future.

How Will You Insure Your Gold?

Gold represents a significant investment for many people. You can use this precious metal to store your wealth. Therefore, it makes sense to carry insurance in the event of a theft or natural disaster that could damage or destroy it.

In some cases, you may increase your renter’s or homeowner’s insurance policy to cover your investment. Make sure that you speak with your insurance company to discuss your options before making your purchase.

How to Use Your Gold Investments

man saving gold coins

Once you’ve purchased gold in some form, what are the best ways to use it? Many investors plan to keep their gold, allowing it to continue to accrue value. Gold tends to hold value very well, as it’s one of the rarer minerals on our planet.

You may also purchase because you want to collect certain coins or pieces of jewelry. Over time, the value of your collection may increase, so make sure that you set up appropriate security precautions.

Finally, some investors plan to resell their gold in the future to make a profit due to changes in the price of this precious metal. You have several options if you want to sell your gold. You may sell to:

  • Jewelry stores
  • Private collectors
  • Mints, in some cases

Many people end up selling their gold online, as it allows them to reach a wide range of potential buyers. However, some feel cautious about buying gold from sellers who do not have an established reputation, so keep this in mind when finding a buyer for your gold.

Speak to Us About Making a Gold Purchase

You can buy gold coins from a bank as an investment option. However, many individuals buy from online brokers or retailers because it’s more convenient and often cheaper. You can go over all your options for gold investment with our team at the Oxford Gold Group.

Find out more about how we can help you when you call (833) 600-GOLD.

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