How To Buy Silver
Purchasing silver online is easy with GoldSilver. Simply select which silver bars you want to buy, add them to your cart, and check out as if you were buying a sweater. During check out, there are two decisions you need to make when buying silver. One, how will you pay for your silver? GoldSilver accepts bank wires, credit or debit cards, personal checks, cryptocurrencies, and PayPal each has a different clearing and processing time. Two, the destination for your silver are you taking home delivery or keeping in secure vault storage? Keep reading for tips on making this important decision…
Factors To Consider When Buying Physical Gold
If you decide to buy physical gold, youll want to keep a few things in mind:
- Storage: Physical gold requires a secure storage location. While you can certainly keep your gold at home, many investors prefer a custodian. Make sure you research secure options for storing your gold before you buy it, and keep in mind that safe storage adds costs to your gold investment.
- Insurance: If you decide to store your gold at home, you should insure your gold to protect yourself against theft or natural disaster. This can add to the cost of your homeowners or renters insurance. And even if you dont keep your gold at home, youll want to check in on your storage providers insurance policy to determine how its protecting your investment.
- Manufacturer: Because youre making an investment, youll want to make sure youre buying from reputable sources that will help your purchases value grow over time. When buying gold, look for respected producers like Credit Suisse, the Perth Mint and the Royal Canadian Mint.
- Purity: The gold content in the coin, bar or piece of jewelry has a big impact on its value and worth as an investment tool. Ensure any gold you purchase as an investment has the purity level to help it stand the test of time. That means youre probably targeting gold items that are at least 91%, if not 99%, pure.
Buying Gold From A Bank: Things You Should Know
If youre 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
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.
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Bank Of America Predicts $50 Silver
One of Americas leading banks now says silver could be headed to $50!
Its not the forecast itself that surprises us. After all, silver has been at $50 twice, in 1980 and again in 2011.
We dont think silver at $50 is a stretch at all. We think that it is a rather modest forecast. After all, since the dollar is losing value all the time, like a ruler of 12 inches last year, 10 inches this year, and eight next year, we have to ask what is todays equivalent purchasing power of $50 in 1980.
Its more than $153!
In other words, a forecast for silver to reach $50 soon is still less than a third its real all-time high.
But we want to make sure the record is straight and not misleading. Silver reached a high of $50 in 1980 under very special circumstances. That was when the billionaire Hunt brothers, along with some other international players, were trying to corner the silver market.
That drove silver higher than it might have otherwise gone, so we want to give you a better comparison.
Silver came close to $50 again nine years ago. So, in real purchasing power, or what economist call constant dollars, silver would have to reach $57 today to equal its 2011 high.
Now Bank of America, the nations second largest bank, writes that silver could rise to $35 next year, and rally to $50 in the medium turn.
The Federal Reserve cant just print gold like it can dollars, Bank of America concluded. We couldnt have said it much better.
Finding A Reputable Dealer
Its best to do business with a large, established gold dealer who is located in the United States. Do an internet search of the dealer’s name that youre considering doing business with and see what comes up. Look at customers reviews, and also take note of how long the dealer has been in business. Check out its Better Business Bureau rating. Once youve determined which dealers are the most reputable, you can browse their websites for the different types and weight of gold bars they have for sale.
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Where To Buy Gold Coins
There are a number of places where you can buy your gold coins from:
1. Local Coin Shops
There are a lot of local coin shops spread across the US where you can buy and your sell your coins. They are usually .
2. Online Coin Dealers
You can also buy and sell gold coins online although this is not always the best option because apart from the fact that you would also need to pay shipping fees, you may also end up being scammed into buying fake coins. You can find a lot of them on eBay but before you buy from them, make sure you look out for reviews, and gather a lot of information about them online before you do business with them.
3. US Mint
The united states Mint which is responsible for manufacturing gold coins backed and guaranteed by the US government also sells gold coins. You can check the website of the US Mint for a list of its authorized dealers closest to you.
4. Your Bank
Buying from your bank is the best way to buy gold coins. Banks get their coins directly from the US mint, or from authorized dealers. They also employ strict verification procedures to ensure that the coins they trade are original. Your bank would also issue a certificate of originality to guarantee that the coins are genuine.
How & Where To Buy Silver Bars
Jeff Clark, Senior Analyst, GoldSilver.com
Buying silver bars is a shrewd investment decision. Silver bars come with lower premiums than coins, are easier to store than coins, and will rise a greater percentage in price than gold bars.
But what exactly should you buy? And where? This guide will answer all of your questions about the best ways to buy silver bars.
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Is Buying Gold Online Safe
Buying gold online is as safe as any other transaction you make over the internet as long as you know you’re dealing with a reputable company. The best dealers use SSL encryption and are PCI compliant. Plus, all their shipments are insured for their full value.
The most significant risk you face is purchasing from an illegitimate company that sells fake products, overpriced inventory, or simply runs off with your money. As with any online purchase, you are your first and last line of defense against scammers. You need to do your due diligence on gold dealers by researching them online.
Where Else Can I Buy Gold
Buying gold from a bank isnt 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 dont recommend buying gold at establishments like that since they are usually not experts, and youll find a high markup.
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I Want To Buy Gold Coins From Bank Where To Go
In some countries, it is quite common to buy gold coins from banks however in the US it is not the case. Sure nothing beats holding fresh mint coins straight from the bank but Federal Reserve does not deal with individual customers and sells directly to banks. In very rare cases, some banks might offer commemorative series gold or silver coins but this might take place only for very limited time periods. This should not be confused with buying freshly mint rolled nickel or copper circulatory coins which is a quite common bank transaction.
If you want to buy gold coins from bank in the US, this will not be possible because most US banks will not sell gold bullion coins or bars to the general public. While most banks hold a portion of their securities in gold bullion bars, these are not for sale to the public. It may be possible to buy gold coins from bank in India and some other countries but not in the United States.
To find a list of top gold coins dealers in the US, check out our other article Top 10 Reputable US Gold Coin Dealers and learn more how to build a recession proof investment portfolio with trusted partners. Whether you choose to buy from your local gold dealer or opt to go a major online gold dealer route, knowing the spot price of gold is an important component of any successful transaction. Shop around, compare coin prices, shipping rates and dealer premiums to find the highest quality gold coins at just the right prices.
Can I Sell Gold To A Bank
Alan, I have a tube with gold ounces and some scrap gold here. I bought the gold just after the bankruptcy of Lehman Brothers when people were talking about gold. I turned some of our savings into gold because we were in fear of losing our capital. I still have vivid memories of the day when I bought it. 20 pieces in a tube for $21,000 equaling $1,050 each. That was a good price because gold was $1,025 on that day. Now, I see no reason to keep them any longer and the dealer I bought them from has closed. Now my idea is selling these coins and some scrap gold to a bank. Can I sell my gold to a bank? And if so, what about the prices that banks will pay for gold?Richard from Springfield, Illinois
The times of banks buying gold are almost over. Times have changed and there is a serious risk for banks to buy fake gold coins or gold bars. Tungsten, also known as wolfram, shows almost the same density than gold.
Tungstens density: 19.25 g/cm3Golds density: 19.30/cm3For comparison coppers density: 8.96/cm3
density = specific weight
Density measuring was once a common practice to identify fake gold and good working, but because gold became so valuable, swindlers now use modern methods to fake gold and tungsten is the perfect metal to do so. Detecting a tungsten-core in a gold bar isnt possible without performing a series of testing methods.
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How To Invest In Bullion
Buying gold can be a substantial financial investment in your future. Since the economy can be volatile, gold is tangible and thus more secure than other investments. If you are ready to get your hands on your gold, you may have just one question: how? While there are plenty of websites that are happy to sell you gold, the most secure method may be through a bank. Be sure to consider all the critical facets of purchasing gold before you make your investment.
TL DR
Once you figure out your specific investment strategy, you can go to your local trusted gold dealer or bank and fill out the required paperwork to purchase gold.
How Do I Buy Gold Certificates From A Bank
Gold is considered by many to be a secure investment because it is in high demand, it is a limited commodity and it rarely drops significantly in value. Although you can purchase gold and store it in a safe at home, you run the risk of losing the precious metal due to theft. It is far safer to buy gold certificates from a local bank. These certificates are documents stating that you own a specific amount of gold, even though you do not have the gold in your possession.
Monitor the prices at which gold is trading. Gold prices are listed daily in your local paper and on financial websites.
Stop by your local bank when gold values have dropped. Ask your bank if it provides gold trading. Larger banks often offer this option, but smaller banks or credit unions typically do not handle these sorts of investments. If your bank does not offer gold certificates, the manager may be able to direct you to a nearby bank that does.
Request the amount of gold you want to purchase. You can do this in either ounces or in dollars.
Pay for the gold certificates. If you pay with a check and you are not a customer of the bank, the gold certificates are considered void until your check clears. That means that if the price of gold suddenly changes dramatically, you may not yet be able to sell your gold certificates. Typically it takes a few days for your check to clear. Once this occurs, you are free to do with the gold certificates as you wish.
Warnings
References
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Why Does The Bank Of England Store Gold
Gold is an important asset of foreign exchange reserves. By providing safe gold custody we are supporting central bank reserve management and thus international financial stability.
London is the global centre for gold trading. We support financial stability by providing central banks with access to the liquidity of the London gold market. We also provide gold accounts to certain commercial firms that facilitate access for central banks to the London gold market.
Gold that we hold on behalf of our customers does not appear on our balance sheet. This is because we provide gold storage on an allocated basis, meaning that the customer retains the title to specific gold bars in our vaults, rather than a claim on the Bank for a certain weight of gold.
The following article, from the LBMAs magazine The Alchemist features Victoria Cleland talking about the Banks role in the Gold market.
Should You Buy Gold At A Bank
Bank vault full of gold coins
Theres no real risk with buying gold at a bank. Financial institutions, in general, take great pains to make sure any of the assets they handleinstead, they are paper checks or bars of goldare authentic. But that doesnt necessarily mean buying gold through a bank is the best way to go. It may not be the most convenient or cost-effective way to buy gold.
Banks generally dont deal with just anybody in the publicyouve got to be a member to engage in transactions with them. And this can cost you additional money through membership fees. There may also be other bank fees imposed on gold purchases, which can put your total cost above spot value at a significant premium.
You may also have to wait for a period of time for the bank to issue gold to you. This is especially true if the bank is low on inventory or depleted of gold stocks and needs to order more from its source to fulfill your order.
Coins at the bank were traditionally stored in canvas bags
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Where To Buy Gold Bars
Tip: Buy your gold bars from a reputable dealer onlyone with plenty of positive customer ratings, a buyback policy, and no pushy sales people.
Perhaps the most important thing you can do is buy your gold bars from a reputable dealer. A trustworthy dealer can provide sound education, help you avoid pitfalls, and steer you toward the best products for your needs.
How do you know if youre dealing with a reputable bullion seller? Look for these things
If youre new, I suggest you compare three dealers. Be sure to compare total costcommission, credit card or bank wire fees, and shipping and insurance. And consider that cost isnt the only factor when buying gold bars: ease of ordering, delivery promptness, customer service, and buyback policies are all important to consider in where you shop.
One effective method for first-timers is to buy from two different dealers, so you can compare service, delivery, and cost. It also provides you with two vetted sources for future purchases.
Gold bars are one of mankinds most definitive forms of moneytheyre a tangible asset, are highly liquid, and will protect your portfolio from financial crises. Owning gold bullion at this point in history is a wise move.
Banks That Sell Gold Coins
Gold investors can purchase gold coins from banks, but not all banks sell gold coins, only some of them do. Banks that sell gold coins are sure to sell authentic coins. This is good for the new investors in gold, especially if you do not know of any gold broker or dealer yet.
Purchasing gold bullion coins at the bank make you have peace of mind since you are assured of getting the right exchange rate for your coins. The price of gold changes every day and usually when you purchase some, it will be based on the current spot price.
They base it on the exchange rate for spot cash prices and since banks are the primary source of information about the current price in the market. Then that is a good advantage to you as investor or even to individual who likes to collect gold for future investment.
Purchasing gold at the bank are safer rather than purchase it online or to any dealer or broker whom you don’t know well. Remember that you are investing a big amount of money so you need to be careful and be safe in dealing of buying gold coins.
There are banks that sell gold coins but don’t buy them, They are known as one way transaction but there are also banks that go for two ways. Selling and at same time purchasing them. Buying or purchasing in the bank is safer and surely guaranteed that it is authentic gold coins.
For more on the many banks that sell gold coins you need to go online. However, for more complete service you may also wish to check out gold bullion banks .
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