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The Lowdown On Buying And Selling Silver

JP Morgan Chase Bank Traders Charged with Manipulating the Silver & Gold Market | Criminal Case

These days, with the stock market’s wild ups and downs and an uncertain economic outlook, investors are considering alternative investments in precious metals like gold and silver. But taking a plunge in the silver market isn’t as clear-cut as buying into a mutual fund. So before you exchange your hard-earned green for some silver, it’s a good idea to nail down the basics. Here’s what you need to know.

The Advantages Of Buying Gold Bars

Tip: Youll get more ounces for your money with bars than coins.

The primary reason investors choose a gold bar is that its less expensive than a gold coin. Premiums are lower because coins have a more intricate design and thus greater labor and machining costs. Coins may be prettier, but youll pay extra for that appeal. The other advantage of gold bars is that theyre easier to store. A gold bar takes up less space than the same number of ounces of coins. In fact, bars were originally designed specifically for ease of storage.

Buying gold bars doesnt compromise any of the core advantages of gold: theyre portable, private, liquid, and will last forever.

Why You Can Trust Bankrate

Founded in 1976, Bankrate has a long track record of helping people make smart financial choices. Weve maintained this reputation for over four decades by demystifying the financial decision-making process and giving people confidence in which actions to take next.

Bankrate follows a strict editorial policy, so you can trust that were putting your interests first. All of our content is authored by highly qualified professionals and edited by subject matter experts, who ensure everything we publish is objective, accurate and trustworthy.

Our investing reporters and editors focus on the points consumers care about most how to get started, the best brokers, types of investment accounts, how to choose investments and more so you can feel confident when investing your money.

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Ordering Circulated Coinage Is Easy

If your goal is to buy rolls of circulated coins, your best bank type is the big name, broad appeal banks where average small business people do their banking. These banks typically deal in substantial amounts of circulated coinage, as some types of businesses take in more coins than they need, and will deposit them. Other business types use vast amounts of mixed coinage to give to their customers in change. Banks that do a steady merchant business almost always have plenty of circulated coinage on hand, and will often sell it to non-account holders. If you want to get this type of coinage regularly, especially in large quantities such as boxes of rolls, it’s a good idea to open an account with the bank that is supplying you with your coins.

World Wars Depression And International Expansion

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Support for the Allies

During World War I, J.P. Morgan & Co. arranges the largest foreign loan in Wall Street history a $500 million bond issue to support the English and French governments and acts as purchasing agent for the Allies, facilitating the purchase of over $3 billion worth of war material and other goods needed by the Allies.

Other JPMC predecessor banks support the war effort by providing critical banking services in war-torn Europe. After Americas entry into the conflict, banks sell war bonds and many of their employees serve in the armed forces or volunteer with the Red Cross.

1920Post-war international expansion

After the war banks diversify and expand into new global markets. Chase National Bank and Guaranty Trust Company set up affiliates to do securities underwriting and open new branches in Europe, Asia and Latin America. Chase National merges with Equitable Trust Company in 1930, combining their extensive overseas branch networks and making Chase the worlds largest bank.


Washington Mutual School Savings Program

Washington Mutual Savings Bank launches the School Savings Program, one of the first to teach children the value of saving money. On the first School Bank Day nearly 17,000 schoolchildren make deposits. The program runs until the 1970s, introducing several hundred thousand children to banking.

1924Japan earthquake loan

1924Pioneering women in banking

1927Guaranty Trust Company invents the ADR

1931Houston banks rescued

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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.

Gold Bar Brands Matter Choose Wisely

Tip: Buy only gold bars with a recognized hallmark and proper stamping.

Proper stamping and a recognized hallmark mean youre getting a reputable gold bar. There are some private mints in the world that dont include all of this information, which could mean its not a pure gold bar or has low quality. Its important that you know how to make sure your gold is real.

Stamping: a reputable gold bar should have its weight, purity, refiner, and a registration number stamped on it.

Its important to buy gold bars with these markings. Without them you dont know what youre getting, and a future buyer will probably demand an assay.

Theres an easy way to assure your gold bar has proper stamping, and thats to buy bars with a

Reputable hallmark: A hallmark simply refers to the brand of the barthe refiner or manufacturer that minted the bar. You want a well-recognized hallmark so that you know youre getting a high quality bar, and also so that youll have no difficulties someday selling it. A good hallmark will allow you to sell the bar virtually anywhere in the world. It is highly liquid.

Here are some of the worlds most highly regarded refiners:

There are others, such as the Sunshine Mint and Republic Metals .

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Be Careful With Real Silver

While the price of silver is determined by trading on the commodities market, investors who buy physical silver still need to be careful about their investments, says Terry Hanlon, president of Dillon Gage Metals in Addison, Texas.

To start, Hanlon says that buyers interested in bullion coins can use a software tool on the U.S. Mint’s website to find recommended dealers. To avoid scams, it’s also a good idea to vet the dealer with some simple Internet research.

But even if you work with a trustworthy dealer, Hanlon says many novice silver investors fail to do the homework necessary to understand the minutiae of silver trading. The result is that they often buy at too high of a price to make any real money or rely too much on the dealer and make investments that aren’t right for them, he says.

Interstate Banking Meets The Computer Age

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1980At home banking develops

Bank One tests an early version of home banking called Channel 2000. Bank customers can view their bank balances on a television screen, pay bills and shift money between accounts. The service works over regular telephone lines. In 1983 Chemical Bank introduces Pronto, the first full-fledged online banking service, and in 1985 Chase Manhattan Bank introduces Spectrum, a home banking service offering three tiers of service: core banking, financial planning, and investing.

1985Expanding beyond markets: the age of interstate banking

The Supreme Court rules that regional interstate banking zones are constitutional, marking an important step toward the development of full interstate banking today. Up to this time, bank holding companies were prohibited from acquiring banks across state lines. As a result, our New York heritage firms begin expanding beyond the New York City market, while all three Midwest heritage firms Banc One in Ohio, First Chicago in Illinois, and NBD in Michigan merge with large bank holding companies in other states before merging with one another in the 1990s.

1985Networked ATMs is NYCE

1989Reversing Glass-Steagall

1991Chemical and Manufacturers Hanover merge

Chemical Banking Corporation merges with Manufacturers Hanover Corporation, reported in the press as a “merger of equals.” The new firm is named Chemical Banking Corporation and is the second-largest banking institution in the U.S. behind Citicorp.

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National Banks And The Age Of Industry


The Legal Tender Act and National Banking Acts

New banking laws passed during the Civil War authorize the U.S. government to create a uniform national currency, ease borrowing to pay its war expenses, and set up a new system of nationally chartered banks.

The Legal Tender Act of 1862 provides for a standard national currency, nicknamed “greenbacks” for the elaborate design printed on the back of the notes. Because the notes are unsecured by gold deposits, the value of greenbacks fluctuates widely.

The National Bank Act of 1863 creates a new system of national banks operating under a uniform regulatory framework alongside the older state-chartered banks. The act empowers national banks to issue money in amounts secured by U.S. government bonds purchased and held in reserve by the banks. The 1863 law is strengthened by a second National Bank Act passed the following year.

1863First National Bank of Chicago, eighth in the nation

The First National Bank of Chicago opens for business, becoming the eighth nationally chartered bank under the new National Banking Act. JPMorgan Chase Bank continues to operate under this charter #8 to this day.

1868Origins of Bank One

F.C. Sessions and Company is founded in Columbus, Ohio. This is Bank One’s earliest predecessor in Columbus, its hometown base.

1868Drexel, Harjes & Co. opens in Paris

1871Drexel, Morgan & Co. is founded

1871Fire devastates Chicago

1877Chase Bank begins business

1879J.P. Morgan and railroad finance

Pick The Best Gold Bar Size For You

Tip: Buy one-ounce gold bars to meet future needs as they come up. If you have a high net worth, buy both small and large bars.

One of the first decisions youll have to make when buying gold bars is what size to purchase. Gold bars come in different sizes and weights. Theyre as small as one gram , and as big as 400 ounces. Its these larger sizes that central banks, exchanges, and ETFs buy. Generally speaking, the bigger the bar, the smaller the premium. Thats because its less costly to produce a kilo gold bar than a one-ounce gold bar. But that doesnt mean you should buy the heaviest bar you can afford. Just the opposite, in fact

  • Big bars do not offer the divisibility smaller ones do. When you sell a big bar, you are liquidating a sizable investment. Its more practical to sell multiple smaller bars to exchange the exact amount of gold for the exact amount of currency you need.
  • Fewer potential buyers. Not many investors can afford to buy, say, a 100-ounce bar. If you have smaller sized bars, you have a greater pool of customers.
  • Lower counterfeiting risk. Counterfeiters prefer big bars, because theyre worth a lot more.
  • Avoids the need for an assay. The bigger the bar, the more likely it will require an assay to be sold. An assay adds an extra expense, is inconvenient, and will delay your payout.

On the other hand, premiums on smaller gold bars are higher, but they are still more affordable. And owning a little gold is better than not owning gold at all.

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What Is The Best 1 Oz Gold Coin To Buy

Top 7 Best 1 Oz Gold Coins to Buy1 oz Gold Maple Leaf Coin Royal Canadian Mint. 1 oz Gold Kangaroo Perth Mint. 1 oz Gold Buffalo Coin United States Mint. 1 oz Gold Philharmonic Coin Austrian Mint. 1 oz Gold Britannia United Kingdom Royal Mint. 1 oz Gold Krugerrand South African Rand Refinery.More itemsAug 26, 2020

Mergers With Chemical Jp Morgan

Gold: In Bank We Trust?

In August 1995, Chemical Bank of New York and Chase Manhattan Bank announced plans to merge. The merger was completed in August 1996. Chemical’s previous acquisitions included Manufacturers Hanover Corporation, in 1991, and Texas Commerce Bank, in 1987. Although Chemical was the nominal survivor, the merged company retained the Chase name since not only was it was better known , but the original charter of Chase required that the name be retained in any future business ventures. Hence, even today, it is known as JPMorgan Chase.

In December 2000, the combined Chase Manhattan completed the acquisition of J.P. Morgan & Co. in one of the largest banking mergers to date. The combined company was renamed JPMorgan Chase. In 2004, the bank acquired Bank One, making Chase the largest credit card issuer in the United States. JPMorgan Chase added Bear Stearns and Washington Mutual to its acquisitions in 2008 and 2009 respectively. After closing nearly 400 overlapping branches of the combined company, less than 10% of its total, Chase will have approximately 5,410 branches in 23 states as of the closing date of the acquisition. According to data from SNL Financial , this places Chase third behind Wells Fargo and Bank of America in terms of total U.S. retail bank branches.

The following is an illustration of Bank One’s major mergers and acquisitions and historical predecessors :

Bank One

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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.

Gold Holdings At The Jp Morgan London Vault

Four relatively large exchange traded fund groups hold a substantial amount of gold and other precious metals at the JP Morgan vault in London.

The iShares Gold Trust operated by Blackrock is a physically backed gold Exchange Traded Fund . JP Morgan has been the custodian of IAU since the second half of 2010. IAU holds its gold in 3 vaults in 3 different countries, namely the JP Morgan vault in London, the JP Morgan vault in New York, and the Scotia Mocatta vault in Toronto, Canada. A gold bar inspection letter of the iShares Gold Trust dated December 2015 states that the JP Morgan London vault held 7011 Good Delivery gold bars on behalf of the trust at that time.

Given the large investment inflows into gold ETFs during the first quarter of 2016, the iShares Gold Trust was storing 9,355 Good Delivery gold bars at JP Morgans London vault as of 11 April 2016. The IAU gold bar list, which can change daily, can be viewed on the iShares website.

Deutsche Bank operates 5 physically backed Exchange Traded Commodities that hold gold at the JP Morgan vault in London. These ETCs are the db Physical Gold ETC, db Physical Gold ETC , db Physical Gold Euro Hedged ETC, db Physical Gold GBP Hedged ETC, and db Physical Gold CHF Hedged ETC. In total, these ETCs held 2,423,590 ounces of gold as of 11 April 2016.

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Which Bank Is Best For Currency Exchange

If you need some foreign currency exchange, then you should have to convert your dollars via the best currency exchange, banks and credit unions are usually the most reliable places to exchange currency, with reasonable exchange rates and the lowest fees.

Here are some best banks for currency exchange :

  • Bank of America
  • Wells Fargo
  • Citibank

You can also go for online currency exchange, which will have the cash delivered to your home, but their rates are way high as compared to the banks, and they also have delivery charges, which are not a good part.

How Do I Find A Precious Metal Dealer

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Its 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 dealers 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.

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Do Banks Have Silver Dollars

If you are a fan of buying 1 oz. silver coins for collection or investment, you have probably wondered whether banks have silver dollars for sale. Because why?

Well, traditionally banks could not sell you these dollars above their face value. In other words, you are buying silver at a fraction of its value. Double the deal if you find rare collectible coins.

While most Canadian and US banks rarely do have silver dollars on hand, you occasionally get lucky. So how do banks have silver dollars and when do they? In our experience it is exclusively when people go and bring these to the bank. The 2009 and 2010 rise of silver made ownership mainstream. Many more people became aware of these coins higher value and sold them for it.

Does it help if youre willing to pay more? Not really when it comes to the bank. Legacy policies prevent most banks from being unable to return these to the Royal Canadian Mint or US Mint. Unfortunately, these deals are rather rare. But read on to understand what banks sell.

Like the Royal Canadian Mint, the big five banks Canadian banks sell gold and silver. These are the Bank of Montreal , the Canadian Imperial Bank of Commerce , the Royal Bank of Canada , the Bank of Nova Scotia , and TD Canada Trust . Each bank has a selection of products sourced from a preferred refiner. Is there a catch? That depends on how comfortable you are paying up to 3-4 x the premium to buy the same metal from a bank.

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