Can I Buy Gold Bars At A Bank
For most investors in North America, the answer is no.
If you live in the US, it is a common misconception that you can buy gold at a bank. Many people expect a bank to issue gold, harkening back to days when gold backed the currency, but today most physical gold is purchased from non-bank distributors. Even the US Mint requires retail customers go through an authorized purchaser .
But if youre in Europe or Asia, check with your bank. Some banks may offer gold products to retail customers. I know several people that have done this very thing in Switzerland, for example.
To find out if a bank offers gold bars for sale, just give them a call . One caution: make sure you compare premiums, so that youre not overpaying. Also, inquire if they offer lower rates to their existing bank customers.
Investing In Gold With 1 Oz Bars
The 1 oz gold bars that are offered here by the United States Gold Bureau come within an air-tight assay card that guarantees the quality and purity. Buying gold 1 Troy oz bars , are a perfect starting point or addition to a precious metals portfolio since they are easy to store and liquidate as-needed. Our 1 oz gold bars come from a variety of highly recognized and widely traded manufacturers including Credit Suisse, International Trade Bullion, PAMP Suisse, and Royal Canadian Mint to ensure the highest quality gold content and purity. Each gold bar comes in a durable assay card for long-term storage and safe-keeping. Many bars are stamped with the exact weight, fineness, and an individual serial number. The 1 oz bars are about the same size as a military dog tag which makes them an ideal size for storing in quantity.
The 1 Troy oz gold bar is the most common size of gold bars and they are traded around the world, even in countries using the metric system. A Troy ounce contains 31.1 grams and is the unit of measure used for precious metals, as opposed to the avoirdupois ounce more commonly used in grocery stores that contain only 28.35 grams.
Gold bars often have a lower price premium over market spot price than gold bullion coins and are valued based on the spot price derived from the gold-trading markets around the world. Precious metals like gold are often used to diversify investment portfolios and hedge against inflation and economic downturn.
An Introduction To Gold Bars
Since its discovery, the precious metal gold has never ceased to fascinate. Initially used heavily in pieces of jewelry and currency, today it can be found in a number of other various industries due to its impressive conductivity and malleability. Though currently it’s not often found in circulated pieces of currency, the precious metal is still widely collected across the world by civilians and governments alike. While gold coins or rounds are still popular, frequently gold is stockpiled in bar form due to a number of factors like the number of available sizes and how easy it is to track, stack, and store. Here at the U.S. Gold Bureau, we take a lot of pride in the wide variety of gold we offer. This is especially true when it comes to our stock of gold bars. Ranging in size from 1 ounce bars to 100 gram bars, you should be able to find whatever sized ingot you’re looking for. What’s more, we carry bars from a number of different refiners and manufacturers. Get bars made by International Trade Bullion or take a look at package deals that contain gold bullion from a number of different refineries like RMC, Perth Mint, and PAMP.
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Buying Physical Gold Bullion Bars & Coins
Buying gold bullion bars can be an effective method to acquire physical gold at a relatively low cost per troy-ounce. Bars are available in a variety of sizes ranging from a standard 1-troy ounce to 400-ounces. Gold ingots are generally pure gold, with an industry standard minimum fineness of .995 fine, ensuring the highest quality, purity and clarity. Gold bullion bar prices include a small premium to cover manufacturing costs.A popular alternative, gold bullion coins are easy to buy, hold, divide and trade. They are issued by government mints and are legal tender in the country in which they are produced and thus, the coins’ face value, metal purity and content are guaranteed. Most modern gold bullion coins contain exactly one-ounce, half-ounce, quarter-ounce or tenth-ounce of pure gold, while older issues contain other fractional amounts.
How To Buy Gold Bars With The Pure Gold Company
Our simple four-step process makes acquiring your very own gold bar investment easier than ever before. After an initial consultation with one of our experienced specialists, youll be availed of all of your options and advised as to which product is best for you.
When youre completely happy with our service and ready to go ahead and make your investment, youll be asked to fill out a purchase order before completing payment via personal cheque or bank order. While debit or credit cards are generally not accepted, exceptions may be made for smaller orders.
Finally, the gold will be delivered directly to your doorstep using our complimentary and fully insured courier service. Alternatively, you can opt to store your newly acquired gold in a London Bullion Market Association vault, which will be arranged by The Pure Gold Company, providing complete peace of mind.
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Buy Gold Bullion Online
There is no precious metal in the world coveted more than gold. The famous yellow metal has been a standard by which wealth is measured for centuries, and as civilizations took the first steps out of the Dark Ages and into international trade in the Middle Ages and beyond, gold was there as the standard unit of commerce used by nations and people who spoke different languages. Despite language and cultural barriers, everyone understands the value of gold. Today, gold bullion remains a primary vehicle for private investment and the protection of wealth. The JM Bullion catalog contains a wide array of gold bullion products, some of which you can learn more about below.
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Gold Bullion Coin Mints
As mentioned above, gold bullion coins are preferred by many investors because they have the backing of central banks and federal governments. Additionally, these coins are issued by national sovereign mints and other state-owned facilities. The following are some of the most prolific issuers of gold coins:
The Best Way To Buy Gold
By Bryan Borzykowski on October 22, 2012
Most investors should have some exposure to the yellow metal, but how much should you own?
About a year ago at this time it was impossible to turn on the TV or pick up a newspaper without encountering something on gold. The assets price was soaring, hitting $1,900 an ounce in September 2011 and gold bugs were predicting that the yellow metal would continue to climb. Today, it seems as though much of the rhetoric has died down, probably because the price has moved sideways for the last 12 months. Today, gold is selling for around $1,750.
Just because it may not be breaking new price records doesnt mean you shouldnt own any gold. Historically, gold has been a great hedge against both inflation and poor economic performance. With continued deficit problems in Europe and the U.S. and a threat of a Chinese slowdown, its possible gold will rise again, says Stephen Lingard managing director of Franklin Templeton Multi-Asset Strategies. Gold is a great hedge in this environment and thats why weve seen such strong performance over the last few years, he says.
Gold is not a good investment on a standalone basis, he says. Equities make far more sense on a long-term basis. What gold does is provide a little bit of insurance and it helps with overall diversification.
He adds that people shouldnt worry about how high the price will go. Gold isnt moving, he says. Currencies are declining.
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Popular Designs Of Gold Bars
As mentioned above, youll find a great deal of variety awaiting as you shop for gold bars. However, the variety doesnt stop at the weights of the available bars. Gold bars also come with a wide array of designs. Some are so popular they are viewed as symbols of excellence within the precious metals industry, while others represent limited-time offerings. The following is a brief overview of some of the most popular gold bar designs:
Gold Bullion Bars Available From Jm Bullion
Gold is arguably the most diverse precious metal available to investors and collectors. Youll find gold for sale in the form of coins, rounds, and bullion bars. Gold bullion bars are perhaps the top choice of investors. Gold bars offer variety in terms of weight, purity, and style. With so many options to choose from, it can feel overwhelming. When you boil down the market though, youll see that its less difficult to find the right piece of gold bullion for your portfolio. Learn more about gold bars available from JM Bullion below!
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What Weight Silver Bars Should You Buy
One of your first decisions when buying silver bars is what size to purchase. Silver bars come in different sizes and weights. The majority range from 1-ounce to 100-ounces, which is the suitable for most investors. Bars are produced as heavy as 1,000 ounces, which is what banks, exchanges, and ETFs usually buy.
As the table above shows, the bigger the bar, the smaller the premium. Thats because for the most part, it costs the refiner just as much to produce a silver kilo baras a 1-ounce bar.
But that doesnt necessarily mean you should buy the biggest bar you can afford. Here are the problems that can creep up with large silver bars. Big bars
Cant be divided up once you own them. If you buy a 1,000-ounce bar, youll someday have to sell the whole thingwhich you may not want to do. Smaller bars will be more practical to sell for the small needs you may have in the future. In fact, this is one of silvers advantages over gold, so take advantage of it!
Have fewer potential buyers. Not many investors can afford to buy a 1,000-ounce bar. If you have 10- and 100-ounce bars, you have a greater pool of customers and thus will be able to sell more quickly and easily.
Come with higher counterfeiting risk. Most of the counterfeit bars that have surfaced are with very large bars. Counterfeiters prefer them because theyre worth a lot more.
How Banks Lend And Sell Bullion
When a central bank lends gold to bullion banks for a specified period, say three months, it receives the cash equivalent of the gold lent to the bullion bank. The central bank lends this money on the market at a lease rate known as the Gold Forward Offered Rates , which is published daily by the LBMA. The higher the lease rate, the more incentive a central bank has to lend gold from its reserves. The bullion banks who borrow the gold can sell the gold or lend it to mining companies.
If the bullion bank sells the gold on the spot market, it will receive cash for the transaction. The spot market is where bullion and other commodities are traded at the prevailing market rate. An increase in the supply of gold in the market reduces its price. The bullion bank hopes that by the time its scheduled to repurchase the gold from the spot market, the price of bullion will be lower so that the bank can buy it back at a lower price than it had originally sold it. At the end of the loan period, the bank buys back the gold and returns it to the central bank.
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Can I Buy Gold Bars At My Bank
Particularly since the financial crisis of 2007-08, gold has appealed to investors looking for an investment that will hold its value and preserve their wealth. Many investors see gold as insurance against global uncertainty. Unlike currency, gold has an inherent value because of its high demand and exceedingly limited supply.
Tips
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Although some banks do offer gold bars to customers, this is exceedingly rare. Banks who do trade in gold will often offer coins to customers rather than bars.
How & Where To Buy Gold Bars
Jeff Clark, Senior Analyst, GoldSilver
If youre looking to invest in physical gold at the lowest possible price per ounce, theres no better choice than gold bars. Coins may be more attractive, but all that manufacturing and packaging comes at a price. Gold bars, on the other hand, are the stalwart of the industry, what everyone from average investors to central banks buy and store. In other words, you cant go wrong buying gold barsprovided you follow four tips including where to buy gold bars.
In this gold bar buyers guide, well cover:
- Why buy gold bars?
- How to buy gold bars?
- Where to buy gold bars
- Which gold bars to buy
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Advantages And Disadvantages Of Buying Gold Bars
The first thing to keep in mind is that there is no right or wrong investment when it comes to buying gold bars or gold coins. There are several things to consider when making a choice based on your needs: how long you want to hold on to it, where you will store it, and your exit strategy.If you plan on holding gold as a short-term investment, you may prefer the flexibility of owning several smaller bars. You can then sell them as and when you wish. However, buying ten 100g gold bars will cost you more than buying a single 1kg gold bar.This is because of something called the premium, which is the cost added to the gold price. The premium factors in costs such as manufacturing, handling, packaging, insurance and delivery. The best way to keep premiums down is to buy larger bars. At the time of writing you would pay around1.5% less if you bought a 1kg gold bar instead of ten 100g bars, saving approximately £750.
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Gold is one of the most efficient stores of monetary value. At todays prices, you could easily fit over £12,500 worth of gold, a 250g bar, in your pocket not that we would recommend it. The equivalent value in silver would weigh over 15kg. Due to its compactness and value, storing gold bullion is much more convenient comparedto gold coins or silver. In any case, we recommend that all gold bars or coins are stored in a vault or domestic safe for security and peace of mind.
Q: How Can I Better Avoid Counterfeit Gold Bars
A: According to Forbes, the risk of buying a counterfeit gold bar or coin is minimal. That said, ways to better avoid counterfeit products include sticking to well-known sovereign coins like Gold American Eagles and Gold Canadian Maple Leafs or bars produced by government mints or London Bullion Market -approved mints and refineries, as the authenticity of these bars is guaranteed.
If you have any doubts, a reputable precious metals dealer can verify the authenticity of a gold bar. When youre inspecting a gold bar, you may be able to spot a fake by paying close attention to its weight, diameter, thickness, and price. If the bar seems, for instance, too light, too big, or too cheap, then you might be in possession of a fake.
Its highly unlikely that a trustworthy dealer would offer you a counterfeit product, but knowing how to inspect gold bars or coins wont hurt,Forbes points out.
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Royal Canadian Mint Gold Bars
Gold bars minted by the RCM will have higher premiums than our assorted gold bars, many produced by private refineries. But the extra cost also comes with extra security. The Royal Canadian Mint has some of the most advanced anti-counterfeiting technology in the world and one of the most rigorous assay laboratories in the industry. Their advanced sampling and analyzing methodologies is behind the 9999 purity of their gold bars.
What To Expect In Gold Bullion Bars
Beyond the size, shape, and style of the gold bars available to you from JM Bullion, you can expect a few commonalities among the bars offered. The vast majority of gold bars today are refined with .9999 pure gold content regardless of weight or type . Minted ingots are originally available in most cases housed inside of tamper-evident protective packaging and come with an assay card that verifies the weight, purity, and metal content of the product as judged by a certified assayer. In most cases, gold bars also have a unique serial number issued by the refiner. When bars are available with a serial number and assay card, that card will also reflect the individual serial number as engraved onto the surface of the bar.
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