Central banks are among the largest buyers of gold, and yet it’s very rare for customers to be able to buy gold at banks. In fact, it’s unusual for typical banks to sell any precious metals. And even when they do, their selection is limited. However, you can readily purchase gold from reputable precious metals companies.
Can You Buy Gold From a Bank?
Around the world, central banks buy large amounts of gold. As of the third quarter of 2021, the United States, Germany, the International Monetary Fund, Italy, and France owned the greatest amount of gold held in reserves, according to the World Gold Council.
A central bank, which controls its country’s monetary policy, may purchase gold for several reasons. For instance, central banks such as the U.S. Federal Reserve, European Central Bank, Bank of England, and Bank of Japan buy gold to help manage risk, promote stability, provide a hedge against the U.S. dollar, and supply a hedge against inflation.
Can you buy gold coins—or any other precious metals—from a bank? Technically, yes, at some banks, but you may want to shop elsewhere. While you might want to buy gold for some of the same reasons that central banks do, shopping for gold through a bank is not that simple.
Some U.S. banks do sell gold bars and coins as well as silver coins, but the vast majority of U.S. banks do not make gold or silver available to the public. Banks usually avoid selling precious metals because of their price fluctuations. And even if a bank does sell gold or silver, their inventories typically don’t measure up to the size and variety of inventory found at precious metals companies and other sellers.
What Is the Easiest Way to Buy Gold?
Heading to your neighborhood bank is definitely not the easiest way to buy gold. Instead, the easiest way to buy gold is online or over the phone from a highly rated precious metals company.
A local dealer in precious metals can sell gold and silver to you. But you’ll be responsible for carting the metals from the shop to your home or another location.
Another alternative is buying from a reputable dealer like U.S. Money Reserve. Online sellers ship precious metals directly to you, eliminating the need for you to carry physical gold or silver with you.
Benefits of Buying Precious Metals Online
Aside from the ability to send precious metals directly to you, a precious metals dealer that sells online may be able to:
- Ship your precious metals to a secure vault rather than to your home. (Storing precious metals in an off-site vault offers an extra layer of security.)
- Provide bars and coins produced by a variety of mints from around the world.
Supply precious metals advice from an array of knowledgeable specialists. - Give you the chance to shop for precious metals privately and on your own schedule.
- Help you set up a self-directed IRA at the same time as you make a purchase for physical delivery, enabling you to hold precious metals and other alternative assets in a retirement account.
The easiest way to buy gold is not through a bank. It’s through a reputable precious metals company online or over the phone. Not only can you shop on your own time, but you also can shop from a wider selection of products and make your purchase precisely when you want to. Browse U.S. Money Reserve’s catalog of gold and silver now or call for even more inventory options.
FAQs
U.S. Money Reserve makes it remarkably easy to purchase bullion and certified gold, silver, and other precious metals. When you're ready to make your purchase with U.S. Money Reserve, you can place your order online or over the phone. Both ways are fast, easy, and secure.
How do I buy gold from the U.S. Money Reserve? ›
Call 1-888-553-8335 now to experience the U.S. Money Reserve difference. Gold and silver products are available for purchase online and over the phone, while platinum and palladium products can only be purchased over the phone.
Can you buy gold from the Federal Reserve? ›
You can buy or sell precious metal bullion and coins from private dealers. The Fed neither buys nor sells precious metals.
Can I buy gold and silver from my bank? ›
Banks. Some banks in the U.S. sell gold bars and coins (as well as silver coins). This can be a good option for investors who prefer the public accountability of a federally regulated institution. However, your options may be limited compared to what you'll find at an online retailer.
Does the U.S. Money Reserve sell real gold? ›
U.S. Money Reserve is one of the nation's largest distributors of government-issued precious metals. As America's Gold Authority®, we offer a variety of gold, silver, platinum, and palladium coins and bars for direct delivery or within an IRA.
How much is 1 oz of gold worth? ›
Live Gold Spot Prices
| Gold Spot Prices | Today | Change |
|---|
| Gold Prices Per Ounce | $2,332.00 | +26.00 |
| Gold Prices Per Gram | $74.98 | +0.84 |
| Gold Prices Per Kilo | $74,973.80 | +835.90 |
Silver Spot Price
| Silver Spot Prices | Silver Price | Spot Change |
|---|
| Silver Price Per Ounce | $29.75 USD | $0.56 USD |
| Silver Price Per Gram | $0.96 USD | $0.02 USD |
| Silver Price Per Kilo | $956.48 USD | $18.00 USD |
| Live Metal Spot Prices (24 Hours) Last Updated: 6/14/2024 4:59:55 PM ET |
3 days ago
There are several countries in the world which are considered cheap in terms of gold prices. Currently, the number one and two popular choices among consumers are Hong Kong and Dubai.
Where is the safest place to buy physical gold? ›
Places to Buy Gold or Silver
The two most common places where you can purchase precious metals are from an online dealer, such as JM Bullion, or a local coin shop. Local coin shops have been around almost as long as money has. They evolved from pawn shop establishments into a more specialized form of resale stores.
Which bank is best for buying gold? ›
HDFC Bank is one of the few banks to have approval from the RBI to import and sell gold to its customers in India. HDFC Bank Sovereign Gold Bonds are another option; these offer an assured interest rate of 2.5% per annum. You can enjoy ease of investing via netbanking and your HDFC Bank Demat Account.
Is It Reliable? Short answer, yes, US Money Reserve is a reliable company for precious metal purchases and IRA investments.
How much is a U.S. gold reserve worth? ›
In 2023, the official reserve assets of the United States held in gold had a value of approximately 543.5 billion U.S. dollars. In 2000, the Federal Reserve had official reserve assets in gold worth about 71.8 billion U.S. dollars.
How to purchase physical gold and silver? ›
Some companies sell physical gold and silver online and ship the bullion to you. However, this may be more expensive than other forms of buying precious metals. You can also find some physical stores that buy and sell gold and silver, but you also will often pay a premium there.
Can anyone buy gold from the US Mint? ›
The Mint does not sell bullion coins directly to the public. Instead, the Mint distributes the coins through a network of official distributors called “authorized purchasers”. Authorized purchasers create a two-way market buying and selling to wholesalers, financial institutions, and other secondary retailers.
How much is a US gold reserve worth? ›
In 2023, the official reserve assets of the United States held in gold had a value of approximately 543.5 billion U.S. dollars. In 2000, the Federal Reserve had official reserve assets in gold worth about 71.8 billion U.S. dollars.
Can I order gold dollars from the bank? ›
The U.S. Mint sells golden dollars directly to the public from its website (Off-site), or you may ask your local bank if it has any inventory.
Is the US gold reserve real? ›
However, the vault today remains the world's largest known depository of monetary gold. As of 2024, the vault housed approximately 507,000 gold bars, with a combined weight of 6,331 metric tons.
