How to Buy Gold at Banks

by Chris Ciaccia ; Updated July 27, 2017

There has been talk recently that the U.S. dollar is losing its purchasing power. To combat this, people are buying precious metals, particularly gold, at record paces, as these store value much better than fiat currencies.

Research Banks That Sell Gold

Not every bank sells physical gold, so you have to do research to see which banks sell gold. A branch of your local savings and loan isn't likely to have gold stored in its vaults, so it's best to research which larger banks around you have gold deposits that are for sale.

Where to Buy Gold

If you want to own physical gold, going to a bank is the best route. Swiss banks tend to specialize in this, particularly Credit Suisse and UBS.

Video of the Day

Brought to you by Sapling
Brought to you by Sapling

Buying Gold at a Bank

If you're going to buy physical gold from a bank, chances are it will be in bars or coins. If you're going to buy coins, be prepared to pay a commission, on top of a premium to the current price of gold. A premium is an extra percentage on top of the spot price of gold, say 1 or 2 percent. If you're dealing with a foreign bank, be prepared to deal with currency rates.

About the Author

Chris Ciaccia is a former oil and gas hedge fund analyst who has been writing since 2008. He has been published in "Miner's Choice" and online at BenZinga. He graduated from Seton Hall with a Bachelor of Science in business administration and finance and a minor in communications.

Cite this Article A tool to create a citation to reference this article Cite this Article