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.
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.
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.