Can I Buy Gold Bars at My Bank?

by Terry Lane ; Updated July 27, 2017
While a U.S. bank can store gold bars, they are generally purchased through private dealers.

Although U.S. banks are considered one of the safest places to store gold bars, it is unlikely your bank will sell gold bullion to you and let you take it home. Some banks will sell you the gold on paper, but it must be kept in its vault or stored by a third party. Some foreign banks offer gold bullion for sale, but the buyer may be purchasing gold less pure than gold sold on the U.S. market.

Sources for Buying Gold Bars

Gold bullion is sold in many forms, including bars, coins and ingots. These are cast or minted from 22 to 24 karat gold that is 99.99 percent pure. The U.S. Mint is a safe source for buying gold coins in various weights and denominations. However, most gold in the U.S. is exchanged on the secondary market. This market includes private mints and refineries, private dealers, pawn shops, jewelry stores and coin shops. Many private dealers market gold through online sites. Before you purchase gold, know its current value and understand the product in which you are investing. The daily price of gold, known as the “spot price,” may vary and is listed on commodity markets.

About the Author

Terry Lane has been a journalist and writer since 1997. He has both covered, and worked for, members of Congress and has helped legislators and executives publish op-eds in the “Wall Street Journal,” “National Journal” and “Politico." He earned a Bachelor of Science in journalism from the University of Florida.

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