How to Buy Gold From a Bank

Buying gold is one way to round out your investment portfolio.

Buying gold is one way to round out your investment portfolio.

Gold can be an important investment, especially for those who want to balance their portfolios and give themselves greater security. The price for gold changes daily, and banks are instrumental in setting the daily price for gold, so it makes sense to buy gold from your bank. However, not all banks sell gold. Some sell gold coins, but if you want a larger amount of gold, like a gold bar, you need to buy it from a gold dealer.

Contact your bank and ask if it sells gold coins. If it doesn't, ask the person on the line if she knows who does sell gold in your area. Alternatively, you can look on the U.S. Mint website for a list of authorized gold bullion coin dealers in your state. Be aware that this list is not exhaustive and includes coin dealers as well as financial institutions.

Research the price of gold coins and bars by visiting the websites of companies that track daily prices, such as HFDC Bank. Although the price of gold fluctuates from day to day, it typically doesn't change in large amounts the way a stock price might. The price you see on the website in the morning will likely stay near there throughout the day.

Go to the bank and purchase the gold if it does sell gold. Be sure to ask the bank manager ahead of time if his bank has gold in the quantity you want. Banks will accept virtually any form of payment, including checks and money orders, as well as credit cards, although you should confirm the exact payment policies of your bank before leaving.

Get a certificate for your gold purchase. This should include the date of purchase, the amount of gold purchased and its carat.

Store your gold in a safe place, like a safety deposit box, along with the certificate. You will need both if you want to sell your gold later.

Tip

  • You can buy cold bullion coins directly from the U.S. Mint online if you prefer to do so. There are also a number of gold and metals dealers available online and in cities around the world.

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