Banks sell gold bars and coins, as well as silver coins, but the vast majority of U.S. banks don't make gold or silver available to the public. Banks usually avoid selling precious metals due to fluctuating prices and the potential for a Gold IRA scam. As a general rule, banks in the U.S.UU.
they don't sell gold bars or gold coins. Banks tend to avoid selling gold due to price fluctuations, making it more volatile and risky for the bank to manage it, Fifth Third Bank representatives said. As noted by the Federal Trade Commission, prices fluctuate daily based on the current price of gold in the market. No, there are only a limited number of banks authorized to sell gold.
In addition, most banks don't sell physical gold, but only digital gold. Therefore, if you want to buy gold at a bank, you must call them and confirm whether they sell gold or not. You can also walk into a bank and ask if they sell gold or not and, if they do, in what way. The storage of gold in the banking system involves many risks, in particular the risk of bankruptcy or government confiscation.
They don't know that investing in gold is a serious business and that buying it from a bank is the least desirable option for most savvy investors. We've already talked about whether or not you can buy gold in your bank (it's possible) and in some of the other places in the world where banks sell gold. Many banks offer gold products and claim that it's easy to invest some money each month and create an investment portfolio. But, even if your bank sells gold, should you buy it there? What other options are there for buying gold if you can't find it at a local financial institution? What else do you need to know about buying gold coins? If we look at history, until 1933, banks in the United States routinely exchanged gold coins and certificates.
Another advantage of working with a gold dealer is that they can sell you old gold coins, which you won't be able to get at a bank or in the U. They don't realize that investing in gold is a serious business and buying it at the bank is the least desirable option for most intelligent investors, since it's quite expensive. If you store your gold in a bank vault and the bank closes temporarily or, worse, goes bankrupt (as happened in Argentina), you lose the advantage of immediate access to a means of payment for your basic needs in times of trouble, when access to traditional means of payment, such as cash or bank cards, is hampered. Investing in gold is generally done as a security measure to protect against risks associated with the fragility of the financial system and to have access to a universally accepted means of payment in the event of bank bankruptcy or temporary closure (holiday).
Nowadays it is rare to find a bank that sells gold coins to the public, outside some parts of Asia. Banks generally don't deal with anyone in the public, you have to be a member to transact with them.