Where to Buy Gold Bars
Buying gold bars from different dealers can be a confusing task, even for the most seasoned investors. Commodities are traded on exchanges like the Toronto Stock Exchange and NYSE (New York Stock Exchange). There are also private dealers that you can buy from directly, or through a broker.
What should you look for in a dealer?
- Reputation – Your best chance of buying gold at fair prices is to go with companies that have been around for some time and with a reputation for fair business practices. When looking at historical performance of gold investments, it is important to take into account high fees that may not have been apparent at the time.
- Transparency – The best way to ensure transparency is by dealing directly with the company itself because they will be able to provide the most relevant information based on their particular situation. Since there are no regulations specifically governing private bullion dealers, it’s up to you to choose a company that allows you view their products in person before making any purchases. Some dealers will have photos posted online of samples of their inventory which can be helpful in deciding which one has higher-quality products available.
Gold bars come in many different sizes so make sure you know how much gold your money is getting before making your purchase.* Location – If possible, deal with local companies near your location as opposed to ordering online or over the phone if you can avoid it.* Cost – The cost of delivering bullion can vary significantly between companies so make sure not get stuck paying more than necessary for shipping costs.* Security Deposits – Some companies will take security deposits as an extra precautionary measure if there is any doubt about credit worthiness of customers.* Storage Fees – Many companies offer storage services either within their own facilities or an affiliated facility nearby which allows investors flexibility by allowing them to own precious metals without having to worry about physical security issues associated with storing them yourself.
Where to buy gold bars online
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- If you have a TD Bank account and would like to take advantage of their buy/sell options, call ahead to make sure they have bars in stock.
- If they don’t, you can place an order that will be ready for pick-up at the time you specify.
Private mints, like Sunshine Minting, Inc.
Most mints, including Sunshine Minting, claim to produce all their gold bullion in a single, continuous process. This eliminates the need for precious metals to be melted and refined into ingots—which produces more waste and pollution—and instead places the whole process under one roof. In this way, each gold bar comes from a single place: one actual gold nugget that was mined, shaped by hand, and stamped with an official stamp of approval.
That’s impressive for its technical precision, but it doesn’t mean much if you can’t find one to buy. Where can you shop for these bars? The largest known private mint is Sunshine Minting in Idaho. It’s also notable because it started as a partnership between two friends who were determined to make something useful out of their love of coin collecting (think: the US half-dollar dated 1964). They started with silver bars; with each sale they made less money than they spent on the cost of producing them. After years of learning the ins and outs of making coins by trial and error, the partners finally began making gold bullion again…but this time at a higher quality level than metal refiners could provide on their own. With that experience under their belts, Sunshine Minting has now begun producing gold ingots again—and as long as there are customers willing to pay for them, they’ll continue making these bars from fresh gold every bit as pure as any found on Earth itself.
The best place to buy gold bars is at your local Wells Fargo branch. With many locations throughout the country, you have a great chance of finding one not too far from your home or office. In addition to their wide coverage, they also tend to be reputable and trustworthy. While there are other places that sell gold bars, like pawn shops or jewelry stores, you can feel more confident in buying them from a bank like Wells Fargo because they are known for being banks that keep your money safe and sound. Yes, the gold bars may be kept in a vault less secure than all of the other cash, but as long as they’re insured against theft or damage, it shouldn’t matter too much!
Bank of America
- If you happen to live near a town that is home to a Bank of America, then you’re in luck because they sell gold bars in some of their branches. However, not all Bank of America branches have the same selection or availability. It’s best to call your local branch ahead of time and ask if they carry gold bars and when they do restocks.
- If you’re not lucky enough to live near a Bank of America that sells gold bars, don’t fret! They’ll ship them right to your door for free as long as you buy at least $500 worth of gold bars from them. All you need to do is put two small forms in the mail with your purchase order and wait for the gold bar shipment!
- Although this guide was written with Bank of America specifically in mind, it can also apply to other banks like Chase, Wells Fargo, Citibank, and more!
Find out where to buy gold bars
Many dealers are reputable, but it’s important to find one that you trust and understand. Although some countries have laws against the sale of gold bars, these laws may not be enforced. In addition to examining the reputation of the seller, make sure that you:
- Understand all costs involved. The price of a gold bar will depend on its purity as well as any additional charges, so look closely at the total cost before making a purchase.
- Are aware of laws in your country and elsewhere that regulate the sale of gold bars. For example, in the United States, dealers must report transactions over $10,000 cash or $1 million non-cash to FinCEN (Financial Crimes Enforcement Network).