How do you purchase gold from a bank?


Quick Answer

To purchase gold from a bank, find out which banks sell gold, determine the form of the gold and its current spot price, and know the commission the bank charges for the sale of gold. Also, consider whether you want to deal with a national or foreign bank.

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Full Answer

While local lending and savings banks do not typically sell gold, some larger banks, including a number of Swiss banks, offer physical gold for sale. Look around your area for such banks or search for them online.

Use metals exchange sites to determine the current spot price of gold before purchasing, but be aware that sellers charge a premium in addition to the spot price. Shop around to find the lowest possible premium.

Buyers can purchase gold in either coin or bar form. Between these, coins are more common and are typically available in fractions ranging from 1/10 ounce to 1 ounce. Consider choosing 1-ounce gold coins as their premiums tend to be lower than those for fractional coins. Avoid paying premiums above 5 percent.

Additionally, banks charge a commission over this premium, so opt for a bank that charges a lower commission. If buying from an international bank, also take into account currency exchange rates.

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