Maybe you’ve reached your investment goal. Or perhaps something unexpected popped up and you need quick cash.
Whatever the reason, you have physical gold and want to sell it quickly.
Can you sell gold to a bank?
Gold is universal, and banks have money. They must buy gold. Right?
Unfortunately, no. With scant few exceptions, you can’t sell gold to a bank. And if you did, it might not be your best option.
But don’t lament. Plenty of places buy gold at market price. You have options.
Do Banks Buy Gold?
Do banks buy gold? Technically, yes, central banks will sometimes buy gold to diversify their reserves. But in general, most banks as we know them don’t buy gold from consumers.
Banks are in the dollar business, not the gold business. You can’t buy or sell your house through a bank’s normal operations. The same typically applies to gold.
Where to Sell Gold
Good news! There are many places to sell gold.
Gold holds value worldwide. You can liquidatable it at a proper value almost anywhere in the world.
Most U.S. cities have precious metals or coin dealers that will buy your gold. They have the expertise to quickly authenticate, weigh, and value your metals.
Pawn shops also buy gold. They offer cash on the spot for coins, bars, and jewelry.
You can also turn to established and trusted precious metals firms—like Advantage Gold—to buy your gold. The gold must be authenticated and a purchase price agreed upon. At Advantage Gold, we issue you a check or wire funds directly into your account.
Determining the Value of Your Gold
The purity and weight of gold are probably the most important factors in determining worth.
How much pure gold do you have? The answer gives an approximate baseline of your gold’s worth.
Gold is traded openly on exchanges across the world. At any given time—day or night—you can access the spot price of gold. The spot price represents the meltdown value of gold. It does not factor in collectibility or additional market demand.
If the spot price is $2,000 per ounce, and you have 1 ounce of pure, 24-karat gold, you can expect a price in the vicinity of $2,000 for your ounce.
Keep in mind that gold buyers are also gold sellers. Their goal is to make a profit. Dealers often set a buyback price based on what they can sell the gold for.
Coins often carry additional layers of value. A coin’s scarcity might make it more attractive to collectors. They also cost more to produce than bars. The sale price should reflect both elements.
Do Banks Sell Gold?
Now that you understand why most banks don’t buy gold, you might be wondering whether banks sell gold.
The answer is again no in most cases.
There certainly are banks here or there that sell some form of gold. But investors want the best options at the best price. Bank-sold gold may come with high premiums.
Do your homework and make an informed decision.
Can You Sell Your Gold to the Bank?
If you need or want to sell physical gold, you have options. Selling to a traditional bank is typically not one of them.
Seek out a highly reputable precious metals firm, such as the Gold IRA experts at Advantage Gold.
Our seasoned account executives help clients sell their gold back to us. We offer a two-way market and are happy to assist you.
As the highest-rated precious metals firm, we are experts at helping you acquire physical gold, whether in a precious metals IRA or directly delivered to your doorstep.
You do have options to sell your gold. Make us the first call, or click the link and we’ll call you.Tags: do banks buy gold, do banks buy gold bars, do banks sell gold