Best Overall: Money Metals Exchange
Money Metals Exchange
The combination of highly competitive prices, low shipping costs, vast product selection, and an exceptional customer experience lands Money Metals Exchange on our list as the best overall online gold dealer.
Free shipping on orders of $500 or more
Prepackaged starter portfolios for beginning investors
Automated monthly savings plan
Low purchasing limits for check and PayPal payments
Shipping can be slow
Founded in 2010, Money Metals Exchange has quickly amassed a customer base of more than 250,000 customers. Its customer-centric focus has translated into highly competitive pricing, personalized service, a pathway for new investors, and one of the best online reputations, making Money Metals Exchange our choice as the best overall online gold dealer.
Customers can easily navigate its website to shop for coins and bullion by category and weight. Beginning investors can get their feet wet in gold investing with an automatic monthly savings plan starting at $100 a month or by purchasing a prepackaged portfolio. Otherwise, its pricing is highly competitive, with its Gold Eagle 1 oz. coin selling for $1,977 as of Dec. 1, 2021, a 10.9% mark-up from the $1,782 spot price at the same time period.
Money Metals has earned an A+ rating from the Better Business Bureau .
There Are Zero Risks Of Investing In Fake Gold Coins
Another benefit of buying a gold coin from the bank is that every gold coin comes after passing the assured quality test. Every coin comes up with high-level security and anti-counterfeit features. Also, every coin has a unique barcode with a serial number to identify you will be getting precious gold. So, while investing in the gold coins offered by the bank, you stay away from the significant loss that can occur if you buy fake gold coins or low-level gold coins.
I Want To Buy Gold Coins From Bank Where To Go
In some countries, it is quite common to buy gold coins from banks however in the US it is not the case. Sure nothing beats holding fresh mint coins straight from the bank but Federal Reserve does not deal with individual customers and sells directly to banks. In very rare cases, some banks might offer commemorative series gold or silver coins but this might take place only for very limited time periods. This should not be confused with buying freshly mint rolled nickel or copper circulatory coins which is a quite common bank transaction.
If you want to buy gold coins from bank in the US, this will not be possible because most US banks will not sell gold bullion coins or bars to the general public. While most banks hold a portion of their securities in gold bullion bars, these are not for sale to the public. It may be possible to buy gold coins from bank in India and some other countries but not in the United States.
To find a list of top gold coins dealers in the US, check out our other article Top 10 Reputable US Gold Coin Dealers and learn more how to build a recession proof investment portfolio with trusted partners. Whether you choose to buy from your local gold dealer or opt to go a major online gold dealer route, knowing the spot price of gold is an important component of any successful transaction. Shop around, compare coin prices, shipping rates and dealer premiums to find the highest quality gold coins at just the right prices.
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Industry Overview About The Gold Industry
Gold price per ounce has seen massive growth over the past few years. At nearly $1400 per ounce, the average investor is not in the market for a bar that size, and even those who might afford would find it difficult to unload a bar that size to their local dealer.
This is why an average customer buys gold in one ounce form, and the cost to acquire gold in smaller quantities is higher. A lot of factors help to dictate the price disparity, not the least of which is the relative cost of minting a large bar of refined gold into one ounce coins.
These coins ship from large mints like the United States Mint and the Royal Canadian Mint of Canada to select authorized dealers, who in turn ship them to over 4,000 coin dealers in the United States alone before they find their way into the hands of a gold investor.
Have it in mind that there are shipping and insurance charges through each stage of the process, and before an investor receives his gold shipment, he may have paid brokerage fees, , or other ancillary charges.
Research has shown that a lot of dealers will not ship below a certain volume, while some will not ship above a certain volume. Certain dealers have different price breaks at different quantities. For example, one dealer may offer a discount for buying more than fifty coins, while another may offer a break at sixty.
Should You Buy Gold At A Bank
Bank vault full of gold coins
Theres no real risk with buying gold at a bank. Financial institutions, in general, take great pains to make sure any of the assets they handleinstead, they are paper checks or bars of goldare authentic. But that doesnt necessarily mean buying gold through a bank is the best way to go. It may not be the most convenient or cost-effective way to buy gold.
Banks generally dont deal with just anybody in the publicyouve got to be a member to engage in transactions with them. And this can cost you additional money through membership fees. There may also be other bank fees imposed on gold purchases, which can put your total cost above spot value at a significant premium.
You may also have to wait for a period of time for the bank to issue gold to you. This is especially true if the bank is low on inventory or depleted of gold stocks and needs to order more from its source to fulfill your order.
Coins at the bank were traditionally stored in canvas bags
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Buying Gold Online Versus From A Bank
Most transactions today take place online. Like modern stock, bond, and equity trading, technology has enabled users to find the best deals and products quickly on the Internet.
Buying gold from a bank requires you to physically visit a location and then transport your gold and precious metals to a storage facility. But when you buy gold online, you have a custodian or other financial representative assist you in having your assets delivered directly to your or your secure location. This reduces the level of risk and concern associated with personally handling assets. Shopping online also allows users to explore and compare all possible precious metal offers, and not just those within driving distance.
While purchasing precious metals and gold from a bank may seem like the safest idea, its important to evaluate all of your options before you invest. Some people do feel more confident purchasing gold directly from a bank, and thats perfectly normal just make sure you are getting a fair price and that the inventory is in place before you make the trip.
If you decide that buying gold online is for you, check out Nationwide Coinsproduct catalog and compare our prices and reputation against our competitors to see why were the best place to buy gold online.
Government-Issued Gold Online
BCA AAA Rated
How To Buy And Keep Gold Coins
If you decide to buy gold coins, get it from a reputable dealer or financial institution. We wouldnt buy gold coins on Craigslist, but thats just us.
If you buy gold coins from individuals or from anyone else youre not sure of, have the gold coins authenticity verified first. You dont want a collection of gold-plated lead.
U.S. gold coins come in one, one-half, one-quarter, and one-tenth ounce denominations. You pay a premium over the price per ounce when you buy gold coins, which is how the dealer makes a profit.
You may pay a higher premium if you buy gold coins less than one ounce each. You should generally buy bullion coins, such as the American Gold Eagle, Canadian Gold Maple Leaf, or South African Krugerrand.
Collectors coins, called numismatic coins, are a different game than bullion gold coins. They can sell at a very high premium, and their prices are dependent on more factors.
Unless you are very knowledgeable about collectors coins, stick with bullion coins.
Once you have the coins, you may be tempted to run the coins through your hands, like Ebenezer Scrooge.
But of course you wont you should leave coins in their cases, away from scratches and fingerprints.
Dont even think of hiding gold in your house, unless you have a safe. Thieves know where to look, or they can find it with a metal detector.
For very little money, you can rent a safe at a bank for your gold and other valuables.
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Factors To Consider When Buying Physical Gold
If you decide to buy physical gold, youll want to keep a few things in mind:
- Storage: Physical gold requires a secure storage location. While you can certainly keep your gold at home, many investors prefer a custodian. Make sure you research secure options for storing your gold before you buy it, and keep in mind that safe storage adds costs to your gold investment.
- Insurance: If you decide to store your gold at home, you should insure your gold to protect yourself against theft or natural disaster. This can add to the cost of your homeowners or renters insurance. And even if you dont keep your gold at home, youll want to check in on your storage providers insurance policy to determine how its protecting your investment.
- Manufacturer: Because youre making an investment, youll want to make sure youre buying from reputable sources that will help your purchases value grow over time. When buying gold, look for respected producers like Credit Suisse, the Perth Mint and the Royal Canadian Mint.
- Purity: The gold content in the coin, bar or piece of jewelry has a big impact on its value and worth as an investment tool. Ensure any gold you purchase as an investment has the purity level to help it stand the test of time. That means youre probably targeting gold items that are at least 91%, if not 99%, pure.
Bank Gold Coins: Is It A Good Investment
Gold is a good investment in some cases. But specifically, when you want to buy the bank gold coin it is not at all an investment, rather a loss of your money for nothing more than just fancy words of the bank.
Banks are promoting Gold coins a lot to its customers in recent days by promising 99.99% purity and guarantee along with a premium of some 8-10%. The bank is just a seller who is ready to say whatever is needed to compromise you to buy the yellow metal at an extra price. Be thankful to yourself for choosing to research the truth.
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Etfs That Own Mining Stocks
Dont want to dig much into individual gold companies? Then buying an ETF could make a lot of sense. Gold miner ETFs will give you exposure to the biggest gold miners in the market. Since these funds are diversified across the sector, you wont be hurt much from the underperformance of any single miner.
The larger funds in this sector include VanEck Vectors Gold Miners ETF , VanEck Vectors Junior Gold Miners ETF and iShares MSCI Global Gold Miners ETF . The expense ratios on those funds are 0.51 percent, 0.52 percent and 0.39 percent, respectively, as of July 2021. These funds offer the advantages of owning individual miners with the safety of diversification.
Risks: While the diversified ETF protects you against any one company doing poorly, it wont protect you against something that affects the whole industry, such as sustained low gold prices. And be careful when youre selecting your fund: not all funds are created equal. Some funds have established miners, while others have junior miners, which are more risky.
Selling Gold Coins Vs Selling Other Types Of Gold
The process for selling gold coins is quite different from that for selling gold jewelry, such as a gold wedding band or engagement ring.
As weve covered in our guide to selling gold jewelry, there are many merchants that buy gold jewelry. For example, if you have a gold wedding band that youd like to sell, youll usually be able to sell it online or offline to a local jewelry store or pawn shop.
Gold coins, on the other hand, are more of a niche item. To be more precise, gold coins are a type of gold bullion . As such, theyre usually treated as an investment or store of value, rather than as a consumer gold item.
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How To Choose A Reputable Gold Dealer
Unquestionably, a company’s reputation is the number one criteria to evaluate and compare gold dealers. The single best measure of a company’s reputation is its transaction history, which can be assessed by customer reviews. Companies with a large number of reviews are typically more established or have built up their trust and reputation through a greater number of transactions.
Additionally, you should look for the following when evaluating a dealer’s reputation:
A Flexible Investment Option
Buying gold coins allows investors to enjoy flexibility because they can invest in smaller capacities as well. The bank allows its gold coin investor to buy smaller quantities of gold coins like 5 grams, 10 grams, or gold bars as per their investment budget. Thus, if you want to invest as per your investing capacity at your own time, then you should be buying the gold from the banks. Also, there is no fixed amount that you need to meet to invest in the banks gold coins.
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How & Where To Buy Gold Coins
Jeff Clark, Senior Analyst, GoldSilver
Theres nothing quite like holding a gold coin in your hand. And owning some real gold offers a number of advantages you simply cant get with other investments. And since gold is a natural hedge against the stock market, its an excellent way to diversify, too.
This article will cover the basic dos and donts of buying gold coins, including the advantages of owning them, the best gold coins to buy, the best places to buy , and how to avoid getting ripped off. With a few simple guidelines youll be on your way to owning one of mankinds longest-living assets.
This guide to investing in gold coins will seek to answer some of the common questions we hear including:
- Why buy gold coins?
- Which gold coins should you buy?
- Should you invest in numismatic gold coins?
- What are the most popular gold coins?
- Can you purchase gold coins from a bank?
- Whats the best place to buy? Can you trust online dealers?
Lets start with something about gold coins that many investors arent aware of
Be Sure To Vet Your Gold Dealer
Generally, there is no centralized, regulator-approved list of gold dealers, Artigas warns, but there are steps investors can take.
Just like other businesses, you can find some gold dealers accredited by the Better Business Bureau. The U.S. Mint, meanwhile, maintains a searchable database of coin sellers here.
FINRA suggests you also check the National Futures Associations Background Affiliation Status Information Center to check whether the firm or individual is registered with the CFTC or an NFA member. You can also check whether a firm or individual was the subject of any disciplinary actions.
And it’s always a good idea to check an investment professional’s background using FINRAs BrokerCheck and to do a general Internet search.
“You have to do your due diligence,” Artigas said. When it comes to any investment, doing your homework is worth its weight in gold.
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Letter 2: Gold Transactions
Public law 93-373 repeals the ban on private ownership of gold by United States’ citizens. The new law becomes effective December 31, 1974. The Wisconsin Banking Statutes confer the power of “buying and selling coin and bullion” upon state chartered banks.
As a result of the protracted prior ban on private ownership of gold, banks, and indeed the general public, have very limited experience in the handling of this highly speculative commodity. In the light of this, state banks are urged to proceed with great caution should they decide to provide services relating to the purchase and sale of gold to their customers. This department feels, therefore, compelled to issue the following guidelines:
Except under very unusual circumstances, banks should not act as the principal i.e., purchaser of an inventory of gold in their own name — in gold transactions, but should attempt to satisfy customer demand by acting in an agency or consignment capacity. Acting as a purchaser is the equivalent of trading in gold. Trading in any commodity, including gold, is a highly speculative venture at best. The extreme volatility of the gold market and the relative lack of experience in this market by bank personnel accentuates the problem. This office has viewed speculation per se, regardless of the subject matter involved, as an unsafe and unsound banking practice. State banks should be guided accordingly.
Bkg. Ltr #24, December 23, 1974, Commissioner Mildenberg
Is Buying Gold Online Safe
Buying gold online is as safe as any other transaction you make over the internet as long as you know you’re dealing with a reputable company. The best dealers use SSL encryption and are PCI compliant. Plus, all their shipments are insured for their full value.
The most significant risk you face is purchasing from an illegitimate company that sells fake products, overpriced inventory, or simply runs off with your money. As with any online purchase, you are your first and last line of defense against scammers. You need to do your due diligence on gold dealers by researching them online.
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