How can I buy gold bars? (2023)

How can I buy gold bars?

You can purchase gold bullion in a number of ways: through an online dealer such as APMEX or JM Bullion, or even a local dealer or collector. A pawn shop may also sell gold. Note gold's spot price – the price per ounce right now in the market – as you're buying, so that you can make a fair deal.

Although some banks do offer gold bars to customers, this is exceedingly rare. Banks who do trade in gold will often offer coins to customers rather than bars.

It is true that you can buy gold from your local bank branch, but this comes with not a little bit of hassle in terms of both time and money. You might pay as much as 2-3 times the gold value by buying at a bank branch instead of researching other options.

One common way to purchase gold bars is through licensed retailers online. Browse gold bar products on reputable retail websites such as the American Precious Metals Exchange (APMEX), JM Bullion, and Wholesale Coins Direct. Select the gold bars you wish to buy by weight, quantity, and price.

Gold Coins

Dealers are located in most cities making gold coins easy to come by. For ease of purchase, gold coins are one of the best ways to invest in gold for beginners. Occasionally, you may run into gold coins that are marked up due to their collector's value.

Gold is considered a reliable investment in all cases. Gold bars are particularly so, since their value can be accurately determined by the live spot price. Gold coins will command slightly higher premiums over the spot price than gold bars, due to the extra minting costs, and the commemorative nature of their value.

Since metals are typically weighed in troy ounces and there are 12 troy ounces in a troy pound, hence, gold is selling at around $22,392 per pound.

Is there any limit on how much gold I can own ? No, there are no restrictions on private gold ownership in the United States. You are limited only by your budget and common sense. Do you report my gold purchases to the Government or any one else ?

What is the safest way to buy gold?

Bullion coins and ingots are a relatively safe way to buy gold, though some investors prefer to invest in gold funds, such as mutual funds or exchange-traded funds (ETFs).

The Cheapest Type of Gold to Buy

As mentioned before, gold bars generally have the lowest premiums over spot. The premium is the cost above a gold item's melt value.

Gold should be stored in an area that is protected against high humidity and fluctuating temperatures. A lock-enabled jewelry box or a safe are both great investments for storing and protecting jewelry and other small gold valuables. Safety deposit boxes are also a popular option for storing metals like gold.

Although the price of gold can be volatile in the short term, it has always maintained its value over the long term. Through the years, it has served as a hedge against inflation and the erosion of major currencies, and thus is an investment well worth considering.

How much is a 24k gold bar? A 1-ounce 24-karat gold bar is worth more than $1,800 as of June 9, 2022. Many gold bars that are close to 100% purity carry the 24-karat description.

Precious metals are weighed in troy ounces and pounds. These are a little different than standard ounces and pounds. So, seven pounds of gold is worth more than $156,900.

400 ounce gold bars and 1kg gold bars offer the best value. That is you'll get more ounces of gold for the same amount of money. That is why the likes of large institutional investors, central banks and exchange traded funds deal in 400 ounce bars.

For us, the best type of gold to buy is physical gold bullion. The precious metal has been loved for centuries as a safe haven in which to grow and store wealth and physical bullion best reflects these qualities today.

Are gold bars pure gold?

Bullion is typically sold by gram or ounce, and the purity, manufacturer and weight should be stamped on the face of the bar. Purity is very important when buying gold: Investment-quality gold bars must be at least 99.5% pure gold.

In addition to attractiveness, here are a few other reasons why you should consider investing in 1 Gram Gold. As the value of a 1 Gram Gold coin would not be too high, you will not be taking a huge risk when you invest in it. You can buy a couple of these at a time and slowly build your portfolio.

It weighs a whopping 27.4 pounds/400 oz (we were right to wonder how people are carrying them). At current prices a single bar is worth about $750,000 American. A Good Delivery bar's gold content is allowed to vary between 350 and 430 troy ounces, and the minimum purity is 99.5% gold.

As of early March 2020, we're looking at about $1,680 per troy ounce. So, about $670,000 in market value.

Although the price of gold can be volatile in the short term, it has always maintained its value over the long term. Through the years, it has served as a hedge against inflation and the erosion of major currencies, and thus is an investment well worth considering.

The Cheapest Type of Gold to Buy

As mentioned before, gold bars generally have the lowest premiums over spot. The premium is the cost above a gold item's melt value.

Do All Banks Sell Gold? No, there are only a limited number of banks that are authorized to sell gold. In addition, most banks don't sell physical gold but digital gold only.