Can you buy gold and silver from a bank?

  • Buying physical gold and silver can be a worrisome process.
  • Buying online isn’t for everyone.
  • Most banks DO NOT sell physical gold and silver.
  • The U.S. mint keeps a list of local dealers on their website.

So you’ve done your research and you’re eyeing you’re first bullion purchase like it’s a ring hanging from a certain hobbit’s neck. Sounds simple, ordering gold from a reputable dealer online is a painless process in 2020. But there is a segment of the population that either want it now or aren’t 100 percent comfortable with buying precious metals over the internet.

Wanting your ‘precious’ now, the next logical step might be strolling down to the bank to make a purchase. But how many banks are actually U.S. Mint bullion sellers?

After searching for sometime without being able to crack the question, I thought why not dive in and attempt to answer it myself.

Buying precious metals in person

Whether you know it or not there are a number of places you can acquire physical gold and silver in your neighborhood. Thousands of pawn brokers, Numismatic shops and local bullion dealers throughout the United States buy and sell everyday. Everything from bars to coins to constitutional silver can be found for sale in your state. However, knowing where to actually safely acquire real coins and bars can be a somewhat anxiety ridden process.

Most banks do not sell physical gold and silver

Unfortunately most banks in America are not U.S. Mint bullion sellers. Let me be clear that there are community banks and local credit unions that might be kind enough to broker a purchase for you. Keep in mind that the majority of these do not keep physical bullion on hand to buy and sell. If your banking with any of the larger multinational banks then the answer is almost certainly no. The list of banks that do not sell physical bullion include:

  • Bank of America
  • Bank of the Ozarks
  • BB&T
  • Chase Bank
  • Citibank
  • East West Bank
  • Fifth Third Bank
  • First Merchants Bank
  • Flagstar Bank
  • HSBC
  • People’s United Bank
  • PNC Bank
  • SunTrust Banks
  • TD Bank
  • U.S. Bank
  • Wells Fargo

Where to safely acquire gold and silver locally?

Now that we’ve tried the bank with no luck, where do we go next? Fortunately for us the U.S. mint keeps a list of local businesses you can securely purchase metals from. As of writing this there are over 293 local establishments peppered across the nation where you can buy, sell and swap bullion until your heart is content.

In the end I found it kind of odd that most banks simply do not deal in precious metals in 2020. However, the benefit of going to a shop or broker is that most offer a more personal and gratifying experience. The years of wisdom and hands-on involvement at a local establishment can provide a feeling of value in your investment that big institutions simply can not.

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