Can I Buy Silver Coins From My Bank?
Central banks around the world are some of the largest purchasers of silver and gold. Yet it is not common to find precious metals on sale in banks.
While some banks sell silver and gold coins and bars, many do not. Others may offer the option to order silver bullion.
But as laws change and more states recognize precious metals like gold and silver as legal currency, you may see more banks offering gold and silver in the future.
Why Doesn’t My Bank Sell Silver Coins?
Banks are financial institutions specializing in banking services, such as accepting deposits, offering loans, facilitating transactions, and managing accounts. Dealing in precious metals like silver coins requires different expertise and infrastructure, which is beyond the core functions of most banks.
Precious Metals Dealers May Provide More Options
When buying from a bank, you are limited to a banker’s schedule. Using an online precious metal retailer like APMEX you can shop anytime and choose from a large volume of products.
Banks typically will not be able to help you with precious metal IRAs. Precious metal retailers can work with your gold and silver IRA custodian, making investing easier and less costly. Fewer pain points in the shopping experience mean a better shopping experience overall.
Finally, before you purchase silver or gold from a bank, it might be worth checking to determine what kind of premium you will be paying at the bank. Since retailers buy and typically keep more extensive inventories, they may offer products at a lower premium.
Quick Guides to Investing
Step 1:
Why Buy Physical Gold and Silver?
If you are concerned about the volatility of the stock market, you’re not alone. The extreme highs and lows of the stock market often lead investors towards safe-haven assets, like bullion. Historically, the Precious Metals market has an inverse relationship with the stock market, meaning that when stocks are up, bullion is down and vice versa.
Step 2:
How Much Gold and Silver Should You Have?
This question is one of the most important for investors to answer. After all, experts suggest limits on how much of any types of investments should go into a portfolio. After deciding to purchase and own Precious Metals and considering how much money to allocate, one can then think about how much and what to buy at any point in time.
Step 3:
Which Precious Metals Should I Buy?
With the frequent changes in the market and countless Precious Metal products available, choosing investments can be difficult. Some want Gold or Silver coins, rounds or bars while others want products that are valuable because of their design, mintage or other collectible qualities. Also, collectors may shop for unique sets and individual pieces for their collections.
Step 4:
When to Buy Gold & Silver
After considering why, how much, and what Precious Metals products to buy, an investor’s next step is when to buy them. This decision requires an understanding of market trends and the impact of economic factors on precious metal prices.
