Can I sell Gold bars to a Bank

The quick and short answer to this is: No, you can’t sell gold bars to banks (at least for the most part).

But why? Well, most savings banks have no internal shareholding structure, so it is up to the members to set their own rules on what should be bought or sold.

However, most American savings banks accept only legal tender (Currency) and as gold bars are not seen by the IRS or American Law as legal tender, selling gold to a bank is almost impossible.

How to sell Gold to a Bank

We don’t recommend selling gold to banks mainly because finding a bank or financial cooperative that buys gold can be a hassle as most banks do not accept gold bars because they are not considered legal tender, however you can sell your coins to banks easily although not for the best prices.

If you find a bank that does accept gold bars, we advise you to work on your negotiating skills and represents your interests clearly in front of these bankers if you want to try to sell gold to them.

Gold items must have certificates proving the chain of custody and mint approval markings. Most banks are middlemen between you and a qualified coin dealer, their certification process takes a long time, and you will also shoulder the cost of verification.

Again, if you’re looking to get the most out of your gold, you should probably try another method like selling your gold through online brokerages or local coin shops.

Selling gold to banks is not recommended as the process will take some time and the rates you will get (If you are lucky enough to strike a deal) will be much worse than if you just sold them to a third party or at an online gold dealer.

Bank structures in America, Do they accept Gold?

How to sell your Gold at the best Prices

Our first piece of advice if you want to sell your gold bullion bars is to consider your options. Most coin stores and online brokers do buy gold but the prices you get can vary, so always check with various brokers and compare the prices to get the best deal you can get if you sell your gold bars for cash.

Finding takers for your gold bars

You must weigh your gold bars (or items) before putting them on the market and then decide on a payment method. You will find many internet auctions and buy and sell groups that accept online payments.

Online Gold Dealers

This is the most risk-averse method of selling your gold bars. Finding a reputable gold dealer can be the best way to sell your gold bars for profit.

You’ll likely need to go through background checks and complete a signup sheep before you can sell your gold, but the extra layer of security is well worth it.

Most online dealers pay for your preferred shipping method and insure your gold items. After you sign up, they will send you an envelope that you can use to email your gold item to them.

They will then quote you a price and payment options and mail the gold item back to you if you are not happy with the arrangement.

These are the most trustworthy certified online gold dealers overall:

GOLD DEALER AFFILIATE LINKS

Coin Shops

Legitimate coin shops are typically the fastest way of selling gold items without shortchanging you like a pawnshop although you will have to call various coin shops in your area as most coin shops are only willing to pay 90-97% of your gold at spot price.

That being said, their specialists verify the ownership history and purity rating of your gold bars and coins, but like we mentioned, it is best to shop around before committing to selling your gold.

Social Media and Internet Auctions

Many people (most of them Americans) prefer to sell their gold bars, coins and jewelry online through websites like eBay, Craigslist, and Facebook. These website host auctions and buy-and-sell groups where anyone can sell their gold to the highest bidder.

However, be very careful as these groups are the most vulnerable to scammers and gaining the trustworthiness of potential buyers is next to impossible.

Groups on social media sites are also mainly invite-only, so staying connected with a friend who know about trading precious metals can help a lot in this type of situation.

Jewelry Stores

This method of selling gold bars is also not very recommended for different reasons but the main reason it that it can be hard to find a gold jeweler who will buy gold bars.

Furthermore, most gold jewelers will not pay full price for your gold bars as it is not of their particular interest buying the raw gold bar.

Jewelers accept mostly only wearable items and luxury chains from Chanel and LVMH only take back accessories that were originally from their stores, so this is not the best option to sell your gold bars to.

Bottom Line

Selling gold bars to banks is next to impossible, and even if possible, still may not be desirable as banks will take a long time to buy your gold because of all the tedious paperwork that must be done in order to see if they will accept your gold bar in the first place.

The best alternative is to sell your gold bars to an online broker as these entities are certified (minimizing the risk of fraud) and will most likely give you the best price for your gold bars. There are of course other alternatives, but these carry other drawbacks, risks and upsides, so always research well and go shopping to see what your options are.

We hope this article helped you, for more information on investing in precious metals, commodities, and jewelry we kindly ask you consider visiting our home page.