When you make the decision to buy gold coins, the next step is to figure out where you are going to buy them and who you are going to buy them from. There are many people who buy gold coins off of the internet with sites like eBay and lots of people like to go into local coin shops to buy these items.
Some folks just feel more comfortable working with a banking institution, so they buy their gold coins from a bank. This is becoming harder with each passing year, though, so buying gold coins from a bank right now might require some creativity on your part.
Locating the right bank
The first step of the process is to locate a bank that sells gold coins. This can be a little bit more difficult than you might think, because the chances are good that you won’t find any gold coins for sale down at your local bank. Only a handful of American banks sell gold coins these days and the number is shrinking because it’s not nearly as lucrative a practice as it used to be. If you go into a bank asking about gold today, they are more likely to give you a sales pitch on gold certificates, which is really not the same thing.
Using the internet to search
In order to find the right bank, you will need to go nontraditional and find things the new age way. Use the internet to locate banks that actually sell gold coins and then give them a call. Chances are that you will have to broker out a deal over the phone and work out the shipping details, too.
Looking international for banks
With the possibilities dwindling in the United States, many people are looking to Canadian banks to fill the void. This is a good option if you are set on buying from a bank. One bank that has been noted for its willingness to sell all different types of gold coins is the ScotiaBank in Canada, which deals directly with customers on those sorts of deals. A host of banks in the country will sell the Maple Leaf gold coins that many Americans are after right now.
Paying the commission
When you buy gold coins from a bank, you are going to pay a hefty commission on your purchase. They certainly do not offer gold coins as a public service, so in exchange for their time and their ability to provide coins, you will usually have to pay a charge on top of the going rate for gold at that time. In many instances, people have had to pay $25 in charges for large amounts of gold coins. It can be less than this, depending upon which bank you are working with. Additionally, you will need to keep in mind any exchange rate charges that will be incurred if you are dealing with a Canadian bank. Since gold coins are priced US dollars, this will have to be taken into consideration.
Ultimately buying gold coins from a bank is more difficult than it should be. More and more people are realizing that it’s easier to visit a local coin shop or even to purchase gold coins over the internet. This allows them to avoid not only the hassle associated with dealing with bankers, but also the costs that you will incur. Right now, many people are buying and selling gold coins, as it is a hot market. This means that the opportunities and markets for purchase stretch well beyond just the banks that are providing the products.