A question commonly asked is can I purchase gold bars from a bank?
While banks have traditionally maintained a percentage of their assets invested in gold holdings they will not usually sell them to private investors. You can typically purchase gold bars from a mint or private dealer. When you purchase gold bars you will normally expect to pay a price that is a little more expensive than the current market value. Generally bars offer a lower price premium than gold coins. On the downside bars can increase the risk of forgery from unethical gold dealers.
The smaller the amount of gold you purchase the higher the premium will usually be. If you purchase your gold bars on the international market you can expect to deal with currency differences and additional exchange fees. It’s generally safer to buy from established mints or dealers who have a long standing track record.
When purchasing gold bars you’ll want to make sure you get a certificate that accurately breaks down the manufacturer, weight, size and certificate number of the gold bar you’re purchasing. You’ll want to compare the certificate to the information that is stamped on your bar to ensure it is genuine. When you purchase gold in the form of a bar it is generally 99.99% pure gold. You should carefully examine the gold bar stamp to ensure it meets the purity you desire.
Gold bars usually come in two different forms these are minted and cast. Minted bars are treated similarly to coins and are stamped with the necessary information detailing their attributes. Cast bars are also called gold ingots. These cast bars usually include information from the manufacturer, the golds purity and unique registration number. Gold bar buyers should be aware that gold is sold based on the Troy ounce. This unit of measurement is approximately 10% heavier than a normal ounce. A troy ounce is the equivalent to 31.1034768 grams.