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.
