Can You Buy Gold Bars from Bank of America

Can You Buy Gold Bars from Bank of America?

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Bank of America account holders may be interested in more than just the standard checking and savings accounts. Investing in gold bars, for example, is a valid choice for today's portfolios.

Learn more about buying gold bars from Bank of America and the alternatives right now.

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Buying Gold Bars From Bank of America


Bank of America doesn't deal in precious metals. Alternatively, they work with everyday products, such as certificates of deposit, loans, savings, and checking accounts. Precious metals aren't a common item offered by most banks.

As a result, investors must look for specialty companies that deal specifically with gold bars and coins.  Precious metals require storage and security that most banks cannot handle.

Ideally, investors should look for a company that stocks precious metals and works with well-known custodians. Because these companies remain specialized in gold and silver, they can offer reasonable pricing and intelligent consulting for each buyer.

Purchasing Gold From a Bank


Look past buying gold from Bank of America, and investors might find smaller banks with a few offerings. This fact may be helpful for some investors, but be aware of the disadvantages.

Banks do not specialize in precious metals. 

Their strengths are in paper assets

As a result, investors might pay more for precious metals at a bank than at a gold company. The bank doesn't have the resources to support both paper and tangible assets, such as gold, silver, and platinum.  

Additionally, banks with precious metals selections may only have coins. Gold bars aren't a typical product. Ideally, look for a gold company so that pricing and selection are optimized.

Top Three Alternatives to Buy Gold Bars Over a Bank of America


Investors have several options when they're specifically interested in gold bars. For example, they might search online for precious metals dealers. Several pages of companies might arise from this search alone.   

Selecting the top companies in the precious metals industry may appear daunting, but there are a few that stand out. Learn more about the top three alternatives to Bank of America right here. Gold bars are their core products.

1. Goldco - Our Most Popular


Goldco has been featured on television with several celebrity endorsements, including Chuck Norris and Sean Hannity. Because it's a familiar name, Goldco is often a go-to for gold investors.

The website is relatively simple with tabs covering gold purchases, news, reviews, and account services.

goldco logo

Goldco prominently features gold and silver coins on its site, but it offers gold bars too. By viewing the gold coins page, investors will see bars listed near the end of the product line.  

In addition, Goldco offers some basic information about the gold bars, such as purity and IRA or Individual Retirement Account eligibility. Investors might note that there are no prices on these items, however.

Historically, precious metals tend to change in value from day to day. Adding prices to coins or bars is difficult for many online companies. Typically, calling for a price is how investors decide on their investments.  

Presumably, investors contact Goldco for a locked-in price. Goldco must receive payment to release the products. Investors have two choices for their gold investments.

They can either take personal delivery of the items or open up a gold IRA where the gold resides in a secure depository.  

According to the website, Goldco offers gold and silver for purchase and gold IRA consultations. It doesn't provide IRA custodial services or storage.

The site does describe how Goldco walks the investor through the purchasing process, which is a helpful service for beginning investors. 

In contrast, experienced investors may not appreciate this hands-off approach. They might look to other companies for spot pricing and virtual checkout carts. Goldco doesn't offer any of these options.

Each investor will have his or her investment style, which may or may not mesh well with Goldco.

2. American Hartford Gold - Best for Bullion


American Hartford Gold or AHG operates similarly to Goldco. Go to the website, and investors see celebrity endorsements on the homepage.

Initially, AHG appears to have more products available as opposed to Goldco. AHG offers detailed descriptions of each item, including design elements and specifications.

american hartford gold logo

Most products do not have pricing. Investors will see a "call for pricing" label on each item. This scenario isn't uncommon in the precious metals industry, but it can frustrate investors. They must call and speak to a representative to hear about current prices.

Subsequently, those quoted prices may fluctuate unless the investor locks in the charges with a confirmed purchase.  

Investors also have the option of opening a gold IRA with AHG. It only offers this service as a means to sell gold coins and bars. AHG doesn't perform custodial or depository duties.

The company makes this clear on its gold IRA page. AHG even lists its approved custodians and depositories here.   

AHG directs any potential investors to its reviews found on independent sites, such as Trustpilot and the Better Business Bureau. Because it's been in business for nearly a decade, AHG has a combination of positive and negative reviews.

Ideally, reading over these reviews can give investors a better picture of American Hartford Gold's reputation.   

It appears that AHG does respond to many complaints filed with the BBB. Resolving conflicts in a public manner reflects the professionalism found at this company. As a result, investors might expect similar treatment if there is any issue.

3. Augusta Precious Metals


Augusta Precious Metals is a dealer based out of Casper, Wyoming. It focuses mainly on online sales with several celebrity endorsements.

It takes some effort to find its gold bars on the website, but this short hunt also gives investors a look at other products. Many gold and silver coins are available too.

This dealer has been in business since 2012. The Better Business Bureau has accredited it with no official complaints too. Augusta specializes in precious metals sales.

However, they also offer gold IRA consultations so that investors can set up an account with their custodial and depository partners.  Spot pricing isn't available on Augusta's site, so investors must call for a rough estimate on gold bars.

Alternatively, investors might use the chat feature on the site. It's unclear if Augusta quotes customers through the chat feature, but it's helpful nonetheless.  

Investors might appreciate the retirement calculators, market news, and other resources found on the site. Researching any purchase is always an intelligent way to gain the best deals.

Verify any industry information on Augusta's site with a third party, however. Informed investors make better decisions for their retirement. 

Overall, Augusta appears to have satisfied customers and a solid product line. It competes on the same level as Goldco and AHG. Every investor must make their selection based on their comfort level with investing in precious metals.

Looking at Options for Investing in Gold


Gold bars sold from legitimate dealers come in all sizes and purity levels. Investors must consider their goals before choosing certain bars. Currently, the industry offers nearly a dozen different gold bars for investments.

  • IRA Deposits

Investors who want to place their gold bars into a Bank of America gold IRA cannot purchase just any desired products. IRS-approved bars must have at least a 99.5 percent purity level. Most dealers will label IRS-approved bars on their websites. 

Alternatively, a phone call discussion can narrow down the proper products.  Gold IRA investors cannot take physical possession of the gold bars unless it is time for them to take the required minimum distributions.

The dealer must ship the products directly to a secure depository where the gold bars remain locked away until retirement. Investors receive a receipt and tracking number for these orders.

  • Dealer Reputation

There are many different online dealers of gold, silver, platinum, palladium, and other precious metals. Investors should research their chosen dealer before making any monetary commitment.  

Look for company reviews that reveal any positive or negative patterns. Every review reveals an informational facet about the dealer. Avoid companies with a negative pattern of poor product quality, shipment issues, or pricing concerns. 

  • Selling Back to the Dealer

Many dealers advertise their buyback policies online. Read through the process, and ask questions before making a purchase. Gold bars are unique products that have tangible value.

Reputable dealers typically have fair pricing when investors require liquidation.  Liquidation might be difficult when a dealer doesn't offer these services. It's a feature that should be verified during the investor's research journey.

  • Storing Gold Bars

 Investors have two choices for gold bar storage. They might store the precious metals in a safe at home. Alternatively, store the items at a depository.   

Home storage means that investors don't have the gold bars in an IRS-approved facility. They aren't being used for tax incentives through an IRA. Investors are welcome to store their gold bars in any fashion they choose for wealth accumulation.  

Find depositories located throughout the United States. Investors can select either commingled or separate facilities for their products. Commingling the gold bars with other investors' items is a low-cost option compared to a single account.

In either case, investors take advantage of the depository's security and tax incentives.

Asking Important Questions


  • Which size gold bars are available today?

Precious metals dealers carry a wide variety of gold bar sizes. They may not inventory every size available today, which means online research is imperative for a satisfactory sale. Generally, gold bars range in size from 1 gram to 1 kilo.

One of the most popular sizes is the 1 Troy-ounce gold bar. It's large enough to appease most investors while remaining small for affordability and storage purposes.

  • Can investors take possession of their gold bars in retirement?

Investors must take minimum distributions from their gold IRAs after age 70-1/2. The distribution can be in the form of the gold bars alone or liquidating a certain amount.

Because of the unique nature of gold IRAs, investors often take possession of the gold bars during retirement. They might store them at home or pass them down to loved ones as generational wealth.

  • Why do different dealers have varying prices? Isn't there a set price on gold?

Gold has spot pricing on the open market. It fluctuates in the same manner as the stock market. As a result, dealers must use these changing values to create a price. The final cost usually includes the gold's spot pricing and a dealer premium.

Shopping around with several dealers gives investors a good idea of which company provides the best deal.

  • Do any banks carry gold bars?

Most banks only deal in paper assets, such as stocks and bonds. Tangible assets are still a specialty area. Look for a precious metals dealer for these investments.

Conclusion

Bank of America has many financial products, but gold investments aren't part of their offerings. Banks focus on paper assets, which continue to be their specialties.

Investors who're interested in the gold market should seek out other companies for their financial needs.

You can get a Free Gold Investors Guide from our top gold and precious metals company recommendation by clicking the link above or you can read our article of the top companies we reviewed this year:

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