Yes, you can keep gold and silver in a bank. But keep in mind that, according to The New York Times, there are no federal laws regulating bank safes. In addition, a bank is not required to compensate you if your gold or silver is stolen or destroyed while they are in a safe, reports the Times. All financial institutions in the United States used to accept gold, but fiat currency changed that interest to precious metals.
Only a few banks now accept gold and other precious metals from individuals. Most of the global gold trade occurs between companies, governments and semi-public institutions with interests in the mineral market. Improve your trading skills and represent your interests clearly to these experienced bankers if you want to try selling them gold. The storage of gold in the banking system involves many risks, in particular the risk of bankruptcy or government confiscation.
Legitimate coin stores are usually the fastest way to sell gold items without harming you, such as at a pawn shop. Big banks such as Wells Fargo, Chase Manhattan Bank or Bank of America have too many branches and it's almost impossible to train thousands of bankers on how to analyze gold. If you don't want to sell gold on social media, a more risk-averse method is a reputable online dealer. It is not possible to detect a tungsten core in a gold ingot without performing a series of test methods.
All savers were concerned and many people bought gold coins, ingots, ingots and jewelry to protect their capital. Websites such as eBay, Craigslist and Facebook organize auctions and buying and selling groups where anyone can sell their gold to the highest bidder. Customers can deposit their inactive gold under the Gold Monetization Plan, which will provide them with security, interest income, and more. But would you trade with us if you could sell your gold to Bank of America, Wells Fargo, Chase, the City Bank, or BB%26T if they offered high prices? Americans are fans of gold ingots and coins as protection against inflation, and they keep these items in vaults, safe deposit boxes, or buried in the backyard.
The founders of Oxford Gold Group are on a mission to prove that precious metals are reliable investments, but it's wise to be wary of institutions you trust for the value of your money.