Can I sell my gold to a bank? Asked Richard
Can I sell gold to a bank?
Many consumers consider selling gold to a bank. The bad news is that most banks do NOT accept gold due to missing evaluation possibilities. During the last 10 years many counterfeit coins and bars appeared because the gold price raised so rapidly. The risk of buying gold with a tungsten core is serious and most banks are not willing to bear buying-risks.
Large banks such as Wells Fargo, Chase Manhattan Bank or the Bank of America operate too many branches and it is almost impossible to get thousands of bankers educated on testing gold. Moreover the equipment for testing gold is extremely expensive. Our company (www.reDollar.com) for example owns testing equipment worth tens of thousands of dollars and using high-tech equipment is mandatory in doing a precise evaluation.
The Alternative to Selling to Banks: reDollar
If you are looking for a very reliable place to sell gold, reDollar.com is the perfect alternative to a bank. We are a FinTech Startup company offering the best buying service for gold in the United States. Selling is risk free and we pay the highest possible price for your gold. Even appraisers refer their clients to our company because they know that our work is exceptional, honest, and professional.
What about community banks or private banks? Can I sell my gold to those banks?
We have heard about some community banks and private banks buying gold. However, they are very hard to find because only a few banks offer a buying service. Buying is limited to only coins and bars, it makes you think why can’t you sell jewelry or other precious metals there? We were also told that these banks send your items away ensuring that the gold you deliver is authentic. This process can take between 2 to 5 weeks, which is considered a very long processing time.
reDollar.com Needs Less Than 24 Hours for Testing
reDollar.com guarantees to test your gold in less than 24 hours and is followed by immediate payment if you agree to our offer.
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Can I sell gold to a bank?
Alan, I have a tube with gold ounces and some scrap gold here. I bought the gold just after the bankruptcy of Lehman Brothers when people were talking about gold. I turned some of our savings into gold because we were in fear of losing our capital. I still have vivid memories of the day when I bought it. 20 pieces in a tube for $21,000 equaling $1,050 each. That was a good price because gold was $1,025 on that day. Now, I see no reason to keep them any longer and the dealer I bought them from has closed. Now my idea is selling these coins and some scrap gold to a bank. Can I sell my gold to a bank? And if so, what about the prices that banks will pay for gold?
Richard from Springfield, Illinois
Dear Richard, the last third of 2009 was a very exciting time and 2010 of course too. I think you made the right decision of buying some coins. All savers were worried and many people bought gold coins, ingots, bars and jewelry to protect their capital. And Richard, I can understand why you want to get out of your investment. On the surface of our economy, we don’t see grave problems. It seems that there is no need to protect your capital anymore. The idea of selling gold to a bank is good. I guess you think of selling to a bank because of their financial power and their generally known honesty. Even when Americans don’t have the same trust in banks and financial institutions than 10 years ago, they generally trust banks, thanks to deposit protection. But can you sell gold to banks and is it reasonable? Let’s find it out together, OK?
reDollar appraiser Alan Jensen
Richard wants to know, can I sell my gold to a bank?
Richard: You know I have 20 gold bullions and scrap gold here. The scrap gold is a mixture of some rings, a necklace, some thin chains, cufflinks, a wristwatch band, earrings and a brooch. I know that gold sells by the weight and that’s why I weighed it. All the scrap gold has a weight of 51.74 pennyweights. Can I sell my gold to a bank? And if yes, do you think they are willing to accept the scrap gold too?
Alan: I know some banks are buying gold coins. But just bullions like yours and no other coins and especially no scrap gold. But I don’t know nationwide operating banks that are buying coins. Banks that buy gold coins are mostly smaller banks with just a couple of branches or even only one branch. There is another drawback that they only buy your gold coins back if you are banking with them. So, you would need to open a bank account in order to make the deal and consider, some banks take up to 20 days to close the selling deal. Why? It is because most banks are not able to determine the authenticity of your coins. They send your gold coins away to get proof of authenticity. I’m not sure if this procedure is hassle-free. That’s very questionable.
Richard: I understand. But wouldn’t it be a good idea for banks to buy gold in any condition?
Alan: Of course, but from our point of view we are more than happy that they don’t do so. Missing reliable gold selling opportunities is our company’s purpose. For the moment, we know that our company is one of the best options for selling gold. But would you deal with us if you could sell your gold to the Bank of America, Wells Fargo, Chase, the City Bank, or to BB&T if they would offer high prices?
Richard: Maybe not but it would be very convenient for me as a consumer.
Alan: I agree with you.
Richard: I thank you for your very helpful explanations. I will sell the scrap gold to your company and when we finally decided to sell the coins too, I will contact you again.
Alan: Thank you.