- Can we buy gold bars in the US, and if so where?

Can we buy gold bars in the US, and if so where?

I know that in 1933 FDR stole everyone's gold and replaced it "fiat" federal reserve notes. But what I don't know is if it is legal to purchase gold bars of unlimited quantity today in the US. I know you can buy and own gold bullion coins but what about bars of gold. I have heard many stories about this but I have yet to find any concrete evidence that it is legal to buy and own gold bars in unlimited quantity. I am talking about walking into a place of business putting down money and walking out with physical bars of gold. I don't think you can do that... Am I wrong?

Public Comments

I don't know, but it sounds pretty f**king baller.
Yes, you can buy gold bars. Each bar (the kind you see in movies and fort knox) cost over a million dollars (probably more). You might be better off just buying gold coins. They are worth just as much for their weight as a bar of gold. You can contact most major world banks to buy gold and there are many gold retailers.
Yes you can buy gold in the U S now. Both bars and bullion coins. The coins are more popular. If you live in a larger city, look in the yellow pages for coin dealers. They will probably be able to sell you either. Shop around though. Prices vary. Also check Ebay. There are places on the internet that sell gold but generally they sell only in large quantities. Now here is the least expensive way to buy gold currently. Buy the ticker symbol GLD. You are buying shared ownership in gold deposited in a bank vault somewhere. Each share represents 1/10 ounce. It is what is referred to as an exchange traded index fund.
Executive Order #6102 by Roosevelt prohibiting the ownership of gold was repealed by Congress codified in Public Law 93-373 [1] in 1974, so yes you can own gold bars. You can buy bars in weights of 100 oz., 10 oz., 5 oz or 1 oz. You can buy coins in 1oz., 1/2 oz., 1/10 oz. etc. If I were you, I'd stick with the bars as they sell at a premium less than the coins do. For example a 1 oz. Gold American Eagle coin at Kitco costs $686.38 while a 1 oz. gold bar costs $662.60 -- $23.78 less then the coin. There are several places you can buy them. I recommend www.kitco.com. You can also try www.monex.com.
Muncie birder is a top contributor for a reason: great answers. I'll add to what's been said though since you've asked about taking physical possession of the gold bullion. Unless you are experienced and the dealer has an impeccable reputation, do not purchase gold bullion/bars. Tampering and fraud are not unknown in the gold trade. For that reason, when you go to sell any bullion that you've taken physical possession of, it will be likely that you will have to pay to have the bars assayed. The cost is not trivial. Some people who purchase gold do so but leave the gold in a depository and receive a receipt for it. That removes the need to have the gold examined when selling. Easier to sell are gold coins such as American Eagles and Maple Leafs, because a dealer can run a quick examination. They are quite liquid as gold goes. However, if you are willing to give up .40% per year in "storage" expenses, the GLD (streetTRACKS Gold Trust) is a good alternative. For small amounts of gold, it makes sense or for gold not being held multiple years. Otherwise, it might be better to own gold coins. Gold coins sell for a premium of about 2.5% (South Africa) to 5% (American). Gold bars generally run 2.5% or below as their premium.
1) Yes. 2) Credit Suisse and UBS. NOTE: You are aware a bar of gold costs over $250,000.00 USD, right? Not to mention the fact you have to buy insurance or rent a box inside a bank to store it. Nobody buys gold bars anymore. We now have ETFs. (Exchanged Traded Funds) Just open a brokerage account and buy IAU.