How to Buy Gold Bars: Step-by-Step Guide (2023 Update)

Gold is no longer utilized as a currency, but its role as an investment makes it preferable to any other currency. In fact, gold has been an investment for longer than any other currency in history. One of the most important promises of investment is that it will act as a long-term store of value. Gold fulfills this promise better than any fiat currency.

How to Buy Gold Bars

When the economy is turbulent, investors usually consider adding gold to their portfolios as a safe haven investment and a hedge against inflation. Some investors prefer real gold to gold company stocks or gold exchange-traded funds (ETFs) because it provides them with more control over their investments.

Gold bars are an excellent choice for physical gold investors since they are inexpensive, extremely liquid in comparison to other physical precious metals, and come in a variety of sizes and prices.

If you’re planning to add real gold to your retirement portfolio and decide to buy gold bars, you need first to educate yourself about the different types, where to buy, and How to Buy Gold Bars.

Why Should You Buy Gold Bars?

The key reason investors prefer gold bars over gold coins is that they are less expensive. Premiums are lower because coins have a more complicated design, which requires more labor and manufacturing. Coins are more visually appealing, but you’ll pay more for it. 

Another benefit of gold bars is that they are easy to store. A gold bar takes up less room than the equivalent weight in coins.

Purchasing gold bars does not jeopardize any of gold’s basic benefits: they are portable, private, liquid, and will last forever.

How to Buy Gold Bars: Step-by-Step Guide

If you’ve decided to buy gold bars and have determined how much gold you want to add to your investment portfolio, here’s how to go about it:

Explore Companies and read reviews and ratings.

If you want to invest a portion of your savings in gold, you must ensure that you are dealing with a legitimate seller. There are several sites that are excellent places to begin your investigation since they include resources such as rankings and alerts regarding legal actions filed against companies.

One of the most popular ways to buy gold bars is through gold IRA companies. With a gold IRA, you can convert your retirement savings into physical gold.

>>>Get in touch with the #1 rated gold IRA company of 2023<<<

Price comparison 

To ensure an apples-to-apples comparison, compare gold bullion bars of the same size manufactured by the same producer — only keep in mind that the spot price of gold changes. Cast gold bullion bars often have a smaller premium than minted gold bullion bars.

Make a purchase

Many online gold sellers allow you to buy gold directly from their websites. Some may accept credit cards, but you may receive better pricing if you agree to a wire transfer.

Some gold sellers also provide bulk discounts to customers who purchase big amounts of gold.

Decide how you will store your gold bars

The most inconvenient aspect of investing in physical gold for many people is storing, safeguarding, and insuring it. If you want to keep your gold at home, choose a high-quality safe. You can also keep your gold in a bank-safe deposit box.

If you plan to purchase gold through an IRA, IRS regulations require you to keep it in an approved depository. IRA gold cannot be kept at home or in a bank-safe deposit box.

I recommend only dealing with reputed gold IRA dealers who have partnered with IRS-authorized depositories. Our top-recommended gold IRA company has multiple IRS-authorized depositories and custodians as partners.

How to Buy Gold Bars: Where to Buy Gold Bars?

Some investors prefer buying gold from local dealers since it allows them to directly check the metal and pay in cash. Local dealers, on the other hand, have higher prices and a smaller selection than online stores.

Because of their bigger volumes, online gold sellers may offer lower pricing. On the negative, finding reputable vendors needs more research.

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Customers who buy in bulk from online retailers may also receive discounts. Certain stores provide discounts for credit card purchases, while others offer discounts for wire transfers, so be careful to use the most cost-effective payment method.

It is critical to evaluate the seller’s feedback when shopping for gold on an auction website. Be cautious of sellers who have had proven negative comments regarding authenticity, high shipping and handling fees, and inability to deliver.

If you want to buy gold bars, there are gold-to-go ATMs in destinations like Las Vegas and Dubai. Customers are encouraged to be especially mindful of the spot price of gold because such ATMs sell the precious metal much above this price and at rates higher than those of most other vendors.

Alternatively, if you want to know how to buy gold bars through an IRA, you can get a free guide below:


How to Buy Gold Bars: 4 Factors to Consider


Potential investors should also think about how they want to keep their gold bars. While gold bars can be kept in a home safe, many investors prefer to keep their gold in a safe-deposit box or with a custodian. These services are often fee-based, but they give greater security than a home safe.


If you decide to keep gold at home, you should think about getting insurance. You may be unable to collect your gold in the event of theft, flooding, or other natural disasters. Safe deposit boxes, unlike bank deposits, are not federally insured.


Investment-quality gold bars should contain at least 99.5% (995) pure gold. The balance is an alloy, usually silver or copper, that allows for smelting.

People who acquire gold bullion as an investment should only buy a bar that has the manufacturer’s name, weight, and purity, commonly expressed as 99.99%, imprinted on its face. The Royal Canadian Mint, the Perth Mint, and Valcambi are three popular mints that make gold bars.


Gold bars buyers should examine the simplicity with which they can liquidate the bars as part of the purchasing process.

For example, if gold is selling at $1,400 per ounce and an investor has $14,000 to spend on gold bullion, they will usually be able to sell the gold more easily if they buy 10 1-ounce bars rather than one 10-ounce bar. 

They can sell the 1-ounce bars one at a time as needed, but the 10-ounce bar may be more difficult to sell if they need to sell rapidly. In contrast, given the small size of -gram gold bars, investors may save up to purchase larger gold bars.

Can You Buy Gold Bars from Banks?

The majority of North American investors say “no.”

It is a common misconception in the United States that you may buy gold at a bank. Many people anticipate a bank issuing gold, recalling the days when gold-backed currency, but most physical gold is now obtained via non-bank distributors. Even the United States Mint demands retail buyers to go via an “authorized purchaser” unless they want a proof product.

I recommend checking out our top gold IRA dealers. They all sell gold bars from authorized mints. Moreover, they have large product selections to help you invest.

You can check out the list here.

To find out if a bank sells gold bars, simply call them (it may or may not be well-advertised on their website for security reasons). One word of caution: compare premiums to ensure you are not overpaying. Inquire if they offer lower rates to existing bank customers.

How to Buy Gold Bars: Summary

Buying gold bars is one of the most straightforward ways of getting actual gold. Gold bars are priced by weight, as compared to gold coins, which are additionally valued for their rarity or collectible status. The manufacturer’s name, weight, and purity are all stamped on the bars.

Gold is sought after as an inflation hedge and a store of value. It can diversify an investment portfolio and provide an alternative to paper assets like equities and bonds.

Having actual gold includes incurring storage and insurance costs. Gold prices fluctuate, and online sellers frequently charge a premium above the “spot price.” We hope you found this complete guide on How to Buy Gold Bars useful.

If you’re interested in buying gold bars through an IRA, you can find the top gold IRA company of your state below: