Can you sell gold to a Bank?

The Banker told me he has to have some kind of license or Paperwork to buy gold. Is he lying ?. Banks are in the dollar business, not the gold business. Not the right answer for me.

 

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No. Not fibbing.

 

In my state a business must have a license to buy and sell bullion. Much like a pawn shop, the business has to record the purchase and see your ID. You would also have to sign a declaration of ownership.

 

Ok then, thank u all much,

 

You are very welcome.

 

You can sell some kinds of gold to banks. Problem is that they don't pay very well for it:

 

Yes but I'm pretty sure the person would be extremely surprised and gifted about how drunk you must've been to do so.U.S gold coins can be exchanged but as stated above the pay is pretty minimal.

 

As people are fond of saying in the "bars vs. coins" discussions, "the coins will always be worth at least face value". At banks, that's all they're ever worth. And it's not great consolation for the silver you bought at 22x FV, never mind the gold you bought at 110x FV.

And if there's some future day when a double eagle's face value is higher than its metal value... well, I'd like to hear more about the twenty "dollars" that are buying it.

 

It's territorial jurisdictional, as in Minnesota a buyer even needs to register and post a bond.

I believe every transaction is monitored/scrutinized by Government.

 

In most states I think you can but you’d loose a lot of money by doing so.

 

Words mean something.
The OP enquired concerning SELLING Gold to a Bank, not exchanging.
To clarify, and add another No, the Bank can not accept the Gold, whether at the stated Face value on the Gold, or below the stated Face value on the Gold,, or over the stated Face value on the Gold.

In answer to a future whataboutism Notaphilist hypothetical, the same would apply to U.S. Currency. Yes, I know, the common name is "Banknotes". Tell the Bank to make you some.......

 

A bargain at twice the price!

 

I was having a discussion about this with a friend.
He asked how much an ASE is worth (or AGE)
I said (example) .. you can buy it for $35, then immediately ask the store to buy it back and they'll say $28. But if you really need the money fast just take it to the bank as it has a denomination on it of $1.

Aren't there stories here of ppl who work in stores and someone comes in and uses a Morgan Dollar for $1 to buy something. There 'ya go. immediate cash !!

That one ounce gold eagle can buy you $20 worth of bread.
but be careful, as a $2 bill can get you arrested .... at least until someone gets a clue ...

But .. if 'ya are selling I'd give 'ya $25 for each 1oz gold eagle (or any size really as I'm a generous person) lol

 

Banks can accept old gold for face I've seen people get lucky and find morgan dollars with ikes or a person passes silver eagles to tellers and gold is the same.

 

Iam not sure I want to take that kind of a loss…LOL

 

This surprises me. I've spoke directly to tellers who took silver dollars at face value after trying to talk the owners into going to a coin store. I haven't seen anything indicating that gold coins are different (at least since 31-Dec-1974).

Can you point to the laws or rules that prohibit this?

 

HERE IS THE LEGAL U.S. CODE FOR BANKING TRANSACTIONS:

31 U.S. Code § 5103 - Legal tender

United States coins and currency (including Federal reserve notes and circulating notes of Federal reserve banks and national banks) are legal tender for all debts, public charges, taxes, and dues. Foreign gold or silver coins are not legal tender for debts.

What tellers do illegally, and the legal tender @ face value required exchange. are 2 different matters. Bank management can't accept/distribute currency other than that denominated per U.S. Code.

As some have correctly stated here, who would establish the value of illegally traded tender?

 

You'd have to be nuts to try and turn gold in at a US bank......

 

I didn't say anything about foreign.U.S gold and silver eagles which I see nothing that the bank can't accept.Gold was only illegal during the great depression times.

 

You'd be surprised,a few people on here have posted getting silver eagles for face at banks.Even some have said they acquired double eagles for face but that was probably 20+ years ago.