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If you have ever wondered how to exchange gold for cash, it is possible that you have considered taking it to the bank to see if you can sell gold to such a place. Before you do, be sure to read the GoldFellow premier gold buyers guide to whether or not you can sell gold to banks! Our team’s years of experience in the industry have provided them with the proper tools to be of assistance to those in need when they are in the process of selling gold jewelry. So, can you take your gold to the bank and exchange it for money?
Can You Sell Gold to a Bank?
The United States was once under what is known as the gold standard. Under this system, paper money was a stand-in for gold and could be exchanged at any time for cash at the bank or a government reserve. That all changed when the country adopted a new system, and gold went from being the backbone of our economy to a non-governmentally used precious metal. Since the switch, it has been harder and harder to understand how to sell gold to banks.
Today it is more and more uncommon for a bank to accept gold in exchange for money or vice versa. Some smaller or local banks may still be interested in buying and selling gold bars, coins, etc. but stay away from larger and national banks when you try to sell gold to banks. But why have so many banks stopped participating in the practice?
Why Is Selling Gold to Banks No Longer Common Practice?
Can you sell gold coins to a bank? In theory, yes, there is no law against it. It would most likely be extremely difficult to find a bank that would accept it, but why is that?
As gold went from being an economically important item to a luxury one, there was simply no need for banks to carry it around as gold no longer was what the value of cash was based on. Couple this with several attempts of selling counterfeit gold to banks, and you now have all the reasoning you need for banking institutions to all but abandon the practice. So, where should you go when selling gold jewelry?
Sell Your Jewelry for the Right Price
You may think we delivered unfortunate news for those looking to learn how to sell gold to banks, but there is a silver lining. Our team is the premier precious metal and stone buyer in South Florida, and we would be happy to help you whenever you’re looking to get some cash for old jewelry. Our mail-in process is reliable, and our prices are more than fair. Get in touch with our team today or read some of our other articles to learn more about the industry.
