# Where to buy physical gold?



## Syph007 (May 2, 2011)

I made the decision to buy some physical gold.. not a huge amount, probably 5 oz to start. I am new to this type of thing though and would rather buy from some place that others have used or recommended. I'm in Kitchener/Waterloo area of Ontario if anyone can recommend a place to purchase. 

Do some some banks actually carry gold? I was shocked to hear that in the US there are ATMs that dispense gold in a variety of sizes.

All help and tips appreciated, thank you.


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## CanadianCapitalist (Mar 31, 2009)

Check out this thread:

http://www.canadianmoneyforum.com/showthread.php?t=429


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## v_tofu (Apr 16, 2009)

Syph007 said:


> I made the decision to buy some physical gold.. not a huge amount, probably 5 oz to start. I am new to this type of thing though and would rather buy from some place that others have used or recommended. I'm in Kitchener/Waterloo area of Ontario if anyone can recommend a place to purchase.
> 
> Do some some banks actually carry gold? I was shocked to hear that in the US there are ATMs that dispense gold in a variety of sizes.
> 
> All help and tips appreciated, thank you.


Welcome to the wonderful world of holding physical precious metal!

I would suggest looking for a Local coin store. There was a list on the RCM website of affiliated stores, although I cannot seem to find it at the moment. You will most likely get the best deals on 1 oz Canadian Maples. If you want to splurge a little, get the newly minted 1 oz 99999 mountie. It has the extra 9 and limited mintage.

apmex.com has a wide variety if you are looking for more exotic stuff, but you need to factor in shipping. If anything use it as a guide to what is out there for the best price. 

I believe many out in ON mention this store as a place to go. 

Do expect to pay a premium on top of the spot price of gold wherever you buy from.

cheers!


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## bgc_fan (Apr 5, 2009)

You could also look into purchasing the ETRs that the Royal Canadian Mint just IPOed. http://www.mineweb.com/mineweb/view/mineweb/en/page34?oid=140332&sn=Detail&pid=102055


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## heyjude (May 16, 2009)

Or you could try here...

https://www.scotiamocatta-estore.sc...log.aspx?nst=NV1kjP8qYlJDHloDB4vS/H2oZSJg46qV


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## silverbull89 (Jul 7, 2011)

There is a few places you can go. I would go to colonial acres in Kitchener or Kitchener coin, Scotia bank also sells it threw scotia mocata


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## Syph007 (May 2, 2011)

heyjude said:


> Or you could try here...
> 
> https://www.scotiamocatta-estore.sc...log.aspx?nst=NV1kjP8qYlJDHloDB4vS/H2oZSJg46qV


Excellent, that's exactly what I was looking for.


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## blin10 (Jun 27, 2011)

and when you plan on selling it later on how are you going to do that? let's say you buy it from scotiabank, can you sell it to them back in 5 years at the market price? because if you will try to sell it somewhere else those buy gold places will rape you on a sell


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## the-royal-mail (Dec 11, 2009)

Exactly. That's the thing people don't think about when it comes to the actual metal. There are also storage fees etc. I tried to buy physical gold at my bank a couple years back and they wanted me to buy at least $50K worth and then when I went to sell I would of course have to sell for wholesale rates so some middleman out there can make a profit. Anyway it looks like the OP has made up his mind but I just wanted to say I agree with blin10.


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## marina628 (Dec 14, 2010)

If anyone is interested TD Bank sells it at minimum of 1 oz ,you have to make appointment and they will call trade desk and sell it for the price at the time.Takes about 3 business days to take delivery .


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## CanadianCapitalist (Mar 31, 2009)

the-royal-mail said:


> Exactly. That's the thing people don't think about when it comes to the actual metal. There are also storage fees etc. I tried to buy physical gold at my bank a couple years back and they wanted me to buy at least $50K worth and then when I went to sell I would of course have to sell for wholesale rates so some middleman out there can make a profit. Anyway it looks like the OP has made up his mind but I just wanted to say I agree with blin10.


Physical gold products like mint coins and wafers are very liquid. A dealer like J&M posts the bid & ask price for almost all products. You should be able to sell quickly.

http://www.bullioncoinsandbars.com/selling.htm

I don't know about the mail in your gold operations.


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## v_tofu (Apr 16, 2009)

I would stick with govt issued coins. Maples, Eagles, etc. Although Pamp suisse bars are fairly recognizable too.

I'd be weary of buying from Scotia or any other bank. Last time i tried they tacked on a bunch of fees which brought the costs way up. Plus they wanted way too much info. Even a credit check I believe. 

The buy gold places in malls are to be avoided.


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## kid5022 (Nov 14, 2010)

I suggest you get physical go to your LCS, if you don't have one or is over price, and you don't mind shipping(waiting) etc you could try Kitco.

Over price is like the price Scotia is selling you, mind you they are the most expensive I have seen so far.


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## Syph007 (May 2, 2011)

v_tofu said:


> I would stick with govt issued coins. Maples, Eagles, etc. Although Pamp suisse bars are fairly recognizable too.
> 
> I'd be weary of buying from Scotia or any other bank. Last time i tried they tacked on a bunch of fees which brought the costs way up. Plus they wanted way too much info. Even a credit check I believe.
> 
> The buy gold places in malls are to be avoided.



Ya I decided against the scotia bank stuff. I like the idea of maples. I'm looking at getting those now. Somethign about having the physical metal in hand just feels satisfying to me. I understand how the margin works around spot price, I'm not concerned about converting back to $ if i need to. The idea is to hold until i retire though. 25 yrs. I will be storing the gold myself.

Lets look at the price over the last 10 yrs. 10 yrs ago it was about 300 bucks an oz, today it's 1800. That would be equivalent to a compound interest rate of 20%. (10k invested at 20% for 10 yrs is about 60k, by my math) My RBC recommended RRSP is rocking a nice 1.5% return... so... I want to try holding some gold. 

One thing I'm confused about. If I buy maples, am I buying a product, or is it currency. Is it taxed? Is there a record of what I paid for it, or is it up to me to report capital gains when I sell in 25 yrs?


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## Syph007 (May 2, 2011)

kid5022 said:


> I suggest you get physical go to your LCS, if you don't have one or is over price, and you don't mind shipping(waiting) etc you could try Kitco.
> 
> Over price is like the price Scotia is selling you, mind you they are the most expensive I have seen so far.


I'm a total noob at this. What is LCS?


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## leoc2 (Dec 28, 2010)

Local Coin Shop is my guess

Which is how I buy and sell gold coins.


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## Daniel A. (Mar 20, 2011)

J&M is a very credible dealer, Maple Leafs are not subject to tax.

Bars may be cheaper if buying several oz. 
They all require a certain amount of information when buying or selling, some has to do with money laundering.


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## v_tofu (Apr 16, 2009)

Syph007 said:


> One thing I'm confused about. If I buy maples, am I buying a product, or is it currency. Is it taxed? Is there a record of what I paid for it, or is it up to me to report capital gains when I sell in 25 yrs?


Its a bit of both I suppose. You're essentially buying 1 oz of gold, but with maples/eagles/pandas etc it is legal tender. So technically, you can use it to buy lunch at taco bell. 

There is no tax on precious metals above 995 purity in Canada. Its on the govt website somewhere. Anything under you will have to pay HST/GST. 

I'm not sure how capital gains work when selling. I imagine by the time I want to sell my libertarian views would be considered a threat to the police state, so I'll be off the grid


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## AMABILE (Apr 3, 2009)

In Toronto, try
GUARDIAN INTERNATIONAL
21 DUNDAS SQ 
(across from the EATON CENTRE )
416 861-1888


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## screwjack (Dec 14, 2011)

Syph007 said:


> Ya I decided against the scotia bank stuff. I like the idea of maples. I'm looking at getting those now. Somethign about having the physical metal in hand just feels satisfying to me. I understand how the margin works around spot price, I'm not concerned about converting back to $ if i need to. The idea is to hold until i retire though. 25 yrs. I will be storing the gold myself.
> 
> Lets look at the price over the last 10 yrs. 10 yrs ago it was about 300 bucks an oz, today it's 1800. That would be equivalent to a compound interest rate of 20%. (10k invested at 20% for 10 yrs is about 60k, by my math) My RBC recommended RRSP is rocking a nice 1.5% return... so... I want to try holding some gold.
> 
> One thing I'm confused about. If I buy maples, am I buying a product, or is it currency. Is it taxed? Is there a record of what I paid for it, or is it up to me to report capital gains when I sell in 25 yrs?


Coins issued by the Mint are legal tenders, so they are worth as least as much as their face values. To be honest though, since our fiats are so worthless, it doesn't really make much of a difference, but a maple does trade at a small premium to a kitco gold bar with the same weight. Another factor affecting the price of a maple is how many people want that particular coin in a particular moment, i.e. its collection value, but I think you get the point.
When buying and selling physicals, I really don't see how the taxman would know, unless you are foolish enough to declare it voluntarily.


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