How to buy physical gold? [Archive] - Canadian Financial Forums

Steven

06-16-2009, 02:19 PM

Hi,

I have a question for the community here. I've decided to put around 5% of my net worth in gold (gold coins or gold bars), but I'm not sure where to buy it? Can you recommend a reputable company to buy gold from (I'm in Toronto)?

By looking online it looks like the coins are more expensive than gold bars, and I was wondering why the difference? Which is better in your opinion gold coins or gold bars? If gold coins, which gold coins?

Do I have to pay GST and/or PST when buying gold bullion?

Any advice is highly appreciated.

Thanks!

trent

06-17-2009, 01:57 PM

Hi,

I have a question for the community here. I've decided to put around 5% of my net worth in gold (gold coins or gold bars), but I'm not sure where to buy it? Can you recommend a reputable company to buy gold from (I'm in Toronto)?

By looking online it looks like the coins are more expensive than gold bars, and I was wondering why the difference? Which is better in your opinion gold coins or gold bars? If gold coins, which gold coins?

Do I have to pay GST and/or PST when buying gold bullion?

Any advice is highly appreciated.

Thanks!

I think you can buy gold bullion from any major Canadian bank. There's also http://www.kitco.com, which are based in Quebec, however I cannot recommend them because I've never used them.

Gold coins are more expensive than bullion bars because of the fabrication costs. Which one to buy, depends on your preferences. Gold bullion is cheaper, but if you want to sell you will have to pay assay costs, while with the gold coins (granted they are popular coins) I think you can sell without assay (I'm not sure about this so check). You can buy Krugerrands, Gold Maple Leafs or American Eagle gold coins.

I'm not sure if you have to pay taxes on your gold purchase or not.

Steven

06-18-2009, 02:40 PM

Thanks for the help Trent! Anybody else know if I have to pay taxes if I buy gold bullion or gold coins?

bullish

06-19-2009, 02:21 PM

What do you need a physical gold for?

Steven

06-22-2009, 01:45 PM

What do you need a physical gold for?

Buying physical gold seems like a prudent thing to do in the current uncertain economic environment.

trent

06-29-2009, 08:12 PM

Buying physical gold seems like a prudent thing to do in the current uncertain economic environment.

It's useless to try to explain, why you want to buy a gold to a brain-washed paper addicted junkie :)

Jason

07-06-2009, 08:55 PM

I think buying gold now is way too risky. I don't see these prices as sustainable in the long run.

trent

07-07-2009, 08:22 PM

I think buying gold now is way too risky. I don't see these prices as sustainable in the long run.

What do you think is sustainable then? Printing money maybe :p?

victor

08-25-2009, 06:54 PM

Physical gold and silver is an important part of any portfolio, as a hedge against paper investments and inflation. The US economy is a mess, their debt is out of control and they are printing money like there is no tomorrow.
The gentleman I buy gold and silver from has recently started a new website, NO SELF PROMOTION ALLOWED. PUT URL IN YOUR SIGNATURE and is auctioning off gold and silver maples. Because it is a new site there are few bids, so there is an opportunity to get a good price. He also does direct sales, if you want to start with smaller amounts. He is based in Canada and is very reliable.
Victor

Rickson9

09-19-2009, 10:04 PM

Is gold the answer?

http://cosmos.bcst.yahoo.com/up/fop/embedflv/swf/fop_wrapper.swf?id=15470881&autoStart=0&prepanelEn able=1&infopanelEnable=1&carouselEnable=0

trent

09-25-2009, 01:26 PM

For the average man, gold is not the answer, at least judging by the fact that the general public doesn't have any interest in gold for now. However when inflation kicks in, everybody will scramble to buy some gold, and gold stocks will rise dramatically.

Jason

10-01-2009, 03:05 PM

I expect deflation so gold is not the answer for me.

bullish

10-02-2009, 02:33 PM

For the average man, gold is not the answer, at least judging by the fact that the general public doesn't have any interest in gold for now. However when inflation kicks in, everybody will scramble to buy some gold, and gold stocks will rise dramatically.

I would never buy a single ounce of gold. Why would I, does it earn interest, is it a stable asset, does it have any real value itself? For me the answer is no.

trent

10-08-2009, 04:10 PM

I would never buy a single ounce of gold. Why would I, does it earn interest, is it a stable asset, does it have any real value itself? For me the answer is no.

People like you WILL buy gold around or at the exact top of the gold mania, which is just starting. They always do, and this time will be no different. Smart people will be taking handsome profits at the same time :p

Canadian

10-09-2009, 06:43 PM

I think all markets are due for a severe correction, and I don't think gold will be spared either. We might have higher inflation down the road, but we are not there yet.

trent

10-22-2009, 04:51 PM

I think all markets are due for a severe correction, and I don't think gold will be spared either. We might have higher inflation down the road, but we are not there yet.

I agree that gold will go down in a major stock market meltdown, however this will be temporary.

Canadian

10-26-2009, 01:53 PM

I agree that gold will go down in a major stock market meltdown, however this will be temporary.

Yes, but investors using leverage will be wiped out.

trent

10-27-2009, 05:26 PM

It looks like a down leg in gold has just started. I wonder how low can it go?

francisford

10-30-2009, 09:26 AM

In my opinion, whether gold coins or good bars are a wise idea depends on how much money you have.

I think that for the average income earners, it is not. The money can be used for something that gives fast returns. For those with a lot of money to spare, though, I think it's a good idea and provides some security for the future.

Canadadebtleads.ca

10-31-2009, 05:49 PM

Interesting because I heard that you can buy scrap gold for like 10 cents on the dollar from people wanting to sell off old jewelry. Then just melt it down and make gold bricks out of it. Could be a fun hobby and profitable too.

trent

11-03-2009, 03:11 PM

Interesting because I heard that you can buy scrap gold for like 10 cents on the dollar from people wanting to sell off old jewelry. Then just melt it down and make gold bricks out of it. Could be a fun hobby and profitable too.

I don't think you can buy scrap gold that cheap. Maybe 60-70% of the gold spot price, but 10% doesn't seem likely.