How to buy physical gold?

Steven · #1 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 · #2 06-17-2009, 01:57 PM

Quote:

Originally Posted by Steven

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 · #3 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 · #4 06-19-2009, 02:21 PM

What do you need a physical gold for?

Steven · #5 06-22-2009, 01:45 PM

Quote:

Originally Posted by bullish

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 · #6 06-29-2009, 08:12 PM

Quote:

Originally Posted by Steven

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 · #7 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 · #8 07-07-2009, 08:22 PM

Quote:

Originally Posted by Jason

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

?

victor · #9 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, [EDIT]NO SELF PROMOTION ALLOWED. PUT URL IN YOUR SIGNATURE[/EDIT] 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 · #10 09-19-2009, 10:04 PM

Is gold the answer?

http://cosmos.bcst.yahoo.com/up/fop/...rouselEnable=0