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How to buy Gold?

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#21 ·
The grandmother moon mask is a very beautiful coin
In 20 years it is likely to be worth about the price of a 1 ounce gold coin
You can buy 2 ounces of gold for less than the moon mask and in 20 years have 2 ounces of gold

RCM coins are very beautiful but 99% of the time end up being poor investments
I would buy a couple of nice sealed and serialed gold bars which are actually also quite beautiful

If your grandson had a special connection and love of First Nations mythology and lore, that would be another story entirely ...
 
#22 · (Edited)
I get my gold from the local branch of the Royal Bank. They have the best prices, better than Scotia Mocatta or any other dealer I tried.

It is now 2 or 3 years since I bought gold but, at the time, they charged the 10 AM London Gold Fix price, plus $40 per ounce, plus a flat $15 delivery fee (for any amount of gold).

For some reason they charge sales tax on coins but not on bars. I thought this was backwards since coins are money and bars aren't but that is the way it works.

I was the first to buy gold from my local branch so it took them a day or 2 to figure it out but now, it is more routine.

Suggest you call or drop in at your local branch and inquire.

They sell new coins and bars from the Canadian mint, Johnson Mathey and other well known refiners.

They told me they will buy back the gold without an assay fee if they are the same brands they sell.

Later. I checked today's gold price. The London AM fix was $1254 US = $1400.84 CDN

$1400.84 + $40 = 1440.84 per ounce bar.

Delivery charge, $15.

Total $1454.84 per one ounce bar.

For coins add 13% HST

As I said, this was 2 or 3 years ago. Check with your local bank.
 
Discussion starter · #23 · (Edited)
Thanks for all the replies.

I think my mind is made up to buy 2 of the sealed, serial numbered gold bars (wafers).

They will be unique enough for him to look at and ponder.........., although the coins are pretty nice too.

He is at that age where money fascinates him.........storing it, stacking it, finding it under his pillow after the tooth fairy comes.

And he continually wants it counted and asks what the value is..........in terms of buying new Skylanders.

Gold is kind of fascinating.............isn't it?

It holds such a long history..........from the earliest civilizations........King Tut..........Fort Knox............Wells Fargo..............

He won't be taking them to school for "show and tell" without an armed escort though.
 
#24 ·
Rusty: in case you're interested, I got a quote today at an RBC branch for 1 ounce gold bar.

They quoted 1433.60 CAD plus a very reasonable 10.50 for delivery.

Market rate at NY close was 1243 USD = 1389 CAD. So they're taking around $45 premium to spot, slightly higher than the $40 premium you remembered.
 
#25 ·
My price was based on the 10AM London Gold Fix price which is what the bank uses. If you ask tomorrow it should be lower as the price of gold dropped this afternoon.

Your quote of $1433.60 + $10.50 = $1444.10 is pretty close to my estimate of $1454.84. This seems like a very competitive price, delivered to your local bank branch.
 
#26 ·
Do not buy 99.99 (pure) gold, buy 92.5% or something that is not pure. You will have to pay capital gain tax on pure gold purchase/sale. Not pure gold bullion/coin can be considered a personal item. There is another condition - do not buy 1 oz coin (it is over $1000+), buy less than that, because if the personal item is over $1000 you have to pay taxes on the gain when you sell. If you buy 1/2 oz not pure gold bullion/coin you will probably never pay tax. DO NOT BUY FROM CANADIAN MINT, you will overpay!!! If you need a dealer I can refer you to several (I have no vested interest, i do not sell coins and do not benefit from your purchase) If you do not want to deal with dealers EVERY bank in Canada by law has to sell gold coins (most of people including tellers in banks do not know that banks sell gold/silver)
 
#27 ·
Rusty I agree that RBC's price looks quite competitive, delivery and everything. I think I may buy my next bar from them but I would first want to check what kinds of bars they're selling, what they look like and which refiner. RCM bar, ideally
 
#28 ·
I buy mint coins at an ungodly premium for the added security. They are gold and silver so if fiat goes way down or the Canadian currency drops you can make cash. They have a way higher face value than Canadian maples if the price of precious metals drop to almost nothing you can still turn it in for cash and if all else fails they might appeal to collectors.
 
#29 ·
The coins appeal to me too, as long as I can get them without a huge premium. I'm really not convinced the coins are worth all the extra premiums.

But there is no doubt in my mind that a good quality gold bar will remain liquid and valuable long term. It's a chunk of pure gold... and a recognized gold bar in good shape will be liquid everywhere in the world.

A bit off topic, but the Krugerrand coins appealed to me because the 8% copper content makes them very durable -- that's real money. In contrast a Maple Leaf is too delicate and soft to handle too much; it should be kept stored safely (as should a bar). Then again the Maple Leaf is one of the TOP gold coins in the world, and patriotic pride would compel me to support the Maple Leaf product (even though the Krugerrand is more durable as a "real coin").
 
#30 ·
has anyone...

...ever tried out that' toronto gold bullion' location in toronto?

I have never bought gold from them, only a couple of silver coins. Curious as other people's experience in dealing with them.
 
#32 ·
To confiscate gold in America, the government required that agents be present as you opened your safe deposit box at the bank. Upon finding gold, the agent took your gold from you.

Keeping gold on your own premises is another way to prevent gold confiscation
 
#33 ·
Is anyone really seriously worried about the government confiscating gold today? Why would they do it? Is the CDN dollar still on a gold standard? How much physical gold ownership is there in Canada to make this a worthwhile effort?
 
#36 ·
J & M Coin in Vancouver is also reputable and I have purchased from them in the past. Go to their website and check their inventory, prices, etc. The same applies to Kitco and Border Gold.
 
#37 ·
james4beach said:
To confiscate gold in America, the government required that agents be present as you opened your safe deposit box at the bank. Upon finding gold, the agent took your gold from you.

Keeping gold on your own premises is another way to prevent gold confiscation
Click to expand...
once again you are incorrect and haven't taken the time to do the research ... this never even happened in the USA, it's a classic internet rumour

http://en.wikipedia.org/wiki/Executive_Order_6102#The_myth_of_a_safe_deposit_box_seizures_order
 
#38 ·
I doubt any government will confiscate gold again. They only did it before because gold was money. If you are not on the gold standard then gold is no more important than aluminum or copper, probably less.

Today they don't have to confiscate gold to get money. They don't even have to print the stuff. They can create all the "wealth" they want with a few key strokes on a computer.
 
#40 ·
They did send agents to gypsy camps to confiscate their gold. Joseph Mitchell wrote a story in 1942 titled "The King Of The Gypsies". His informant Johnny Nikanov described the scene.
 
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