how to buy gold in canada how to buy gold in canada

Buying Gold in Canada: A Detailed Knowledge about the Procedure to Follow

When it comes to precious metals how can somebody forget about Gold?

Buying gold can be one of the best things in terms of a good investment return and it can enrich your lifestyle. But somehow a question arises how to buy gold in Canada?

Well, In this article I will tell you everything you need to know about the process to buy and everything about it so that you can earn some good returns from your investment.

Let’s dive deep into it………

1. What is Gold & Silver?

Gold and Silver are rare elements known as precious metals.

Among all metals, gold is the most ductile and malleable. It is also among the highest-density metal and a good heat and electrical conductor. On top of this, it doesn’t tarnish or corrode.

Silver is the most conductive and reflective metal on earth. It is also very ductile and malleable. In addition, silver has antimicrobial properties. It is believed that these elements are formed from a supernova when a star explodes billions of years ago. So, yes it is stardust.

These metals have been sought after as early as 5000 years ago and used to make jewelry and ornaments. And around 2500 years ago gold and silver were struck into coins and used as currency. Only in the last century, they stopped circulating coins with gold and silver. But they still make precious metal coins and that doesn’t make them any less valuable.

Today gold trades for around twenty-four hundred dollars an ounce and is mainly used as a monetary metal but also in art, jewelry, electronics, aerospace, and even medicine, and dentistry.

While silver trades for around thirty dollars an ounce and is used in jewelry, silverware electronics cars, solar panels, photography, water purification, medicine, and yoga pants, and well known as an industrial metal.

2. Why Buy Gold and Silver?

Gold and silver are tangible assets that don’t do anything.

how to buy gold in canada
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They don’t generate earnings, they don’t earn interest, and you don’t pay a dividend this is because gold and silver are investments. It can be but really they should be treated like a different asset class in your investment portfolio. For example, cash is an investment but serves a purpose in your portfolio.

Cash can help you minimize risk and take advantage of the opportunity. Gold and silver can also reduce your risk. These metals are considered to be safe haven assets, when the stock market crashes the entire asset bubble bursts, inflation increases, recession hits or even a war breaks out.

Your investment portfolio may take a big hit but gold and silver tend to do the opposite. They increase in value as everything else decreases most of the time. This is why gold and silver are considered insurance more than investments.

Another reason to buy and hold gold and silver is for a store of value and wealth cash or fiat currency has no intrinsic value and is not a good store of wealth. Cash slowly becomes inflated and slowly loses its buying power. A hundred dollars 30 years ago cannot get you the same goods and services today.

But if you stored your wealth in gold instead of cash a hundred dollars worth of gold thirty years ago is worth around six hundred dollars today. Now that six hundred dollars may only get you the same goods it could get you 30 years ago. So, it’s not a good way to build wealth but it still remains the safest way to store wealth.

Unlike other asset classes, gold and silver are private and generational wealth, meaning no one needs to know you got it and no one needs to know to who you give it.

3. What Should You Buy?

So, when buying precious metals what should you buy?

If you’re just trading these metals for a capital gain or to reduce risk in your investment portfolio, you can just simply buy a gold or silver ETF or what they call paper gold and silver. But this doesn’t offer the same insurance value privacy and generational wealth as the physical metal. And like the saying goes if you don’t hold it you don’t own it.

Now the best form of gold and silver to buy is what they call bullion. Bullion is a metal highly concentrated usually 99.9 or 0.999 percent pure. Bullion usually comes in the form of a bar round or coin. It does come in more unique shapes and in the form of jewelry but expect to pay a higher premium.

Premium means that extra costs are added to the current spot price of the metal. When buying bullion it’s best to pay as close to the spot price as possible. The spot price is the current price it’s trading in the bullion markets. The first rule is to avoid fractional gold and silver. This is bullion that is less than one ounce, anything less than one ounce will have a higher premium.

Bars will usually give you the best deals and are more popular for long-term holding, especially when you buy in larger sizes. So, if you buy a 100-ounce bar you will pay less per ounce versus buying a one-ounce bar. Rounds will be a slightly higher premium than bars because they most commonly come in one ounce and have some kind of artistic design on them.

Coins will have an even higher premium than rounds. This is because coins are created by government mints and have a face value. So, they are minted by a well-known reputable mint and can be used as legal tender. You wouldn’t use it as legal tender because it’s a ripoff, but you could although coins have a higher premium they are still very popular. This is because government-minted coins are guaranteed to have the correct purity and highest quality of bullion.

So, they give you peace of mind that what you’re paying for is actually pure gold or silver. Government-minted coins are a lot easier to sell, especially if it’s a popular recognizable coin like the American silver eagle or the gold South African cougar. And actually, government mints do create bars as well just without the face value like the royal Canadian mint bar.

Now bullion bars and rounds from private mints are still great options to buy precious metals, just do your research because not all private mints are created equal. Some of the most popular mints are sunshine and Scottsdale.

Another thing you should know is that there is usually no sales tax when buying bullion. Lesser pure metals will likely have sales tax like buying junk silver or 22-carat gold jewelry.

Now should you buy gold or silver?

This will all depend on your personal situation. The biggest difference is silver is more affordable but with higher premiums has higher industrial uses may be a better inflation hedge and is considered more speculative and undervalued. Gold is easier to store, less volatile rare, more desired, and considered more of a monetary metal and held by more investors.

Other things to consider are the gold-to-silver ratio mining, stockpile, market, supply and demand, and which one is currently the better bargain. And maybe neither is a bargain at the moment. It’s not a good idea to buy silver and gold when everyone else is buying them because of uncertainty in the markets.

But when the stock market is at all-time highs investors tend to forget about gold and silver and you’ll be able to find better bargains. The main thing is that you do your own research to see which metal makes more sense for you and create the perfect ratio of gold to silver. Now the rule of thumb is to only hold five to ten percent of your investment portfolio in gold and silver.

4. From Where to Buy Gold?

Okay now, where do you buy gold and silver bullion?

how to buy gold in canada
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One option for buying bullion is in person locally at a coin shop or bullion dealer. You can simply google local coin shops or bullion dealers near you.

You can also go to which is Canada’s government mint website then scroll down to the bottom and click bullion DNA, dealer locator. Click Canada dealers and choose your province.

Buying bullion locally comes with a few benefits and drawbacks. The main benefit of buying locally is not having a paper trail if you buy in cash. And there are many reasons not to have a paper trail. Other reasons include no shipping costs, instant buying and selling, and the relationship you build with your dealer.

The biggest drawback is being followed home and criminals robbing your stack. Other disadvantages include a limited selection higher premiums and less opportunity for bargains. Another option to buy bullion is through a private sale. These would be a bit harder to come across but can offer some of the best deals around and can keep your purchase private.

You might be able to find a private sale through your local classified ads like Kijiji or Facebook marketplace. Also, check online platforms like Reddit or discord. The disadvantage with this is that you’re at a higher risk of being scanned what you purchase might be fake or they might just straight up rob you.

The safest way to buy gold and silver bullion is through an online dealer my favourite dealers in Canada are based out of Alberta, and based out of Ontario. Other options include and

Also, you may be able to order precious metals through your bank which is the most popular. choice. The pros of buying online include the ability to shop around and find the best deals. They can be more credible, and trustworthy, have lower premiums, have a much larger selection, and have the privacy of buying in your own home.

The cons include sharing personal data shipping costs and delivery times.

5. Buying Gold in Canada: How?

Now that you know where to buy precious metals.

Let me tell you how to buy them on

Once on the website browse through the selection till you find the gold bullion you’re interested in. You’ll notice a few prices if you pay with a bill payment check interact online or e-transfer it will be cheaper than using a credit card, PayPal, or cryptocurrencies. And if you buy in larger quantities it will be even cheaper again.

Once you proceed to the checkout you’ll need to create an account. Confirm your email and then enter your billing address and choose your shipping. If your order is over 299 dollars you will qualify for free shipping. If not you’ll have to pay 19.95.

Now you need to choose your payment. The two best options are bill payment or e-transfer. Once you place your order you’ll be given instructions to make your payment. Now go to your online banking and add a new bill payee. Search silver gold bull if nothing comes up you’ll need to choose a different method. But if it does come up enter your account number and create a bill payee.

Then enter the grand total of your bill and send it. If you want to use e-transfer send your payment to payment at and enter your order number in the message section. If you can’t send an e-transfer either go to their payment page for other options. Once they receive the payment they will ship your product.

Your shipment will be fully insured, trackable, and requires a signature.

6. How to Store Them?

Now you have your precious pedals how do you store them?

how to buy gold in canada
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First of all, depending on what you buy some bullion already comes with some kind of protective casing some do not. So, you’ll need to either buy coin capsules, sleeves, or coin tubes. Now you need to store your bullion in a dry low humidity area.

You can use cotton gloves when handling and silica gel packs to control moisture. As for safety and security, the best thing you can do is not tell the soul that you have gold or silver. Fewer people know about your stack the more secure your bullion will be. As for where to store it and what to store it in if you only got a handful of coins let’s say less than five thousand dollars there’s really no need for a safe and you can just store it somewhere inconspicuously.

Once your stack grows a bit bigger let’s say over five thousand dollars then you can consider a safe. At this point, you should be using the three layers rule. For example, under the floorboard under a carpet, with the coffee table on top. It’s also a good idea to use a decoy safe.

Once your stack is really big over a hundred thousand dollars you may need to consider a full-size 300 to 600-pound safe. These will be harder to hide but also harder to steal, but if someone puts something to your head you just might open it for them.

But if you got a stack worth over a hundred thousand dollars you should consider other security measures like a security fence, cameras, alarms, dogs, and some kind of self-protection device if you know what I mean.

Everyone’s situation will be different and everyone’s values will be different. You may not feel comfortable holding ten thousand dollars worth or you may be comfortable holding a million dollars worth. Once you don’t feel comfortable then it’s time to consider storing your bullion in a vault. with you can store your bullion and have it sent directly to the custodian which is brink’s global service.

This will come with storage fees but includes 100 insurance of all your bullion. But remember the rule if you don’t hold it you don’t own it. So, you should still consider self-custody of a portion of your stack. And another rule is not to keep all your bullion in one spot so split up your hiding spots.

If you are considering using a volt there are options to holding your bullion in registered accounts like an RRSP or TFSA but then again your RRSP or TFSA is an investment account and bullion is an investment. It’s insurance and a store of value that should be held for the full benefit of the asset.

The Takeaway!

This was all about gold buying in Canada. Follow the things and you can own your own gold in Canada. If you want to go through different options for investment rather than gold in Canada then check this out.

Frequently Asked Questions

Some of the most asked questions are listed below:-

Q1. Can you legally own gold in Canada?

There is no limit amount that you can own gold legally in Canada.

Q2. Which banks sell gold in Canada?

You can buy physical gold or Gold Bars or gold coins directly in Canada from the major five banks i.e Scotiabank, RBC, TD, CIBC, and BMC. However gold prices may vary from the bank.

Q3. What is the safest way to buy gold in Canada?

Mutual Funds and Gold ETFs are the safest way to buy gold in Canada. You can also buy gold online. However, buying physical gold or gold coin can be different. But investing in gold can be one of the best things to do.

Q4. Can you buy gold with cash?

Yes, you can buy gold with cash.

Last Updated on by Suchi


  • Priyanshu Jangid

    This is Priyanshu Jangid. He loves traveling, reading books, and writing. Writing is indeed one of his favorite hobbies. Along with that he is also fond of traveling. These two hobbies have greatly facilitated him to write about travel articles, did you know and what's new articles.

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