Just like with any other type of investment, you need to do your homework to figure out what to purchase and how much of it to get depending on your long-term financial objectives. And make sure to store your new gold and silver in a safety deposit box or home safe for protection. If you follow these tips, you'll be sure to have a good time getting real silver and gold in Canada.
Buying Physical Gold and Silver in Canada: An Overview
Canada makes buying real gold and silver easy if you grasp the basics. As a beginning, bullion dealers, coin stores, and big banks are excellent.
Bullion Dealers: Like Au Bullion, they purchase and sell actual precious metals. You may buy gold, silver, platinum, and palladium coins, bars, and rounds. Their websites and showrooms accept orders. Due to their volume, merchants in gold provide the finest pricing.
Coin Shops: Coin stores are useful for buying and selling precious metals. Collector coins and bullion are sold at many coin stores. If you pay cash, you may get better prices here. Price differences might vary between businesses, so check several.
Banks: TD, BMO, and CIBC offer precious metals; however, choices may be restricted. Bank purchases may boost new investors' trust. Even if bank prices are higher, only use them if ease and confidence equal price.
How to Buy Gold Coins and Bars in Canada
- Beginners should acquire gold or silver Maple Leaf coins, which are official Canadian money and easy to sell. Also, try 1 oz bars or rounds for more metal for your money. Instead of collecting coins, use bullion.
- Maximum security: Store your stockpile in a home safe, bank safety deposit box, or bullion vault. Insured bullion vaults and bank boxes are better than safes for theft protection.
- Check metal prices online as they change. Expect to acquire 3-5% over the spot price of gold and silver and sell at the spot price. Before buying, know the buy-sell spread.
Use this timeless investment to generate wealth over time by studying, tracking metal prices, and buying silver more when you can. You've got this—starting is essential!
