Scotia Bank selling Gold online

[jesseps]

Gold has long been regarded as the ultimate store of value, which is why it's so popular among the paranoid and the pessimistic. The problem (and it has been a problem as long as there have been gold bugs) with that idea is practical: Once you've bought the stuff, how do you get it back to your house without mishap?

 

Thanks to Bank of Nova Scotia, people who are so negative about the state of the world that they won't even go outside will now have an easier time buying bullion.

 

Scotia is launching a new site Tuesday that will let customers purchase gold online and have it delivered to their home.

 

Other merchants offer this service, but Scotia, already a major player in physical precious metal sales, is the first major Canadian bank to do it.

 

In the wake of the financial crisis, sales of investor demand for gold caught fire, pushing up prices as investors sought a haven from the storm.

 

Monday gold closed at US$992.50 an ounce, more than 30% above the level it was trading at 12 months ago.

 

According to Matthieu Arseneau, an economist at National Bank of Canada, demand by manufacturers such as jewellery producers has fallen back, while demand from investors has surged.

 

How much buying activity is by individuals is unclear but that part of the market has certainly grown as well, Mr. Arseneau said.

 

Over the past several years there has been an explosion in the number of companies offering to buy gold jewellery, some even promising to do business over the Internet.

 

"A good part of the world's gold buying is happening in Asia," said Peter Grandich, a well-known investment newsletter writer. "A lot has to do with inflation and the insecure feeling with the U.S. dollar."

 

In one of the clearest indications of the future of the trend, the Chinese government is now encouraging its citizens to buy gold for their retirement.

 

"They've just started up a marketing program and you can now go to just about any bank and purchase physical gold," Mr. Grandich said.

 

Proponents argue that the key to gold's investment appeal is that it holds its value better than virtually any other product, and according to analysts that was true during the crisis. However, in between periods of uncertainty are long stretches of stability when demand for the yellow metal typically doesn't do so well. For instance, during the decade prior to the crisis prices basically remained stagnant, hovering at less than US$300 an ounce until 2002 when it gradually started to rise thanks to the commodity boom.

 

Those were lean times for gold bugs but now their prospects have finally changed and they're hoping prices will rise still further.

 

If the economy does finally collapse as many bullion devotees believe it ultimately will, the victors will be the ones with the foresight to own gold and keep it at home. The problem for investors who rely on other ways of holding it, such as exchange traded funds and plain vanilla mining company shares, is that when end times finally come there will be no way of getting their hands on the gold, said Mr. Grandich.

 

(Courtesy of The Financial Post)

 

It is pretty easy you sign up with your credit card or debit and few days later you get your gold delivered to your front door

 

I read somewhere else you can buy up to $6000 CDN worth of Gold per day so almost 6 ounces.

 

Scotia Mocatta

[ouaouaron]

i'm so excited about this! glad to see others are interested too

[cjb]

finalement, ça fait tellement longtemps que je rêve de voir le facteur m'apporter mon or.

Merci Scotia !

[mcgill]

Looked into this and it's totally not worth it!

Instead, buy your gold directly at your Scotia branch and put it straight into your safety deposit box. Fewer fees, better control over the price you pay, much safer (the gold never leaves the bank premises), and only takes a few minutes.

What if you don't have a safety deposit box? You should. Never keep your stock and/or bond certificates, precious metals, last will and testament, etc. at home (unless, of course, you have a very good wall or floor safe at home).

[jesseps]

 

10oz (silver bar)

Shipping: $9.76

Administration Fee: $18.88

Taxes: $1.26

 

One thing I am surprised the tax is so low. I was expecting normal sales taxes.

 

Time to look into a good old fashion safe.

[ToxiK]

 

10oz (silver bar)

Shipping: $9.76

Administration Fee: $18.88

Taxes: $1.26

 

One thing I am surprised the tax is so low. I was expecting normal sales taxes.

 

Time to look into a good old fashion safe.

 

I think gold and silver don't get GST. Platinum does.

 

kitco.com sell precious metals too.

[cjb]

Quelle est la réelle utilité de se faire livrer de l'or à domicile ?

[jesseps]

Quelle est la réelle utilité de se faire livrer de l'or à domicile ?

 

Beats me. Only thing I can think of its easier to move around.