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Apologies if this were discussed already or is common knowledge: what is the best way to legally and safely sell gold coin in Canada?
Over the course of many years I’ve collected small number of gold coins. Not enough to make me rich, but enough to wonder how to convert them to cash.
I am not a gold investor. I bought gold coins for few family related occasions, or because I did like coin design. I bought them mostly from Canadian Mint. One or two from either TD or Scotiabank, don’t remember exactly which.
Buying gold coins was easy, but once I decided to find how to sell them at their market price by gold’s weight, that is where I got stuck.
Ideally, I would love to sell them to a Canadian bank, or well known Canadian financial institution. If Canada has reputable gold selling and buying business with many years of positive reviews and presence in Ontario, that could do, too.
I am not looking for a top return on my “not investment.” A fair price linked to current market value of gold minus reasonable business markup for providing me with the service of buying my gold can do.
What are my options?
There have been horror stories about people selling gold to “coin/jewellery” buyers. The “i buy your gold” guys pay pennies on the dollar.
As of right now, Thursday Aug 13 at 2:45 am the price for gold is $1,933 usa converted to Canadian, $2,558 per ounce.
Yatti, i will be curious to hear. How much you had to pay someone to take your gold coins off your hands.
This website is for Canadian investors and the information contained therein is not an offer to sell or a solicitation of an offer to buy bullion deposits, nor shall any such deposits be offered or sold to any person in any jurisdiction in which an offer, solicitation, purchase or sale would be unlawful under the laws of such jurisdiction.
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What Does Td Ameritrade Do
TD Ameritrade offers various services to its clients, anchored by its core product brokerage services. As a full-service brokerage, TD Ameritrade gives its clients the ability to invest in stocks, mutual funds, ETFs, options, bonds, futures, and more.
Beyond the brokerage services that allow clients to buy and sell investment products, TD Ameritrade provides wealth management solutions to help inform these decisions. Wealth management tools at TD Ameritrade range from estate and education planning to managed account solutions.
As you might expect with a top-10 bank, TD Ameritrade also supports its clients with retirement planning services. These services include different retirement account types like IRAs and 401s, as well as research and strategy tools to provide guidance to clients. TD Ameritrade does have a managed portfolio option for those clients who prefer to take a hands-off approach. Finally, clients can also use various resources and calculators to plan retirement income.
How To Invest In Gold In Canada In 2022
Gold still holds a lot of value in 2022. Canadian retail investors still flock to it as a good way to diversify their portfolio, protect against inflation and to protect their wealth when the prime rate or other interest rates fall. and After all, when interest rates are low, the value of gold usually rises. As for investing in gold, there are four main ways to do so: investing in physical gold, in shares of gold companies, in gold ETFs, or gold futures.
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Accommodation From Central Banks
The analyst said he expects accommodation from central banks to be around for quite some time.
“I would also say that many people trading gold expect inflation to ultimately be picked up and probably very little incentive on the part of central banks to squish inflation,” he said.
“I think inflation targeting may be very flexible going forward, at the same time we are producing trillions of dollars of new debt. We are providing liquidity, we are printing money and we are having the Fed buying credit, buying all sorts of assets.”
Melek said that at some point it may be feasible, at least from the market perspective, that much of the new debt may be monetized, meaning that fiat money over a long period may actually start losing value in real terms.
“And gold has a zero yield, but zero yield is quite often better than negative,” he added.
Melek said the other part of the story regarding the yellow metal is that mining capacity has suffered significantly of late.
“We’ve seen central bank buying and with interest rates the way they are, and the investment demand and the bullion side and ETFs being extremely strong, it could very well be very hard to source physical gold to where it’s needed,” he said.
The analyst believes that over time this will continue to add pressure from the physical market, “which isn’t the typical situation.”
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Industry Overview About The Gold Industry
Gold price per ounce has seen massive growth over the past few years. At nearly $1400 per ounce, the average investor is not in the market for a bar that size, and even those who might afford would find it difficult to unload a bar that size to their local dealer.
This is why an average customer buys gold in one ounce form, and the cost to acquire gold in smaller quantities is higher. A lot of factors help to dictate the price disparity, not the least of which is the relative cost of minting a large bar of refined gold into one ounce coins.
These coins ship from large mints like the United States Mint and the Royal Canadian Mint of Canada to select authorized dealers, who in turn ship them to over 4,000 coin dealers in the United States alone before they find their way into the hands of a gold investor.
Have it in mind that there are shipping and insurance charges through each stage of the process, and before an investor receives his gold shipment, he may have paid brokerage fees, , or other ancillary charges.
Research has shown that a lot of dealers will not ship below a certain volume, while some will not ship above a certain volume. Certain dealers have different price breaks at different quantities. For example, one dealer may offer a discount for buying more than fifty coins, while another may offer a break at sixty.
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Equipment You Need To Buy And Sell Gold
Before you begin buying and selling gold, the following are some of the steps you should follow so your venture would run smoothly. They include
Test Kit for Gold
In this business, a necessary purchase is a gold testing kit. This is not an expensive purchase. The kit is used to double check the gold carat that a customer wants you to buy. The different acids necessary to test 10k, 14k, 18k, and 22k will come along with the kit.
A Professional Jewellery Scale
Having a professional jewellery scale is absolutely essential. The cost might be high at the point of purchase, but in the long run the service it provides is worth it. Using a kitchen scale is illegal in terms of trade. Apart from the kitchen scale not being legal, it makes you and your business seem highly unprofessional.
Ensure that your scale is accurate by taking readings daily. Have records that show the accuracy of your scale in the event that you are asked about it. The questions can be from either an official body or a customer.
Buy a Magnet and File
In the gold industry, having a magnet at hand is always of tremendous benefit, so it is better to buy a quality one. A metal file that is used to scrape the outer layer of jewellery is equally needed. The file and magnet are inexpensive and will last for a long period of time.
How Do I Find A Bank That Sells Gold
While there are banks that do sell gold, the selection of assets for purchase are often limited to a select assortment of gold coins. Nowadays, fewer and fewer banks actually hold physical gold that theyre willing to sell over the counter. If youre determined to buy gold from a bank, make sure you contact them beforehand to ensure they have the supply to sell.
A better alternative for most buyers are trusted online retailers like Nationwide Coin & Bullion that offer similar products shipped directly to you at a competitive rate.
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Pricing And Volume Discounts*
Save on your order when you purchase in larger quantities.
Quantities ofTD Customer PricingNon-TD Customer Pricing
1-2 C$24,005.04 / productC$24,725.19 / product
3+ C$23,973.01 / productC$24,692.20 / product
* Pricing shown is based on TD Customer Pricing with payment from a TD bank account. Final pricing will be confirmed at checkout.
Investing In Precious Metals
Adding precious metals bullion and coins to an investment portfolio can provide diversification and can act as a hedge against inflation. We offer competitive pricing that is driven by market rates and quoted in Canadian or US dollars. In addition to owning physical precious metals, you can also buy precious metal certificates this allows you to own gold or silver without taking possession of physical bullion or coins.
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Do Canadian Banks Sell Gold
Canadas Big 5 banks TD Canada Trust, CIBC, BMO, RBC and Scotiabank all sell gold and other precious metals. If youre interested in buying from a bank, talk a local bank representative to find out what your options are, and make sure your investment comes with a secure way of storing your precious metals.
Where To Sell Your Gold Coins And Bullion Safely
i. Sell to Jewelers
A lot of high end jewelry sellers also deal in gold coins so you can approach them and sell to them but make sure you only deal with reputable dealers and not rogue sellers as they could employ deceptive tactics to switch your original gold coins to fake ones without your knowledge and then return them to you. You need to be careful and smart whenever you decide to sell your gold coins in order to avoid situations such as this.
ii. Sell to Pawn Shops
You can choose to sell your gold coin to either a pawn shop or a jeweller. Pawn shops also buy gold coins. It is better to still take your gold to either of them even if you wont sell there so they can assess the value of the gold for you.
After you have gotten an estimated value of the gold, use the information to set a purchase price either online, or to a retailer or even individuals. Do not limit your stops to just one shop. Visit about three to four shops to make sure you are getting the right value or estimation price for your gold.
iii. Sell Online
You can also sell your coins online on platforms like eBay, Craigslist, or other online platforms dedicated to buying and selling gold coins.
iv. Sell to Your Bank
Coin trading is a very profitable investment and if you do it right, you wont regret venturing into buying and selling of coins. To ensure you get the best available bargain for your gold, the following should be put into consideration when trying to sell them off. They include
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Investing In Physical Gold Without Taking Delivery
If you have no desire to store gold at home, there are two alternatives available to you. First are precious metal certificates, which you can buy from your bank. You will receive a title deed by email upon purchase. As for resale, your certificate may be resold at market value.
Secondly, you can get Exchange Trading Receipts , which are title deeds that entitle you to a certain amount of gold held by the Royal Canadian Mint, a crown corporation. ETRs are therefore a way to buy gold guaranteed by a government institution.
While a gold Exchange Traded Fund offers you a portion of a trust that invests in gold, ETRs guarantee you a real portion of gold. Moreover, you can take delivery of the gold to which your ETRs give entitlement, or you can resell the title if you prefer cash. Exchange Trading Receipts trade on the Toronto Stock Exchange as Royal Canadian Mint CDN Gold Reserves, whose ticker symbol is MNT. You can buy ETRs through an online brokerage account or an investment advisor.
You Cannot Sell It Back To Banks
As per the Reserve Bank of India’s directive, banks cannot buy gold coins. Even if you buy or have already bought gold from a bank, you will not be able to sell it back to them.
This would mean that you will have to go to a jeweller or a pawn shop, where you will be offered only the market rate, despite the premium price that you paid to the bank. Also, note that reputed gold jewellery chains do not buy gold for cash. The metal can be sold to them but in exchange for jewellery only.
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Do Banks Buy And Sell Gold Coins
The answer to the above question will depend on where you live. A lot of banks in the US sell gold coins but they would not usually publish information about it on their websites or advertise it openly for security reasons.
Banks like HSBC and Leader Bank sell gold coins but to get a comprehensive list of banks that sell gold coins in your location, visit the website of the US mint, and use their authorized dealer locator to find banks that sell gold coins around you.
You can also call your bank and ask them if they sell gold coins. Many banks would not openly advertise the fact that they sell gold coins but if you call them, they would readily offer you helpful information on how to buy gold coins from them.
Just like it was stated above, in some countries it is quite common to buy gold coins from banks however in the US it is not the case. Federal Reserve does not deal with individual customers and only sells directly to banks.
In very rare cases, some banks might offer commemorative series gold or silver coins but this might take place only for very limited time periods. So, if you want to buy gold coins from a bank in the US, this will not be possible because most US banks will not sell gold bullion coins or bars to the public.
While most banks hold a portion of their securities in gold bullion bars, these are not for sale to the public. It may be possible to buy gold coins from a bank in Switzerland and some other countries but not in the United States.
S To Buy Gold Coins From Your Bank
a. Make Inquiries from Your Bank
The first step is to call your bank or send them an email to find out if they have gold coins for sale, and the steps you need to take to be able to purchase them.
b. Find out The Current Prices
Just as the price of currency fluctuates, the price of gold also fluctuates so you have to find out what the current price for the day is before you make your purchase. You can find out bullion coin prices for the day on the websites of the US Mint.
c. Purchase From Your Bank
Inform your bank about the quantity of coins you want to buy and find out what their payment policies are. Most of the time you can pay for gold coins using credit cards, checks, and money orders.
d. Obtain Your Coins and Certificate
After making payments, your bank will verify the purchase and hand you the coins you have purchased along with a certificate showing the value of the gold, the date of purchase, and the carat. Make sure you store your gold and the certificate in a safe place until you are ready to sell them. When you are ready to sell, there are a few places to do so:
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The Path To Wealth Is Paved In Gold
To sum it up, there are many ways to invest in gold. Therefore, if you are interested in physically owning gold because you want to invest in a tangible asset, gold in the form of coins or bars is a good solution. If you want a less burdensome investment solution than physical gold due to storage, you can consider the precious metal certificates offered by major Canadian banks. Finally, if you dont mind not owning a tangible asset, you can invest through an online broker in gold stocks, gold-focused ETFs, or gold futures.
How would you like to save hundreds of dollars in transaction fees?