In general buying bullion in Canada is not very different from buying it anywhere else in the world. The gold in Canada is produced and then sold by the government dealers in units. Other sellers of gold include private parties or recovery outfits. If you want to buy gold bars it is not really a difficult task but you need to keep an eye out for any fraudulent activities. The difference lies on the payment of the premium on the spot price of the precious metal. This feature again depends on the source or the dealer.
Types Of Canadian Bullion
There are a lot of types of bullions that are available to the purchaser. The Royal Canadian Mint or the RCM issues and distributes the gold coins. They are the Maple Leaf ones. Similar bullion with the Eagle motif is available in the U.S. These inscribed coins can be bought by anyone and they don’t have to Canadian citizens to get their hands on these coins. To buy gold bars too citizenship is not required, but resources are. But the RCM will not sell their good to the public unlike the States. Their gold has distributors in banks, or private dealers.
The Canadian coins are slightly more expensive than the ones available in the other parts of the world. They produce 24 karats of gold which is completely pure as it is not strengthened by any other metals. Their sizes vary according to their weights and it is needless to say that so does the price.
But you don’t always have to buy coins you can also buy gold bars. They too are available to all the buyers. You can buy kilo bars, wafers and also trade bars. Similar to the coins they too are completely pure gold, and have no other metal added to them. There will be an official stamp to certify its authenticity, so make sure you look for it when you are buying them.
Where Can You Buy Them?
The government is the chief provider of gold as already mentioned. All the bullion products be it coins or bars are provided and produced by the RCM. To buy gold bars or coins you need to get hold of a private dealer or go to a bank. The price that you will have to pay for the gold will be inclusive of both the premium and the spot price.
The mint produces every single coin and not just the gold ones that are found in the country. There are other countries that pay them a commission to make coins for them. Jewelry items too are produced by the mint.
Now buying bullion s not an issue as private dealers include online sales as well, and there are various websites like Kitco metals, Colonial acres, and also ebay; that cater to the buyers so the options are endless. However the chances of fraudulent activities remain pretty high with such sources. When you buy gold bars or coins, t is better advised to buy them from a bank even if it is not seemingly cost effective there are very low chances of being duped. Read here more about why you should buy gold here!