With the recent rally in gold prices, maybe you’ve found that your favourite gold dealers were backed up with 3 and 4 week waits on delivery. Now there’s another alternative for Canadian clients – you can purchase gold directly, online, through Scotiabank’s foreign exchange division, ScotiaMocatta.
It’s not surprising that Canada, home to many of the world’s largest gold producers, would be an innovator in the purchase of gold for retail and investment purposes for private investors. And Scotiabank, which gained a reputation during the 2008-2009 recession as one of the world’s most stable banks, is also a smart choice for the establishment of direct gold sales. It remains to be seen whether other banks will follow suit, or whether this will give the Bank of Nova Scotia yet another competitive edge.
Should I Invest in Gold Bullion, Gold Stocks or Gold ETFs?
Individual Investors Can Buy Gold Online Electronically Through Scotiabank
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All you need to do is log on to ScotiaMocatta’s estore and an authentication process verifies your credit card, home address and other information. You can then add coins to your shopping cart (up to a current maximum of $6,000) and then you can use your credit card to pay for it.
The coins come from the Scotiabank mint and are 24 karat, 99.99% pure gold. The gold is delivered by courier service and the delivery costs will depend on your location.
Yesterday, BNN spoke with Barry Wainstein, head of foreign exchange at ScotiaMocatta, who answered some questions about Scotiabank’s new gold eStore. Read to the end for a very surprising fact about Scotiabank.
Q: Do I Need To Be A Scotiabank customer to buy gold? A: No.
Q: Can I Buy It With a Credit Card? A: Yes.
Q: Does Scotiabank store it in vaults, or do they deliver it? A: Scotiabank delivers the gold via insured courier service, just like other reputable gold dealers.
Q: Why is there a $6,000 limit? A: At the present time, this service will be focused on gold purchases as gifts. Of course, at $1000/oz., the service is obviously still suitable for small investors, too, who wish to just buy one or a few gold coins or wafers at a time.
Q: Does Scotia buy gold back, too? A: Yes, but not through the online site. You’d have to go into a branch that specializes in this. They do not buy gold jewelry, however.
Q: What is ScotiaMocatta? A: ScotiaMocatta is Scotia’s Precious Metals division, and according to Wainstein, is the largest physical gold trader in the world, buying and selling gold in New York, London, Hong Kong and Shanghai, not just Canada.
Investing in Bullion
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GoldMoney: Another Way To Buy Gold Online
Investing in Gold Stocks
Top 20 List of the Largest Canadian Gold Stocks
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{ 10 comments }
Iwould like to buy 3 ounces of gold wafers. Please advise procedure for purchase and where gold can be sold closest to my home of Windsor, On.
Hi Robert, have you tried using their delivery yet? (ScotiaMocatta) Sounds like they will deliver to most parts of Canada, at least – and I’ll bet they could be closer to you than Kitco in Montreal.
Could this be a contrarian indicator? When grandma buys gold could it be time to get out? Just a thought I had as I read this.
Good point, Chad. I guess it’s contrarian if gold prices sink from here on in. If they rise this is a smart move. Definitely a sign of increased attention to gold. Though with Scotia they’ve always sold gold, I think, but what’s new is making it available online. Yes, they’re capitalizing on gold’s rally, for sure. But the demand is there, and they’re supplying the convenience and reliability.
Thanks for this post! Very awesome to know Scotia Bank make it easier to invest in gold.
Scotiabank is making it more convenient for individual investors to by gold online.
Expect other banks to follow their lead.
It is good to see banks marketing gold.
This will likely carry gold to $2000.
Thank you
Dear we few Parties in india which can give you handsome deal in gold kindly mail me details in gold Trading.
thanks deepak Shivhare
International Big brothers
sikandra AGRA -7 India
Cell 9027914449
we need to buy Gold in india pl send details.
Thanks deepak shivhare
cell : 9027914449
holo i kindly request for a buy of gold dust and bars we can sell at good price thank we have gold dust from tanzania
what is Price if 10 grams
give price in Indian Price.
International Big Brothers
AGRA
INDIA
9027914449
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