Can you buy gold at the bank!!?!?!?

News: Welcome to the Canadian Paper Money Forum.

So I was sitting down with a fellow local collector.. he's a bit older than me (I'm 36) and he's retiring... I like the fact that even with the age difference and differences of where we are in our life paths, we share this one thing in common.

He has a fantastic collection (Looking through some of his stuff I'm reminded of BJWM collection he has online and being facinated with some of the interesting notes he has in his collection)... anyways in our discussion he talks about how in the 70's he was buying gold at the bank

REALLY!!! Buying gold at the bank!!!

Did anyone else do this? Can one still do this? Anybody wanna give me some info on this... I'm interested in learning more b/c I thought you could only get gold from a dealer of some sort.

I inquired at the local banks here.....they can order in Maples, but their charges were a little unrealistic. Taxes and commissions took the price of a silver maple to almost $45/coin. It didn't seem realistic and they didn't want the business in my mind.

BTW: There is no tax on pure bullion. Bank must have been charging even higher commission than it appeared.

BMO does it. They will even deliver it to your home.

http://newsroom.bmo.com/press-releases/bmo-launches-gold-deposit-program-that-makes-it-si-tsx-bmo-201109220729651001

Scotiabank actually has their own gold bars.

I'm not sure if they still sell them though.

I well remember back in the 70's buying a few ounces of gold at the Bank of Nova Scotia. It was the main branch at King and Bay in Toronto. One went down to the lower level, and there was a particular wicket one went to, to buy or sell gold. I don't remember fees and commissions being very much, but I do remember being annoyed that the transactions all had to be done in US dollars...that always struck me as just being so very wrong.

REALLY!!! Buying gold at the bank!!!

In Toronto all banks downtown sell it. Scotiabank at Scotia Plaza has been selling it for at least the last 20 years.

The only good reason to buy it from them is if you want a paper trail and for which you will pay a slightly higher premium and a transaction fee. On the plus side you can be absolutely sure that you are getting what it says you bought and not a fake. This may be a consideration for certain bars and such but I do not think it is should be a consideration if you are buying maple leafs particularly from reputable dealers who are members of CAND.

US dollars...that always struck me as just being so very wrong.

Still the same at the old BNS. Gold/Silver prices are quoted in US $ and converted to Canadian $ at current exchange rates.