Should I Buy Gold from Banks?
Most Canadians are unaware that many banks also offer bullion buying and selling services. Some of Canada’s leading banks, such as TD and RBC, are some of the largest bullion dealers in the world.
But “biggest” rarely means “best”. If you are not sure if buying gold from a Canadian bank is best, consider asking the following questions.
Are Banks Trustworthy and Knowledgeable?
Many financial institutions here in Canada have a long history but have failed Canadians in giving them the quality financial services that they need. Think of your “high-interest” savings account and 20%+ credit card fees.
Also consider that many banks around the world have not had the best reputations, including Canada’s own Scotiabank, which was caught manipulating the gold market, resulting in having to completely downsize their precious metals divisions.
Do Banks Offer the Lowest Prices?
For many banks with online bullion shops, the prices are often not in line with what common sense dictates. For example, this two-ounce Silver Ocean Predators Killer Whale Coin currently retails for $239.95 through TD, one of Canada’s leading banks. Royal Bull offers the exact same product at almost $100 less.
Explore Royal Bull’s online shop, then Google some of Canada’s leading banks to see what they have for sale. The high prices of precious metals available to purchase through Canada’s banks will shock you!
Does Your Bank’s Financial Advisor Have Your Best Interests at Heart?
Ask anyone in the financial services industry and they will agree that all investments should be diversified. Most financial advisors will not recommend precious metals, not because of their high value, but because:
- Many bank employees are not licensed to sell them;
- Advisors cannot make commissions on their sales; and
- Any precious metal sales would be removed from your bank’s assets.
Some Canadian banks may offer you gold ETFs or mining stocks, but these are not tangible assets that you can hold and store safely.
If you are seeking to diversify your investment portfolio, seek advice that meets all of your needs to protect yourself from economical downfalls, government overreach and devaluation of the currency.
Do Banks Offer Easy Ways to Buy Gold, Silver and Platinum?
It depends on where you are located in Canada. In most cities in Canada, your local bank will not have the inventory, capacity, knowledge or information to be able to answer your questions about buying precious metals. If they do have bullion onsite, it will be limited to a few pieces. You will likely be put in touch with someone in a business suit in downtown Toronto who doesn’t understand you or your precious-metal-buying needs.
Make the Most of Your Dollar With Canadian Bullion Leader Royal Bull
Although Royal Bull is not physically located in every town across Canada, our team of precious metal experts is conveniently only a phone call away to help answer your bullion buying questions.
We have a large variety of world-class gold products, silver bars and coins, and platinum products available right now that can be shipped to your Canadian address, backed by our quality guarantee.