Why do I have to pay a "Bar charge"?
Market values for gold & silver are quoted on the basis of metal delivered in 400 oz bars and 1,000 oz bars respectively. If delivery is taken in this form then no bar charges apply.
If delivery is required in another denomination then a bar will have to be especially made by a refinery to meet that request. A bar charge is the cost charged by the refinery for manufacturing that bar.
Bar charges are levied on a per-ounce basis with smaller bars costing more per-ounce to make. It is therefore wise when requesting physical delivery of gold to ask for the largest bars available since this will reduce costs.
How secure is a "gold certificate"?
Scotiabank gold certificates are backed by the assets of The Bank of Nova Scotia.
To sell or exchange certificates for bullion, the signature of the certificate holder must be guaranteed by an authorized officer of the bank or the trust company where the certificate holder is a regular customer.
Does Scotiabank have safekeeping services available?
Safety deposit boxes are available on the concourse level of Scotia Plaza in Toronto for storing bullion, coins and certificates. Check with your local Scotiabank branch for safekeeping services outside of Toronto.
How do I sell gold or silver to Scotiabank?
Selling gold or silver to Scotiabank is as simple as visiting your local Scotiabank branch in Canada.
Following confirmation of the weight and purity of the metal your Scotiabank account will be credited with the sale proceeds.
The sales process can be influenced by a number of factors, including:
- Whether the bullion was originally sold by Scotiabank
- The size and type of bullion being sold
- The physical appearance of the bullion being sold
What fees are payable when I buy or sell metal?
A nominal commission is charged by your branch to cover their administration costs.
- 1/4% of the value of the transaction up to US$5,000 (minimum US$5.00)
- 1/8% of the value of the transaction on balance of transaction over US$5,000
Fees are also payable for storage and administration of gold and silver certificates. These fees are payable when the certificate is redeemed or exchanged. The current storage and administration fees are:
| Fees for Gold Certificates |
| Gold Purchased |
Price per 100oz per Day |
| First 2,000 ounces |
USD $0.03 |
| Next 8,000 ounces |
USD $0.02 |
| Remaining ounces |
USD $0.01 |
| Minimum USD $5.00 per year or part thereof |
| Fees for Silver Certificates |
| Price per 50oz per Month or Part Thereof |
| USD $0.05 |
| Minimum USD $5.00 per year or part thereof |
These commissions/charges may be changed by posting on this website.
Do I have to pay any sales tax or GST / HST?
Precious metals are exempt from GST / HST.
A precious metal is defined as a bar, ingot, coin or wafer of gold or silver, refined to a minimum purity of 99.50% in the case of gold, and 99.9% in the case of silver. All bullion and coins sold by Scotiabank meet these requirements.
Provincial sales tax is applicable in certain provinces on coin & bullion sales. Contact your Scotiabank branch for details.
Sales tax is not payable on certificates.
What is the difference between "Allocated" and "Unallocated" Gold?
Allocated gold is bullion held by a bank on behalf of the owner. The gold is separated from other metal that may be held by the bank and is identifiable by its unique bar numbers.
Unallocated gold is a claim on The Bank of Nova Scotia for the ounces entitlement to a specific quantity of gold bullion.
What are the minimum amounts for Gold/Silver certificates?
Gold minimum is 10oz, and Silver Minimum is 500 oz.
Are Precious Metals RSP eligible?
Gold and silver are qualified investments in tax-deferred accounts such as RSPs and RIFs. Certificates can be held within a Self-Directed RSP at ScotiaMcLeod Direct Investing.
For more information about opening a Self-Directed RSP at ScotiaMcLeod Direct Investing, call 1-800-263-3430 or visit your local Scotiabank branch.
Does Scotiabank offer any unique investment products?
Scotiabank has recently issued 1/2oz and 1/4oz Round Bars and will soon be issuing 1oz Round Bars and Wafers.
ScotiaMocatta has also issued 5 gram and 8 gram Round Bars. These products are our most competitively priced Gold products, as well as our most aesthetically appealing packaged product.
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