Can I Buy Physical Bullion From a Canadian bank?

BUYING BULLION BARS AND COINS FROM YOUR BANK

• BMO: You can purchase physical gold and silver bullion from BMO by contacting a representative at BMO Nesbitt Burns, BMO InvestorLine or BMO Private Bank.^[1],[2] Bullion purchases from BMO include storage at no extra charge, either in BMO’s vault at the Royal Canadian Mint (when buying gold)^[3] or in an approved vault facility in Canada (when buying silver).^[4] If you’d rather store it yourself, you can request physical delivery of your bullion.^[5],[6]
• CIBC: You can purchase physical gold and silver bullion from CIBC by visiting a branch or by visiting CIBC’s precious metals website.^[7] If you are a CIBC customer, you can also purchase directly through your online banking system.^[8] Some bullion products may be sold back to CIBC, but the price may be higher or lower than what you paid originally.^[9]
• RBC: RBC’s precious metals program currently includes gold and silver, available from any RBC branch.^[10] You can also choose to purchase secure transportation or storage for your physical bullion products.^[11]
• Scotiabank: As of early 2021, Scotiabank no longer offers any precious metal products or services.^[12]
• TD Canada Trust: Gold, silver and platinum bars and coins are available through the TD Canada Trust website, its branches and TD Foreign Exchange Centres.^[13] While you don’t need a TD account to buy physical bullion, the bank does offer preferred pricing to its customers.^[14] If you are a TD customer, you can also have your bullion stored in a secure, fully insured vault.^[15] You can sell your bullion products directly through TD’s storage program or by visiting a branch, with pricing based on current market values.^[16]

ELEMENTS TO CONSIDER WHEN BUYING PHYSICAL BULLION FROM A BANK

There are a number of factors to consider when deciding whether or not to buy your physical bullion from a bank depending on your particular needs, some of those factors are as follows:

• Reliability and security: In Canada, all banks that sell physical bullion from the Royal Canadian Mint are authorized Bullion DNA™ dealers, meaning they offer a high level of security and guaranteed authenticity.
• Convenience: Canada’s Big Five banks have branches all over the country, so there’s often one not far from where you live or work. For added convenience, many banks let you buy your physical bullion online, then have it delivered right to your home or safely stored in their own secure vaults.^{[17],[18],[19],[20],[21]}
• Product selection: While some banks offer a wide selection of physical bullion products, from fractional coins all the way up to full kilogram bars, others may carry a smaller selection, typically focusing on larger bars.^[22] If you have something specific in mind, you’ll want to check with your bank to see if they carry it.
• Price premiums: While the familiarity and reliability of banks may offer psychological comfort, it often comes with higher price premiums than other bullion sources, especially for smaller coins.^[23]
• Expertise of selling personnel: Customer-facing bank employees are generally not bullion specialists and may be less equipped to provide in-depth analysis and guidance on your purchase than a dealer who specializes in bullion.^[24]
• Options for selling: If you choose to sell your physical bullion, you may be able to sell it directly back to the bank, although some banks reserve the right to refuse a sale for any reason.^[25]
• Storage options: Given the high value of physical bullion, you might feel more comfortable storing it in a bank’s secure vaults, where it’s better protected from burglary or other incidents than it would be if you stored it in your own home.

MAKE THE RIGHT DECISION FOR YOU

While buying physical bullion from your bank offers a convenient, familiar experience, it’s only one option—and it may or may not be the right choice for you. There are also more than 40 authorized Bullion DNA dealers across Canada, as well as more than 100 around the world, that all offer a highly secure way to buy and sell physical bullion products from the Royal Canadian Mint.^[26] As always, we encourage you to speak with your financial advisor before making any investment decisions.

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