Even when they get it right, they get it wrong
For those of you walking to into Canadian banks lately, you will notice that some of the Canadian banks have started marketing the selling of gold and silver bullion. It sounds really great to be able to purchase bullion from your existing bank.
However….
If you explore further you will find:
- The premiums are outrageous, they are much more expensive than Canadian Bullion Services
- An example; AS of Oct 28 2013, CIBC is currently charging approximately $5.50 premium per ounce on Silver Maple Leaf coins compared to Canadian Bullion Services which are charging approximately $3.00 premium per ounce on Silver Maple Leafs. CIBC is currently charging approximately $112.00 premium per ounce on Gold Maple Leaf coins compared to Canadian Bullion Services which are charging approximately $59.00 premium per ounce on Gold Maple Leafs
- You can only buy up to $9,500 CAD in any 48 hour period
- You are forced to buy in Canadian Dollars and the exchange rates are awful! Three to four percent above the futures price compared to the one percent fee when dealing with CBS, which unlike the banks accepts US funds or Canadian.
- The other banks are not much different in there extreme pricing and exchange rates
- The banks charge an administrative fee whereas CBS does not.
- The banks offer very little if any customer service whereas CBS provides weekly newsletters, one on one communication with bullion specialists
- The banks make the whole process quite difficult and confusing whereas CBS have worked very hard to make purchasing bullion easy.
- The banks have an extensive application process which requires disclosing your Social Insurance Number and keep this info on file which may be shared with government agencies. CBS requires very little information and do not ask for SIN for online orders and only provide information to government agencies if a police investigation is underway about a specific client.
The high premiums charged by the banks remind me of converting money from Canadian dollars to U.S. Dollars or vice versa. Other than the airport, probably the worst place to convert money is at the local branch of a bank. The best place to convert money is a specialized FOREX dealer. It goes the same for buying gold and silver bullion. If you want the best price and superior service, you need to buy from Canadian Bullion Services.
Share this post
Exciting new free trading feature available!
July 3, 2015
Top 5 Common Uses of Silver
October 4, 2016
Canada's 150th Anniversary Coins Unveiled
November 22, 2016
2017 ½ oz Canadian Maple Leaf Silver Coin
January 24, 2017
2016 Gold Prices (Yearly Recap)
January 10, 2017
2017 ½ oz Canadian Maple Leaf Silver Coin
January 24, 2017
2016 Gold Prices (Yearly Recap)
January 10, 2017
2016 Silver Prices (Yearly Recap)
December 20, 2016
Canada's 150th Anniversary Coins Unveiled
November 22, 2016
A Monthly Recap of Silver Prices (October 10 - November 11, 2016)
November 15, 2016
Categories
Tags
cyprus
bailout
currency
precious
metals
FOMC
safe
haven
silver
and
gold
accumulation
danny
kroll
tv
quantitative
easing
open
high
low
change
platinum
palladium
USD
financial
crisis
support
trend
unemployment
non-farm
payroll
equity
level
Asian
Ben
Bernanke
central
bank
Home
Sales
market
news
US
housing
CNBC
Chinese
New
Year
North
Korea
nuclear
commodities
Euro
mint
physical
demand
bearish
carmakers
economy
politicians
Spain
GDP
Bullish
debt
ceiling
import
tax
India
of
Japan
resistance
Peter
Krauth
Money
Map
Press
Lucy
Warwick-Ching
Times
Capital
Spreads
Angus
Campbell
bull
reserve
york
texas
federal
reserves
U.S
ETF
earthquake
Nature
Geoscience
quartz
equities
prices
Canadian
Bullion
Services
metals.
Toronto
e-commerce
RRSP
TFSA
customer
service
clients
RBC
The
Globe
Mail
givaway
RIchmond
Hill
GTA
networking
Obama
Dubai
exchange
fiscal
cliff
holiday
hours
liquidity
relocation
address
investing
drop
banks
restrictions
diversification
CPI
benefits
assets
employment
Facebook
RCM
Dollar
Germany
United
States
Fractional
banking
ownership
Barrick
cooper
loss
QE
Arizona
legal
tender
platinum.
Securities
ETC
hyperinflation
eurozone
investment
inflation
markets
crude
oil
American
Eagle
coins
price
stock
buy
commodity
Confiscation
Act
government
coin
investments
ratio
silver.
Russia
RBS
LIBOR
yen
U.S.
Maple
Leafs
metal
Leaf
economic
cycle
taxes
bear
shortage
eagles
Paris
David
Lennox
certificates
deficit
South
Africa
Christmas
volatile
supply
Diwali
catalysts
speculations
historical
trends
currencies
Israel
Friedman
Bundesbank
production
China
volatility
Republican
Democrats
Monti
Asia
Thanksgiving
Greece
France
America
hard
Presidential
election
Romney
Hurricane
Sandy
global
Moody's
downward
IMF
World
Report
buying
bars
in
investmentgold
Warren
Buffet
CoT
decline
QB
Talk
Show
Buffett
program
breakdown
short-term
long-term
Wall
Street
Singapore
Deutsche
Dennis
Lockhart
Fed
sector
Dow/gold
savings
Deutchse
correction
paper
long
term
leasing
GOFO
short-sell
corporate
responsibility
charity
Abundance
Society
wealth
dealers
pros
cons
numismatic
value
Close
spot
portfolio
jewelry
mutualfunds
US.jobs
weak
ExchangeTradedFunds
ETFs
COMEX
HSBC
forecast
traded
notes
advantages
disadvantages
leverage
mining
stocks
structured
products
bond
ethical
sourcing
London
Association
Yellen
features
premiums
trading
cash
limit
fancy
coloured
diamonds
auction
exclusive
options
Contract
for
Difference
pre-
1964
scrap
questions
onlinemagazine
copper
jim
chanos
moneycreation
down
diamond
best
time
become
rich
smart
five
years
to
alert
silver price
brexit
financial markets
global economy
gold price today
weekly recap
gold price
buy gold and silver
silver and gold buyers
eropean union
price of silver
2016 1 oz silver australian kangaroo
silver bullion
silver bullion coin
silver coin
silver eagle
silver eagle coins
silver coins
silver bullion coins
faqs
top 10
bullion dealers
monthly recap
products for investing
common uses of silver
perth mint
2017 Year of the Rooster
top 5
silver rounds
halloween
2014 Shield Series
american election
hillary vs trump
U.S. Election
gold and silver prices
canadian coins
circulated coins
150th anniversary
2017 circulated coins designs
silver prices
U.S. elections
yearly recap
2017
½ oz Canadian Maple Leaf Silver Coin
maple leaf