Gold - Scotiabank vs Kitko vs Gold EFT
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Posted on: 12-01-12 22:26:36
Quote:There are many ways to "play" gold as has been discussed here several times.
Originally posted by desi_driller
What do you think about Central fund of Canada. ( CEF). Also, I had invested some money in Claymore Gold ETF.
Both of the ones you have suggested CEF and CGL fall under asset backed paper trading instruments category.
If that is what you need, I suggest also consider GLD, traded on the NYSE.
It is the grand-daddy of gold backed ETFs, is high volume, highly liquid and has an excellent options market.
It also provides you direct exposure to the metal in USD terms, eliminating the FX effects of the CAD, which can distort your position values.
None of which is applicable to CEF and CGL.
Instead of buying the actual units, you can also buy calls on GLD.
You can buy next month's or go as far out as Jan 2014.
If you are unsure of the direction, you can do a spread trade by buying 2014 LEAPs and then selling a nearer call at a higher strike.
You can do the same for silver - instead of buying the low volume HUZ in CAD, buy SLV units or calls directly in USD.
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"Mah deah, there is much more money to be made in the destruction of civilization than in building it up."
-- Rhett Butler in "Gone with the Wind"
Excellent infomation!
What about the pro and cons of bars versus coins?
Any thoughts?
Quote:
Originally posted by love_n_peace
Ok this is what you do. Go to scotia bank (any branch) with certified check of USD 17000, SIN no. Two piece of ID and tell them you want to buy gold certificates for 10oz gold. They will contact scotia macotta and let you know the current price. If you agree on that price, they will take your cheque and buy that certificate for you. They will pay you diffrence if there is additinal money in your certified cheque. The certificate will arrive in 4-5 days later you have to go and pick it up.
The branches are not interested in doing these transactions, because its a lot of work and probably they do not get anything, so they will direct you to the downtown macotta office. But you have to insist and stick that you want to do the transaction in the branch and tell them my lots of friends are doing these.
Many of the branch staff do not know that the branch can do these. So if they tell you so, try to speak with branch manager.
You have to stick that you want to do the branch transaction. You save parking charges in downtown and also save time of driving in narrow streets of downtown. If you want to know fees call 1-800-263-3430
I have read your comments elsewhere on your thoughts on gold ... and I agree.
Nevertheless, I want to find the pro and cons of coins versus bars.
I know coins cost more but what are the advantages for paying more ?
Why should I buy bars and why not ??
Quote:
Originally posted by ashedfc
Coin has a higher cost compared to bars..
If you are in Montreal, you can get it from Kitco's office directly, no insurance charge, no shipping charge, & very reasonable premium over spot.
The most important reason for buying Gold is "When you don't trust anything else"
Gold will always be Gold. (no matter what)
The financial system is exploding once again.
- US debt larger than their GDP & they have asked congress for debt ceiling increase
- Greece/Italy/PIIGS all coming back in the forefront once again
- French & several downgrades happened today. read this http://www.usatoday.com/money/world/story/2012-01-13/france-credit-rating-cut/52533684/1
- UK is another case waiting to explode (watch after 2012 olympics; its coming).
- Japan debt is another time bomb ticking very close to the trigger point.
- etc.etc. list is endless.
Paper (or electronic) Gold & Physical Gold will decouple in a real crisis situation. Those who hold paper, do not hold Gold, there's a counter-party risk involved. (For example, ask any MF Global client, what happened to their money/accounts during MF Global's bankruptcy; you will know the answer).
This financial crisis which started in 2007 is far from over, its has still a long way to go.
Before it all ends, the world will see very very high Gold price; several more bank bankruptcies/nationalization; very high inflation/hyperinflation in several countries (we already had a couple); & probably a major war as war is considered the only way out of such situations (has been in the past) ....
When everything else fails, people/govt's go to gold. Gold hoarding has already started by central banks worldwide. Gold is your only protection (hold as much as you can).
If I buy gold bar/biscuit from Kitco and they deliver it by mail.
What happens if I don't receive it - and I have paid for it?
Has anybody purchased this from them.
PS: don't live in Montreal (so can't pickup)
Been that gold travels via the courier/post - will insurance honour the fact that you havent received it?
Plus selling it?
Selling Scotia Mocatta is kind of easy since worst come worse you can go to downtown or branch and sell it yourself in person.
Now if you take Kitko's original purchased gold to Scotia Mocatta (when selling) ... wouldn't they apply extra checks?
Quote:
Originally posted by ashedfc
That's why you they add insurance on shipping.
Inspite of that, I believe Kitco's price still beats Scotia Mocatta's price (specially with RCM products - Royal Canadian Mint). Both are LBMA members & both have access to same source of procurement..
I have bought from kitco and the prices and service are quite good. Scotia Mocatta is just expensive, there is a store in Mississauga where I bought the same 1 oz gold bar for cheaper at a store called A-precious metals
Hi Friends,
Just wanted to draw the attention of the CD friends on the fact , that when you try to sell your bars /coins to the bank, they do deduct the bar/coin making (casting) charges, from the quoted spot price, which is varying for different size/wt of the bars and coins.
And this information is not easily available to you.
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mor
Whenever you experience joy, peace, security, equanimity or purity, it is only because you are aligned with ALMIGHTY.
