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How to buy gold in Canada

Interested in buying gold in Canada? Compare gold dealers, gold stocks and online brokers to find the best way to buy gold in Canada.

In the age of meme stocks, gold is a stable investment that doesn’t experience the same volatility as stocks and other tradable assets. If you are looking to hedge against large drops in the market, you may want to look into gold as a way to protect your wealth. Read on to learn how to buy gold in Canada.

How to buy gold in Canada: choosing the asset type

If you want to gain exposure to gold, there are a few ways to go about it.

  • You can buy and store physical gold
  • You can invest in gold prices or companies via the stock market
  • You can trade gold on the financial markets as contracts for difference (CFDs).

Compare gold bullion dealers

Gold bullion refers to gold that is at least 99.5% pure and has been transformed into bars or ingots or minted into coins. Bullion is the form in which gold is traded on commodities markets around the world.

Name Product Locations Product types Standard storage fees Standard delivery fee Available metals
Silver Gold Bull
Calgary, Online
Bars, Coins, Jewelry, Collectables
Contact for pricing
$19.95 (Free on orders over $299.00)
Gold, Silver, Diamonds
An Alberta-based provider offering up-to-the-minute pricing on high quality products from reputable mints and suppliers. Get discreet and fully insured delivery to your door, storage options, free shipping over $299.00 and a price-match guarantee.
Regal Assets
Online
Bars, Coins
Contact for pricing
Included in price quoted for metals
Gold, Silver, Platinum, Palladium
A Toronto-based provider offering high purity bullion with transparent fees and commissions. Offers both national and international storage options.
Vaulted
Online
Bars
1.8%
$50.00 delivery + $2.00 per bar. For smaller amounts contact Vaulted
Gold
A simple and easy-to-use online provider offering 99.99% pure gold kilo bars manufactured conflict-free. Download the Vaulted app to quickly buy and sell gold.
Canadian Coin & Currency
Online, Toronto
Bars, Coins, Jewelry, Notes
N/A
$8.99 - $22.00
Gold, Silver, Diamonds
An online provider offering top quality gold and silver bars and coins at competitive wholesale and direct-to-investor pricing. Offers affordable shipping options.
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How to buy gold stock

You can invest in gold on the stock market by profiting from gold prices rather than physically owning gold. Stock market investors can buy shares in companies that have gold exposure, such as gold miners, or they can buy units in a gold-themed exchange traded fund (ETF).

With this approach, you don’t actually buy any gold. Instead, you invest in the performance of the gold industry or the mining company. If you want to invest in gold on the stock market, you need a full-service broker or you can do so by opening an account on an online trading platform.

Investing in gold on the stock market means you don’t have to go through the hassle of buying, storing and insuring it. When you buy shares of a gold mining company, that company is responsible for the mining and storing of gold, and you become a share owner of the company itself. However, because you don’t own any actual gold, it exposes you to all the usual risks that the stock market carries (market volatility, company bankruptcy and the possibility of losing your investment, etc.).

When you buy units in a gold-themed ETF, you’re tracking the price movements of the commodity itself or stocks in multiple companies with gold exposure. See examples of gold-themed ETFs listed below:

The Toronto Stock Exchange (TSX)

      1. iShares Gold Bullion ETF Hdg (TSX: CGL-T)
      2. iShares S&P TSX Global Gold Index ETF (TSX: XGD-T)
      3. Horizons Gold ETF (TSX: HUG)
      4. Royal Canadian Mint – Canadian Gold Reserves (TSX: MNT)
      5. Sprott Physical Gold Trust (TSX: PHYS.U)

The New York Stock Exchange (NYSE)

      1. SPDR Gold Minishares Trust (NYSE: GLDM-A)
      2. VanEck Vectors Gold Miners ETF (NYSE: GDX)
      3. iShares Gold Trust (NYSE: IAU-A)
      4. SPDR Gold Shares (NYSE: GLD)
      5. Aberdeen Standard Physical Gold Shares (NYSE: SGOL)

Investing in gold via CFDs

An alternative to buying gold stocks or units in an ETF is to speculate on price movements through CFD investing in the futures market. CFD investors seek to profit from bond price movements – whether up or down. That means that even if gold prices are falling, CFD investors can still make a profit. However, because CFDs can be highly risky and are complex derivative products, gold CFDs are better suited to advanced traders. You can read more about CFDs in our detailed guide.

Buy gold stocks, ETFs, CFDs and more with these providers

Name Product Available Asset Types Stock Fee Option Fee Account Fee ETF Transaction Cost Feature Table description
FREE TRADES
Wealthsimple Trade
Stocks, ETFs
$0
N/A
$0
Free
Get 2 free stocks when you open a Wealthsimple Trade personal account and deposit and trade at least $150.
Pay no commissions when you trade Canadian stocks and ETFs with Wealthsimple Trade.
Interactive Brokers
Stocks, Bonds, Options, ETFs, Currencies, Futures
Min. $1.00, Max. 0.5% of trade value
$1.50 min. per order
$0
Min. $1.00, Max. 0.5% of trade value
Extensive trading capabilities and global investment tracking.
Access market data 24 hours a day, six days a week and invest in global stocks, options, futures, currencies, bonds and funds from one single account.
CIBC Investor's Edge
Stocks, Bonds, Options, Mutual Funds, ETFs
$4.95 - $6.95
$4.95 - $6.95 (+$1.25 per contract)
$0 if conditions met, otherwise $100/year
$6.95
$4.95 - $6.95 is applicable for online stock, ETF and option trades only. Pay $4.95 when you qualify as an Active Trader (trade 150+ times per quarter).
An intuitive and easy-to-use platform with access to a variety of tools that help you make smart decisions and trade with confidence.
OFFER
Questrade
Stocks, Bonds, Options, Mutual Funds, ETFs, GICs, International Equities, Precious Metals
$4.95-$9.95
$9.95 + $1 per contract
$0
Free
Get $50 in free trades when you fund your account with a minimum of $1,000.
Opt for self-directed investing and save on fees or get a pre-built portfolio and take some of the guesswork out.
OFFER
Qtrade Direct Investing
Stocks, Bonds, Options, Mutual Funds, ETFs, GICs
$6.95 - $8.75
$6.95 - $8.75 + $1.25 per contract
$0 if conditions met, otherwise $25/quarter
$0 - $8.75
Get up to 50 free trades. Be one of the first 100 new Qtrade clients to use the promo code 50FREETRADES and deposit a minimum of $10,000 (or top up to $15,000 to get $150 transfer fees waived). Valid until December 31, 2021.
Qtrade Direct Investing offers low trading commissions and an easy-to-use platform with access to powerful tools and a wide selection of investment options. Trade 100 ETFs free of charge and thousands more for $8.75 or lower.
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Name Product Minimum Opening Deposit Commission Available Markets Platforms
Blackbull Markets
US$200
$0 - $6.00 R/T per Lot
Forex
Metals
Commodities
MetaTrader 4
CFDs are leveraged products which involves greater risk than using cash resources only. You could lose all or more of your initial investment. Trade forex, CFDs and commodities with Blackbull Markets.
Forex.com
US$100
Minimum US$25
Forex
Metals
Commodities
Indices
Shares
Forex.com Desktop, Forex.com Web Trading, Forex.com Mobile Trading, MetaTrader 4
CFDs are leveraged products which involves greater risk than using cash resources only. You could lose all or more of your initial investment. Trade 80+ currency pairs and 220+ CFDs in equities, commodities and indices on Forex.com.
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What is the gold price in Canada now?

Real-time data for commodities is provided by market makers, not the exchanges. Prices are indicative and may differ from the actual market price.

How to buy physical gold in Canada

Buying storing physical gold allows you to get your hands on a tangible asset and avoid the risks associated with the stock market.

If you decide to buy physical gold, you’ll then need to consider what form you’d like to acquire. You can buy gold bullion in bars or in coins. Bars are larger and therefore more expensive, but they are an effective option if you’re looking to make a sizeable investment. Gold coins are smaller and less valuable, so they can be a more convenient option when you need to liquidate some of your investment.

How to buy gold bars

Stack of gold bars Image: Getty

Gold bars generally range in size from 1/10oz (ounces) to 1kg, but there are bars of up to 500oz available. Remember that precious metals use troy ounces and that one troy ounce equals 31.1 grams.

There are 2 types of gold bars: cast bars and minted bars. Cast bars are produced by pouring molten gold into an ingot mould, while minted gold bars are manufactured via a minting or stamping process. Cast bars are cheaper to produce, but minted bars look better and are generally easier to sell.

How to buy gold coins

Stacks of gold coins Image: Getty

Mints around the world also produce gold bullion coins. Typically smaller than bars and ingots, they’re generally considered to be a more convenient option for many investors. Not only are they cheaper to buy, but they also make it easier to liquidate a small portion of your investment when you need cash. Coins contain between 1/10oz and 1oz of pure gold.

These coins also have a nominal monetary value and can be accepted as legal tender in the country where they’re made – examples include the Australian Kangaroo, the American Gold Eagle, the Canadian Maple Leaf and the UK’s Gold Sovereign.

Where to buy gold in Canada

There are several options to consider when choosing where to buy gold in Canada, so make sure to consider the following factors before deciding where to buy:

      • Location. There are a number of gold dealers around Canada, so the location of those dealers will influence your decision if you plan on buying gold in person. Check out Bullion Directory to find a gold bullion dealer in your province.
      • Online options. There are also many online dealers that allow you to conveniently buy gold bullion online. As well as specialist dealers, you can also buy gold through marketplaces such as eBay and even arrange purchases through precious metal forums. However, as is always the case when spending money online, you’ll need to make sure you know who you’re dealing with – do some research to find out whether the seller is reputable and trustworthy.
      • How the gold was produced. You’ll also need to find out where the dealer gets their gold from. Is it refined and produced by an established and recognized manufacturer?
      • Bullion DNA (for gold and silver maple leaf 1 oz coins). The Bullion DNA technology prevents counterfeiting by scanning and detecting the authenticity of Gold Maple Leaf 1 oz coins dated 2014 and onwards and Silver Maple Leaf 1 oz coins dated 2015 and onwards. If you’re interested in buying these types of assets, look for a registered Bullion DNA dealer.
      • Premiums and commissions. Read the fine print to find out what fees the dealer charges. Expect to pay a commission to the dealer, which is usually folded into the purchase price, as well as an assay fee to check the purity of the gold and to verify its authenticity, but shop around for the best value.
      • Compare price to Canadian gold price. Gold prices are commonly quoted in US dollars, so make sure you compare the price offered by a dealer with the current price of gold in Canadian dollars.
      • Delivery. Find out how and when the gold will be transported to you or to its place of storage. Is it insured if anything goes wrong during the delivery process?
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Thinking of investing in physical gold? Consider the pros and cons first

Pros

  • Protect your wealth. Gold has long been seen as a reliable store of value that is largely unaffected by the factors that influence other investments. For example, when share prices plummet, the price of gold usually rises as investors look for somewhere “safe” to park their money.
  • Diversify your portfolio. Gold’s “safe haven” status also makes it well worth considering if you’re looking to diversify your investment portfolio and protect your overall financial position during periods of market downturn.
  • Easy to buy. There are many dealers who specialize in buying and selling gold, so getting your hands on this precious metal may be easier than you think.
  • It’s a tangible asset. If global financial systems were to somehow collapse, such as what happened during the Great Depression, owning gold as a physical asset offers financial protection. Gold also can’t be destroyed by fire or water damage and won’t corrode over time.
  • Liquid. Gold is fairly easy to convert to cash whenever you need to do so. However, it can be easier to sell a gold stock or ETF than it is to sell a bar of gold.

Cons

  • Long-term returns may be lower. Gold is commonly seen as a steady investment, so it may not offer the same potential for big returns as other investments.
  • There are fees to consider. You’ll need to factor additional costs such as dealer fees, delivery, storage, security and insurance into your calculations.
  • Not as convenient as ETFs. ETFs offer a simple and cost-effective way to gain exposure to gold and may be a more convenient option than buying physical gold for many people.
  • No ongoing income. Unlike owning property or shares, which can both provide an ongoing source of income in the form of rent and dividends respectively, gold doesn’t provide regular income.

Bottom line

Like silver, gold is considered a stable investment that retains its value. Before you invest in gold, you’ll want to consider whether you want to buy, store and insure physical gold, invest in gold on the stock market, or use CFDs to trade gold. Regardless of how you choose to invest in gold, remember that, like all investments, it carries risk.

Frequently asked questions about how to buy gold in Canada

Disclaimer: This information should not be interpreted as an endorsement of futures, stocks, ETFs, CFDs, options or any specific provider, service or offering. It should not be relied upon as investment advice or construed as providing recommendations of any kind. Futures, stocks, ETFs and options trading involves substantial risk of loss and therefore are not appropriate for all investors. Trading CFDs and forex on leverage comes with a higher risk of losing money rapidly. Past performance is not an indication of future results. Consider your own circumstances, and obtain your own advice, before making any trades.

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