Scotibank offering ~3% over spot

[blazespinnaker]

Just in case you're trying to get physical gold, Scotiabank in Canada, is selling at ~3% over spot with 1 day delivery at a branch.

This is on bullion (1 oz bars).

There is about a .5% reduction in price for 10z bars.

For US, you could try: http://scotiabank.com/cda/content/0,..._LIDen,00.html

They might be able to hook you up.

Note, coins might make sense if you're looking for legal tender. There is a greater premium versus bullion, but this has nothing to do with fundamental gold prices and everything to do with a lack of stamped coins.

[Supercilious]

Re: Scotibank offering ~3% over spot

Just in case you're trying to get physical gold, Scotiabank in Canada, is selling at ~3% over spot with 1 day delivery at a branch.

This is on bullion (1 oz bars).

There is about a .5% reduction in price for 10z bars.

For US, you could try: http://scotiabank.com/cda/content/0,..._LIDen,00.html

They might be able to hook you up.

Note, coins might make sense if you're looking for legal tender. There is a greater premium versus bullion, but this has nothing to do with fundamental gold prices and everything to do with a lack of stamped coins.

Do they also have the same terms for gold maples?

[phirang]

Re: Scotibank offering ~3% over spot

There goes that whole physical shortage theory...

[Master Shake]

Re: Scotibank offering ~3% over spot

Just in case you're trying to get physical gold, Scotiabank in Canada, is selling at ~3% over spot with 1 day delivery at a branch.

This is on bullion (1 oz bars).

There is about a .5% reduction in price for 10z bars.

For US, you could try: http://scotiabank.com/cda/content/0,..._LIDen,00.html

They might be able to hook you up.

Note, coins might make sense if you're looking for legal tender. There is a greater premium versus bullion, but this has nothing to do with fundamental gold prices and everything to do with a lack of stamped coins.

Do they have branches in the US?

[blazespinnaker]

Re: Scotibank offering ~3% over spot

Check the link above for US information.

Maples are coins that are distributed by a separate producer who controls an artificial supply.

Bullion is pure physical gold.

I understand why you want the coins and it makes sense to me. However, the coins are 'fiat' (or, at least, the premium above physical gold is fiat). That is, the price is simply a function of the coin stampers 'central bank' and not a function of fundamental prices.

If I hear someone say there is a shortage of physical gold again, I may just scream. There isn't. There is a shortage of gold coins. Which makes sense, because people are panicking. Much in the same way there would be a shortage of bottles of water after a bad storm muddies the local water supply - but there is absolutely not shortage of water.

[Supercilious]

Re: Scotibank offering ~3% over spot

Check the link above for US information.

Maples are coins that are distributed by a separate producer who controls an artificial supply.

Bullion is pure physical gold.

I understand why you want the coins and it makes sense to me. However, the coins are 'fiat' (or, at least, the premium above physical gold is fiat). That is, the price is simply a function of the coin stampers 'central bank' and not a function of fundamental prices.

If I hear someone say there is a shortage of physical gold again, I may just scream. There isn't. There is a shortage of gold coins. Which makes sense, because people are panicking. Much in the same way there would be a shortage of bottles of water after a bad storm muddies the local water supply - but there is absolutely not shortage of water.

blazespinnaker, thanks for answer. I don't want any gold coins or bars. I'm one of those few individuals who doesn't believe in gold as a good investment (only as an inflation hedge in certain conditions).

Since there are now to parallel markets in gold:
-one for institutional investment grade gold (400+ oz with uninterrupted chain of custody London delivery material)
-one for consumer gold (mostly coins and 1-10oz bars but up to 100 oz bars)

and both markets are unfortunately linked by the same spot price on Comex , a fracture of the link is inevitable.

The first sign of the breaking of the price link was to see the first "smart" big guys preparing for the consumer grade gold bubble, ie the conversion of big bars into consumer products.

Since only the very few super big smart guys can get preferantial deals with mints to have a private conversion of 400+ oz bars into gold coins (maples, eagles etc), the smaller guys would have to resort to transforming the London grade bars into small 1-10 oz range bars into other outfits than the big mints. (it takes only some $20-$30 to buy an induction furnance a few good crucibles and molds for making bars)

And with the price differential between Comex spot and Ebay spot ...;)


http://cgi.ebay.com/10-Gram-Credit-FORTUNA-USA-24K-PURE-Gold-Bullion-Bar_W0QQitemZ160294022692QQcmdZViewItem?hash=item1 60294022692&_trksid=p3911.c0.m14&_trkparms=72%3A1205|66%3A2|65%3A12|39%3A1|240%3A13 18


What is that? $1000+/oz???:eek:

[blazespinnaker]

Re: Scotibank offering ~3% over spot

blazespinnaker, thanks for answer. I don't want any gold coins or bars. I'm one of those few individuals who doesn't believe in gold as a good investment (only as an inflation hedge in certain conditions).

Since there are now to parallel markets in gold:
-one for institutional investment grade gold (400+ oz with uninterrupted chain of custody London delivery material)
-one for consumer gold (mostly coins and 1-10oz bars but up to 100 oz bars)

and both markets are unfortunately linked by the same spot price on Comex , a fracture of the link is inevitable.

The first sign of the breaking of the price link was to see the first "smart" big guys preparing for the consumer grade gold bubble, ie the conversion of big bars into consumer products.

Since only the very few super big smart guys can get preferantial deals with mints to have a private conversion of 400+ oz bars into gold coins (maples, eagles etc), the smaller guys would have to resort to transforming the London grade bars into small 1-10 oz range bars into other outfits than the big mints. (it takes only some $20-$30 to buy an induction furnance a few good crucibles and molds for making bars)

And with the price differential between Comex spot and Ebay spot ...;)


http://cgi.ebay.com/10-Gram-Credit-FORTUNA-USA-24K-PURE-Gold-Bullion-Bar_W0QQitemZ160294022692QQcmdZViewItem?hash=item1 60294022692&_trksid=p3911.c0.m14&_trkparms=72%3A1205|66%3A2|65%3A12|39%3A1|240%3A13 18


What is that? $1000+/oz???:eek:

Not totally sure what you're saying here.

With smaller denominations there is a 'bar charge'. With commission and shipping, that comes to about 3% for 1oz and 2.4% for 10oz.