REVscene - Vancouver Automotive Forum

LIKEABOSS · 01-17-2012, 01:13 AM

Quote:

Originally Posted by Snoop Monkey Monk

The only Canadian bank that does that is Scotiabank but their premiums are higher then the bullion dealers. Also you can't buy from Scotiabank if you don't have a bank account with them. And if you do buy from the local bank branch, then you have to wait days maybe weeks for them to give it to you. It's not something they keep in stock like the bullion dealers.

Scotiabank

Just so you guys know, you can now buy bullion from Scotiabank online using your credit card (no account needed). Its fast and easy though they may be more expensive than buying from a local dealer. I bought some bullion last week and they charged me spot + profit + transaction fees + shipping. I don't know if local dealers charge transaction fees though I'll let you guys know when I visit VBCE this month.

unit · 01-17-2012, 12:07 PM

Quote:

Originally Posted by LIKEABOSS

For those of you who buy your coins at J&M, do you guys just walk into the store and pay cash? Or do you need some kind of account? How does it work exactly? Thanks a bunch!

i know at vbce any transactions over 3k require identification.
i think you can pay however you'd like. its like buying currency.

tool001 · 01-17-2012, 12:51 PM

does j&M charge a surcharge per oz on silver. last i checked they did.

anyplace (legit) will ask for id for buying/selling anything over 3k.

vbce is still a better bet, rather than paying shipping etc. (untill unless you are tying to collect miles on your cc)

LIKEABOSS · 01-17-2012, 05:14 PM

I just received my bullion purchase from Scotiabank and I noticed that all my coins/bars were brand new and my Maple Leafs are MFY 2012. In your experience, when you guys buy bullion, do shops only sell new stock? Or do they sometimes sell older/used coins they purchased from other investors? Thanks! =)

MTV Cribs · 01-17-2012, 05:47 PM

They're usually new unless their inventory runs low then they give you whatever they buy from people selling. You can also tell them you want new ones only though I don't think most people care including me. I only ask for new ones when buying limited silver wildlife maples.

You should have just bought from the local dealers cause you just pay whatever price you see on their website at the time of purchase. Transaction fees and shipping fees from Scotiabank really kills the deal.
Posted via RS Mobile

LIKEABOSS · 01-17-2012, 07:00 PM

Quote:

Originally Posted by MTV Cribs

They're usually new unless their inventory runs low then they give you whatever they buy from people selling. You can also tell them you want new ones only though I don't think most people care including me. I only ask for new ones when buying limited silver wildlife maples.

You should have just bought from the local dealers cause you just pay whatever price you see on their website at the time of purchase. Transaction fees and shipping fees from Scotiabank really kills the deal.
Posted via RS Mobile

This was my first time buying bullion and I definitely overpaid, I will buy from VBCE from now on. = P

LIKEABOSS · 01-17-2012, 07:04 PM

edit

waddy41 · 01-18-2012, 04:14 PM

Can I use my CC to buy silver at VBCE?
hmmn..I get 1% cash back

As well when you sell, do they give you a cheque?

jeff19 · 01-18-2012, 04:37 PM

VBCE only takes debit/cash. Recieving a cheque is an option, but theres a fee for anything under $1k

and I would never buy bullion from Scotiabank. On top of the larger spread, they have a bunch of fees which make it not worth it.

For anyone living in whiterock/surrey BorderGold is VBCE's sister company and their bullion rates are pretty much identical to to vbce + lots more choices. They also do shipping.

LIKEABOSS · 01-18-2012, 06:15 PM

Quote:

Originally Posted by jeff19

VBCE only takes debit/cash. Recieving a cheque is an option, but theres a fee for anything under $1k

and I would never buy bullion from Scotiabank. On top of the larger spread, they have a bunch of fees which make it not worth it.

For anyone living in whiterock/surrey BorderGold is VBCE's sister company and their bullion rates are pretty much identical to to vbce + lots more choices. They also do shipping.

Do you know how much this fee is when you sell bullion to VBCE? And is there no fee if the value is over 1k? Thanks!

jeff19 · 01-18-2012, 06:52 PM

i meant theres a fee ($5) if you want a cheque back for anything under $1k, no fee for cash

LIKEABOSS · 01-18-2012, 06:59 PM

Quote:

Originally Posted by jeff19

i meant theres a fee ($5) if you want a cheque back for anything under $1k, no fee for cash

Hey jeff, when an investor sells his bullion to say VCBE and makes a profit. How does the government tax you on your gains? Thanks!

PuYang · 01-18-2012, 08:37 PM

J&M last time I checked sell CHEAPER than VBCE, and buy at HIGHER prices when you sell to them! Though the differences is like a dollar or 2 only.

A while ago, me and a friend were obsessed with buying Gold, and we compared prices. We went to J&M with VBCE's website loaded and refreshing on our phones. They quoted cheaper than VBCE at the exact time, and gave us quotes on their buying price, which was also higher than VBCE.

J&M also accepts credit cards when I asked. But you get charged 1% interest if you use Credit card.

LIKEABOSS · 01-18-2012, 11:17 PM

Quote:

Originally Posted by PuYang

J&M last time I checked sell CHEAPER than VBCE, and buy at HIGHER prices when you sell to them! Though the differences is like a dollar or 2 only.

A while ago, me and a friend were obsessed with buying Gold, and we compared prices. We went to J&M with VBCE's website loaded and refreshing on our phones. They quoted cheaper than VBCE at the exact time, and gave us quotes on their buying price, which was also higher than VBCE.

J&M also accepts credit cards when I asked. But you get charged 1% interest if you use Credit card.

How do you rate J&M's customer service? There are some really scary reviews online.

PuYang · 01-19-2012, 09:08 AM

^ really? I never really checked their reviews. I only go to the one inside Metrotown mall. I like the place! Its convenient, and well lit in the mall. not sketchy or anything.

Most of the times I went in, the service was good. Usually really nice people. But as with any store, I wouldnt be surprised if they had one or two employees who are less patient with customers.

but most of the times me and bro or friend goes in, we are sometimes slightly under dressed... and they still treat us nicely and with respect, and answer all of our questions etc.

jeff19 · 01-19-2012, 10:38 AM

Quote:

Originally Posted by LIKEABOSS

Hey jeff, when an investor sells his bullion to say VCBE and makes a profit. How does the government tax you on your gains? Thanks!

You have to declare the gains on your own when you do your tax return

waddy41 · 01-19-2012, 11:08 AM

If the proceeds are under $1000 then you do not have to declare anything.

"When a gain is realized form the sale of personal use property the Income Tax Act provides that the proceeds of the sale are deemed to be the greater of $1,000 or the amount of the actual proceeds. Similarly the adjusted cost base is deemed to be the greater of $1,000 and the actual proceeds of disposition. These rules effectively ensure that larger gains are taxes and small transactions are excluded from taxation."

Now the question is, can you argue that each unit you have is a separate property.
IE. If you sell 100 x 10 oz bars at $300 each, will you not be taxed as each bar's proceed of disposition is $300?

LIKEABOSS · 01-19-2012, 03:22 PM

I bought some silver maple leafs from VCBE today. My experience with VCBE was really good. The store and staff were very professional. They even have private booths for each customer so you won't be overheard. Another plus is that VCBE is only a few minutes walk from Waterfront station so it's super convenient. I will be buying my bullion from VCBE from now on! = D

DJ Milk · 01-20-2012, 03:19 AM

VBCE is great but most times the line up is long especially at the Richmond location. You could be standing in line sometimes for 15-30 minutes.

LIKEABOSS · 01-20-2012, 07:04 PM

Quote:

Originally Posted by Snoop Monkey Monk

VBCE is great but most times the line up is long especially at the Richmond location. You could be standing in line sometimes for 15-30 minutes.

I went during the slow hours (ie. 1:30 PM) and there was no lineup at the downtown location. = D

LIKEABOSS · 01-23-2012, 06:29 PM

Have any of you guys bought 10oz silver bars locally? If so, who manufactures them? Are some companies more reputable than others? Thanks.

Death2Theft · 02-02-2012, 10:38 AM

So when u buy gold bullion how do u tell it's the real deal 99.999% pure or whatever?

jeff19 · 02-02-2012, 11:19 AM

Quote:

Originally Posted by LIKEABOSS

Have any of you guys bought 10oz silver bars locally? If so, who manufactures them? Are some companies more reputable than others? Thanks.

Most places carry NTR and A-mark bars. I've seen Pan Am bars from time to time but not as much. They're both pretty reputable refiners, been around for awhile, and there's not much difference as far as I know.. It all comes to personal preference IMO.

Quote:

Originally Posted by Death2Theft

So when u buy gold bullion how do u tell it's the real deal 99.999% pure or whatever?

It's pretty rare to come by 5 9s haha, lucky if you come by any! most coin/bars are 4 9s. If you have an electronic scale, you can always weigh it, troy oz = 31.xx grams. Density wise you'd have to go to someone who knows how to measure it. but im pretyt sure most places weigh/test density before shipping out though.

PuYang · 02-02-2012, 11:26 AM

Quote:

Originally Posted by Death2Theft

So when u buy gold bullion how do u tell it's the real deal 99.999% pure or whatever?

When you buy a 1oz gold bar, they will ALWAYS be stamped with words like "PURE GOLD" (99.99), or it will just say "99.99" somewhere on it. I have yet to come across one that does not.

Each one is also stamped by a company IE: scotia bank, TD bank, J&M, canada mint, etc etc.

When you get to larger bars, such as 1KG bars, they are no longer 99.99% pure. as it is much harder to manufacture. they have a standard that is considered "accepted" when it comes to larger bars. cant remember the number, but its still in the 9X.xxx%

LIKEABOSS · 02-02-2012, 02:46 PM

What's your outlook on bullion in the mid-term (3-5 years)?

I'm predicting that gold will double and silver will triple.

I think the endgame of the current Euro financial crisis will be another Lehman Brothers moment in either Europe or America and we will see another financial crisis similar to what happened in 2008. But this time it's going to be a whole lot bigger because since then the banks have only gotten bigger (thus adding more systemic risk) and the central banks of the world are saddled with unprecedented debt from previous bailouts and stimulus packages. I think when this crisis comes, investors will rush to precious metals because the US dollar and US treasury notes will no longer be seen as safe. This is when the price of gold and silver will skyrocket. Your thoughts?