Thursday, November 27, 2008

On Purchasing Gold

Fundamentally, I think gold is a stupid investment. That doesn't stop this from being interesting:
You can go into the main Scotiabank branch in downtown Toronto and buy gold coins, wafers or bars, ranging in size from one-twentieth of an ounce to 400 ounces (which will set you back more than $320,000). You can also buy gold in other bank branches around the country, but you have to make arrangements for delivery in advance. There is no GST on most gold products, if they are very pure (above 99.5 per cent) and bought for investment purposes. There may be provincial sales taxes, depending on which province you live in. And you'll usually pay manufacturing, shipping and storage fees on top of the spot price.

I did not know that. If I wasn't living on the budget of a graduate student and several hours drive from Toronto (not that I have a car), I'd be tempted to go, inquire, and back out at the last moment, just to see what the process is like.

In more important news, my exams start in two weeks today. Hopefully updates will be scarce.

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