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Old 12-06-2012, 08:46 PM   #22
King Sirex
Join Date: Aug 2002
Location: Toronto
Posts: 9,846
I bought 2 silver 5 ounce coins from Scotiabank downtown the other day. I bought a USD quarter, 5 ounch. It was $180 for each after you factor in exchange to USD + the $5 commission they charge.

It cost me about $36 per ounce, which was at the time, $3 over spot price.

Rather steep. However a) Scotiabank will always buy it back from you.

The larger the denomination you buy, the lower the spread, so a 10 ounce bar/coin would probably yeild you between $34-35 per ounce.

The other option is buy certificates. You can do that online with most brokerages, but they usually have a minimum of like 500 ounces, etc.

If youre going to buy the physical metal, I suggest buying the minted coins, either from CAnda or the US. Reason is that the government can make it illegal to own the bars, but they can't make it illegal to own their own currency - which a silver minted coin is.
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