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Frequently Asked Questions?

Frequently Asked Questions?

For details on our Broadside Vault Accounts please see the Vault Account FAQ

1) Can I just walk into your store and buy silver and gold coins or bars ? Can I take them away with me ?
Yes, our website will show you what is in stock for immediate collection.Some payment methods require a waiting time, but if you are paying cash, then you can walk out with your silver or gold in your hand. We can usually meet orders upto $25k same day. Orders greater than this may require 3-5 days from date of payment if items are not in stock.

2) Is there GST / HST on silver, gold or platinum?
There is no GST or HST on any products considered by Revenue Canada to be investment grade (i.e. purity above 99.5% for gold and platinum, and 99.9% for silver)

3) Are there any other brokerage, shipping or dealer fees ?
No, the price you see online is the price you pay in store. There will only be a shipping charge if you want the goods shipped elsewhere.

4) How do I pay for my order - the price changes all the time ?
When you place an order by phone, we lock in the price for between 1-3 days to allow time for payment to arrive. You can pay by any of these methods:-

  • Cash (under $10,000 - in store only)
  • Interact Debit Card (upto your card limit - in store only)
  • Interac ETransfer (upto your daily transfer limit - from your online banking)
  • Bank Draft (upto $25,000) : Payable to "Broadside Bullion Inc." - MUST BE FOR THE EXACT AMOUNT OF THE INVOICE ONLY.
  • Interbank Wire Transfer (payment must be received by end of following business day)
  • Online Bill Payment (upto $25,000) : We are set up to receive bill payments from RBC, BMO & CIBC.
  • Personal/Business Cheque - we no longer accept personal or business cheques.

5) Do I have to provide my name and address, or other details ?
No, its as easy as buying bread in a convenience store. We do not need to keep track of customers names and addresses, unless you are paying over $10,000 in actual cash. If payment is by wire/draft/cheque then we do not need any details even if over $10,000

6) What is this $10,000 cash limit rule ?
If you pay over $10,000 in cash we are required by law to record and submit certain personal information to FINTRAC, the governments financial transactions database. However if you pay by cheque, money order, bank draft or wire we do not need to submit any information.

7) Why is the price of Silver/Gold coins and bars higher than the spot price I see online or on the news ?
There are several reasons why the price of a 1oz coin is different to the 1oz spot price

  • The spot price is used by international banks dealing with hundreds of large silver and gold bars
  • Wholesale prices for large volumes are cheaper than retail prices for smaller volumes (as is true in any business)
  • The Royal Canadian Mint incurs costs to melt, cast and mint the smaller bars and coins
  • Dealers such as us must charge some commision in order to make a profit too.

8) What is the difference between your Standard and Recognised bars ?
Firstly, there is no difference in the quality or purity between the standard and recognised bars. Everything we sell is of investment grade purity (above 99.5% for gold, and 99.9% for silver)

  • Our Recognised Bars are brands such as Royl Canadian Mint, Johnson Matthey, Credit Suisse, Engelhard. These are refiners approved by the LBMA (London Bullion Market Association) for inter bank transfer. Hence their products are recognised world wide (Americas, Europe, Asia, Australia etc)
  • Our Standard bars (often called Unrecognised Bars) are brands such as Sunshine Minting, Northwest Territorial Mint, Wall Street Mint. These are widely and readily accepted by dealers and individuals throughout North and South America, but people would not be so familiar with them in Europe or Asia.

As such, you will pay (and receive) a higher premium when dealing in recognised bars, however for most investors resident in North America unrecognised/standard bars represent a better value investment.

9) Why are there waiting times for different forms of payment, and what are they ?
Waiting times are to ensure funds are fully and correctly transferred to protect us from fraud or loss.

  • Personal Cheques : 10 business days to ensure sufficient funds.
  • Bankers Drafts over $10,000 : For new customers, we may require 24hrs to confirm authenticity.
  • Wire or Bank Transfer : As soon as funds are received.
  • Cash or Interac : No waiting time

10) On Saturdays the price page says 'WEEKEND RATES APPLY' - what does this mean ?
The international markets for silver and gold are only open during the week, so to buy and sell at the weekend costs us more, and we have to pass these costs on. However, if you cannot make it to our store during the week, you may phone an order through during regular hours, and arrange to pay for & collect it on Saturdays. Orders placed during the week will benefit from normal market prices, even if you are planning to pickup/pay on the weekend.

Weekend Rates no longer apply! As of 1st Aug 2014, rates at the weekend are the same as weekdays ! However maximum order sizes of 5oz Gold or 500oz Silver per person will apply on Saturday mornings.

11) Where should I keep my precious metals ?
Diversification is a good idea - i.e. don't keep it all in one place. Here are some suggestions we have heard...

  • Bank Safety Deposit Box ($20 per year)
  • Small home safe (~$100)
  • Concealed safe (e.g. adapted book, or fake can of food)
  • In a box in the roof space or behind a wall
  • Bury in the garden (gold does not rust or tarnish)
  • In your old socks drawer!

Just use your imagination - people cannot steal what they cannot find. Make sure your spouse / immediate relations know, or after you're gone they may sell the house with your hidden gold included!

12) Why should I bother holding physical gold when I can just buy gold ETF's or mining companies ?
The answer is you can do both, and each has advantages. ETF's are easy to buy/sell and impossible to steal. Coins and bars are tangible assets. i.e. you do not have to go through a broker to sell your shares, transfer the funds to your bank, then withdraw the cash (which can take days). If there is a breakdown or failure of either the ETF you're invested in, the stock market, the internet, your bank, your computer or any other interconnected system, then you will still have your physical store of value at home. Recent unrest in the Middle East has validated this - where the stock exchange in Egypt was closed for 1 month during the unrest, i.e. no-one could buy or sell any shares/ETFS at all.

13) How much money should I put into Silver and Gold ?
Most money managers and advisors are starting to again recognise the importance of gold as an investment. It is negatively correlated to stock markets and currencies, providing you with protection as these fall. It is also a form of financial insurance. In the event of a war or other catastrophe, gold and silver are seen as the ultimate safe havens, meaning just a small holding would skyrocket as it has in the past during such events. Typically large clients of private banks are being recommended to hold 5% - 10% in gold.

14) Do you buy silver or gold, and at what price ?
Yes, we will buy back any of the products we sell, or any similar investment grade bullion - as well as scrap silver and gold jewellery. Prices are listed on our web site for both bullion and scrap silver and gold.

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