If Bank of Canada Lowers Rate This Week, Then What? | Page 5 | General financial discussion | Discussion forum

Thanks Winnie for responding to comments.

As I understand it, gold is priced in USD. In other words, there would also be a layer of currency conversion when buying and selling physical gold in Canada. Is this correct?

savemoresaveoften said
I am surprised to hear any legit dealers (banks etc) wont ask for ID's nor SIN.
I thought they are required to collect that information for tax reason and money laundering monitoring purposes etc.  

When buying/selling gold, there is absolutely no requirements to collect any information for tax reasons by banks, dealers, etc.

Only you, actual buyer/seller is required to report to CRA 1/2 of your capital gain/loss after you sold your gold.

For cash transactions over $10,000 some dealers will ask you for ID for money laundering monitoring. Anything below $10.000 cash - no ID whatsoever, anonymous transactions.

If you will pay via other means (multiple Interac email transfers, for example), you don't have to show your ID and in fact, you don't even need to provide your name and address too, completely anonymous transactions over $10,000 can be achieved without touching cash.

Winnie said

Please read my post #42 and #66.

I did not purchased gold as an investment.
It was only intended as a form/vehicle of my assets storage.
Sorry, when I used word "investment" earlier, I did not expected any profit, I only intended as a storage, my English is quite bad.

Also, when I'm keeping my assets (cash) in Tangerine/Simplii savings accounts, I'm not investing it, it just a form of storage with guarantee and possible some interest, that is probably below inflation, so in reality I'm probably loosing my money.

I also read your post #61 stating that you have a 50-60% increase in all your assets. For you to realize the momentous gain, you would have to sell your gold. Otherwise, like I and the article said, you just have a pile of gold worth whatever rate someone is willing to pay you for it when you need some cash...which, guaranteed, will not be the same next week, next month, next year. I think I would rather have cashed some in and have it earning 1.75% than watch my savings depreciate dramatically if/when this pandemic ends and life goes back to normal. You can potentially lose a lot more than the difference in interest earned and inflation. If it goes up, cash more in. If it goes down, buy more. Seems like a win/win to me.
I guess I'm missing your end game here. What do you hope to accomplish by holding all or most of your life's savings in a physical commodity? The only advantage I see is if society and the financial institutions totally collapse (zombie apocalypse ), you'd be able to barter a Canadian gold coin for a tin of beans. Until someone realizes you're surviving by bartering gold and takes it from you.
That or your heirs will have to deal with it.
I have dabbled in gold and was quite happy to double my investment. Yep....could have done better if I waited for the global catastrophe to hit, but I don't have the patience nor a doomsday outlook on the world.
Good luck whatever you do.