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TORONTO (miningweekly.com) – Scotiabank has become the first bank in Canada to sell precious metals on line to the public, with its ScotiaMocatta eStore, where gold and silver coins and bars are available for purchase.
ScotiaMocatta is the group's precious metals trading arm.
Since the financial crisis hit, investors are wary of paper assets and have flocked to gold as a source of value and a safe haven.
Physical gold-backed exchange-traded funds offer a way to put money into bullion, but some investors still prefer to know they have immediate access to their precious metal.
The new eStore “broadens the range of choices in our wealth management offering to customers”, Scotiabank president and CEO Rick Waugh commented.
For now, orders are accepted only from within Canada, and customers can buy up to C$6 000 worth of gold and silver a day.
Eventually, ScotiaMocatta plands expand to the service to include the 50 countries in which Scotiabank operates.
Payment is made through the Interac network, using Visa, MasterCard, or debit cards and the metal will be delivered by courier.
Gold, which traded above $1 000/oz for part of this month, was at $993,70/oz on Tuesday afternoon.
Scotiabank already sells precious metals at its branches, and the demand for these services was one of the drivers behind the launch of the eStore.
