Scotiabank refuses to buy back Ontario woman's gold and silver
When an Ontario woman bought gold and silver from her bank nine years ago she always assumed she would be able to sell it back when she was ready.
But she was shocked when she was told Scotiabank, where she had purchased five ounces of gold and five ounces of silver, was no longer in the precious metals business.
Both the gold bar and silver coins are emblazoned with the Scotiabank logo.
"I have gold and silver purchased from Scotiabank. So why didn't Scotiabank notify me they were closing their precious metals division?" Whitby, Ont. woman Lynda Gatehouse said.
Many people invest in precious metals as part of their portfolio by purchasing stock in gold and silver companies, but you can also purchase physical gold and silver bars or coins.
In 2013 Gatehouse paid $22 an ounce for five ounces of silver for a total of $110 and $1,376 an ounce for five ounces of gold at a cost of $6,880.
Gatehouse said she was doing estate planning and decided to sell the gold and silver and gift her son with the proceeds, but became frustrated when her bank offered her no direction as to what to do with the precious metals.
“No information was given to me where I can take it to sell, however they did say I could take it to a pawn shop and I’m sorry I just don't operate that way,” said Gatehouse.
CTV News Toronto reached out to Scotiabank and a spokesperson said, "In Q2 2020, Scotiabank announced the wind down of its metals business. Other financial institutions continue to deal in precious metals.”
Canada's other four big banks still buy and sell gold, but they have different policies and may only buy back gold that was purchased from them.
Along with jewelry stores and pawn shops there are precious metals dealers that specialize in buying gold and silver which is where Gatehouse eventually ended up on the advice of her financial planner.
Gatehouse sold the gold and silver and paid the dealer a commission. The five ounces of silver she purchased in 2013 for $10 dollars only increased $15 dollars over nine years to $125.
However the five ounces of gold did appreciate from $6,880 to $10,800, an increase of $3,920.
Gatehouse still feels her bank could have done more to help her and other customers who purchased their gold and silver.
"I’m really disappointed that they didn't inform me they were closing their division and leaving us high and dry," said Gatehouse.
If you have gold and silver and want to sell it it's important to know the spot price, because it fluctuates each day. You may also want to get three estimates to make sure you're getting the best price that you can.
CTVNews.ca Top Stories
Former homicide detective explains how police will investigate shooting outside Drake's Bridle Path mansion
Footage from dozens of security cameras in the area of Drake’s Bridle Path mansion could be the key to identifying the suspect responsible for shooting and seriously injuring a security guard outside the rapper’s sprawling home early Tuesday morning, a former Toronto homicide detective says.
Federal government grants B.C.'s request to recriminalize hard drugs in public spaces
The federal government is granting British Columbia's request to recriminalize hard drugs in public spaces, nearly two weeks after the province asked to end its pilot project early over concerns of public drug use.
Stormy Daniels describes meeting Trump during occasionally graphic testimony in hush money trial
Stormy Daniels took the witness stand Tuesday at Donald Trump's hush money trial, describing for jurors a sexual encounter the porn actor says she had with him in 2006 that resulted in her being paid off to keep silent during the presidential race 10 years later.
MPs agree Canadian gov't should improve new disability benefit
The federal government needs to safeguard the incoming Canada Disability Benefit from clawbacks and do more to ensure it actually meets the stated aim of lifting people living with disabilities out of poverty, MPs from all parties agree.
King Charles too busy to see son Prince Harry during U.K. trip
Prince Harry will not be seeing his father King Charles during his current visit to Britain as the monarch will be too busy, Harry's spokesperson said on Tuesday.
Boy Scouts of America changing name for first time in 114 years, aiming for inclusivity
The Boy Scouts of America is changing its name for the first time in its 114-year history and will become Scouting America. It's a significant shift as the organization emerges from bankruptcy following a flood of sexual abuse claims and seeks to focus on inclusion.
opinion Tom Mulcair: Trudeau's handling of Poilievre's 'wacko' House turfing a clear sign of Liberal desperation
When Speaker Greg Fergus tossed out Pierre Poilievre from the House last week, "those of us who have experience as parliamentarians simply couldn't believe our eyes," writes former NDP leader Tom Mulcair in his column for CTVNews.ca
Liberal government not immune from auto thefts: 48 vehicles stolen in recent years
Documents tabled in the House of Commons this week show 48 government vehicles were stolen between January 2016 and February of this year, most of them in Ontario.
CFL suspends Argos QB Chad Kelly at least nine games following investigation
The CFL has suspended Toronto Argonauts quarterback Chad Kelly at least nine games for violating the league's gender-based violence policy.