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
Indian envoy warns of 'big red line,' days after charges laid in Nijjar case
India's envoy to Canada insists relations between the two countries are positive overall, despite what he describes as 'a lot of noise.'
Stormy Daniels describes meeting Trump during occasionally graphic testimony in hush money trial
With Donald Trump sitting just feet away, Stormy Daniels testified Tuesday at the former president's hush money trial about a sexual encounter the porn actor says they had in 2006 that resulted in her being paid to keep silent during the presidential race 10 years later.
U.S. paused bomb shipment to Israel to signal concerns over Rafah invasion, official says
The U.S. paused a shipment of bombs to Israel last week over concerns that Israel was approaching a decision on launching a full-scale assault on the southern Gaza city of Rafah against the wishes of the U.S.
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.
Northern Ont. woman makes 'eggstraordinary' find
A chicken farmer near Mattawa made an 'eggstraordinary' find Friday morning when she discovered one of her hens laid an egg close to three times the size of an average large chicken egg.
Susan Buckner, who played spirited cheerleader Patty Simcox in 'Grease,' dead at 72
Susan Buckner, best known for playing peppy Rydell High School cheerleader Patty Simcox in the 1978 classic movie musical 'Grease,' has died. She was 72.
Jeremy Skibicki has 'uphill battle' to prove he's not criminally responsible in Winnipeg killings: legal analysts
Accused killer Jeremy Skibicki could have a challenging time convincing a judge that he is not criminally responsible for the deaths of four Indigenous women, a legal analyst says.
Bye-bye bag fee: Calgary repeals single-use bylaw
A Calgary bylaw requiring businesses to charge a minimum bag fee and only provide single-use items when requested has officially been tossed.
Alcohol believed to be a factor in boating incident after 2 men die: N.S. RCMP
Two Nova Scotia men are dead after a boat they were travelling in sank in the Annapolis River in Granville Centre, N.S., on Monday.