Have you been searching for the best place to buy silver in Canada?
In addition to precious metal and silver stocks, many investors have also turned to investing in silver bullion – or physical silver.
One of the most common ways to invest in bullion is to purchase silver bars, which are stamped and marked with an exact weight. Silver coins are another popular option.
Below, I’ll discuss a few of the key benefits of investing in silver and share some of the cheapest places to buy silver bars in Canada.
Benefits Of Investing In Silver Bars
Some of the primary benefits of investing in silver bars include:
- Silver has a history of maintaining its value
- Silver doesn’t have the same devaluation risks as fiat paper currency
- In addition to its intrinsic value as a precious metal, silver also has a wide variety of industrial use applications
Investing in physical silver bullion (as opposed to silver ETFs and stocks) offers the added peace of mind that comes with possessing a tangible asset.
If society and the banks were ever to collapse, possessing real silver bars and coins would give you a considerable advantage, as everybody’s fiat currency would be all but worthless.
Worst-case scenarios aside, silver can also be a good hedge against inflation.
During periods of high inflation, silver and other precious metals are often considered to be “safe haven” assets, maintaining or even increasing in value. Silver bullion is also highly liquid and can easily be converted to cash, offering added security and peace of mind.
Silver’s value as a safe-haven asset and an industrial resource means that demand for silver bullion is quite steady.
Lastly, the Canadian government offers favourable tax policies for silver bullion purchases. Precious metal bullion in the form of bars, coins, or ingots are considered “financial instruments,” meaning that they’re exempt from GST/HST sales tax.
- Note – To qualify for the GST/HST exemption, silver bars must be refined to a minimum purity of 99.9%
Cheapest Places To Buy Silver Bars in Canada
Canada also has a number of active silver mines, reducing the risk and cost associated with importing silver from international markets. Although some dealers source from international silver refiners, many Canadian silver dealers source their bullion from government mints and Canadian refiners.
If you’re looking for competitive prices on silver rounds, silver bars, silver coins, and other precious metals, the following silver bullion dealers are definitely worth checking out. Many of them also have brick-and-mortar locations where you can shop in person and avoid costly shipping fees.
1. Canadian PMX
- Website: Canadianpmx.com
- Free Shipping Available: No
- Physical Locations: 1 (Toronto, ON), open for retail customers
Headquartered in Ontario, Canadian PMX (short for “Precious Metal Exchange”) has a physical storehouse located on Yonge Street in Richmond Hill (north Toronto). The dealer offers a wide selection of precious metal products, primarily specializing in silver and gold bullion.
Canadian PMX prides itself on the immediate availability of gold, silver, and platinum coins and bars and ships throughout the country. The only downside is that it doesn’t offer free shipping, which could be costly if you’re purchasing in bulk.
Investors can purchase silver bars and other bullion in the dealer’s 10,000-square-foot bank building. If you’re new to silver investment, this is a great opportunity to talk with professionals, better understand the market, and weigh your options.
2. AU Bullion Canada
- Website: Aubullion.ca
- Free Shipping Available: No, but the dealer offers bulk discounts
- Physical Locations: 1 (Toronto, ON), 1 (Vancouver, B.C.), open to retail customers
From silver bars to silver coins, collectors silver coins, and more, Brampton, ON-based AU Bullion Canada works with precious metal refiners in Canada to bring a wide selection of gold, silver, platinum, and palladium to collectors and investors alike.
Most notably, AU Bullion sells “monster boxes” full of silver coins or silver bars, for those looking to purchase large amounts in bulk. Talk about a pirate’s treasure chest!
You can shop online and get orders shipped straight to your doorstep or visit on of the dealer’s two locations in Toronto and Vancouver. Shipping prices apply for most online orders, but AU Bullion offers competitive shipping rates and a lower premium when you buy in bulk.
- Website: Silvergoldbull.ca
- Free Shipping Available: Yes, available for orders over $299
- Physical Locations: 1 (Calgary, AB) – visits are offered by appointment only
Whether you want to buy silver, gold, or platinum, SilverGoldBull is one of the top-rated dealers in Canada and has over 335,000 five-star reviews from satisfied customers.
In addition to gold, platinum, and silver coins and bars, you can also purchase copper rounds and collectible jewelry, as well as displays, coin bags, and collector cases to store and display your collection safely.
SilverGoldBull primarily operates as an online dealer, and it is one of the few silver bar dealers in Canada to offer free shipping on all orders over $299. The dealer has a physical office located in Calgary, AB, but it’s not open for walk-ins. That being said, serious investors can schedule a tour of the facility if they’re interested in purchasing large amounts.
4. Border Gold Corp
- Website: Bordergold.com
- Free Shipping Available: No
- Physical Locations: 1 (Surrey, B.C.), open for retail customers
Aptly named, Border Gold Corp sits in the Vancouver suburb of Surrey, just a short drive from the border and the US state of Washington. The dealer offers silver, gold, platinum, and palladium bullion to buyers on both sides of the border and has a US and Canadian address where payments and inquiries can be mailed.
Border Gold Corp’s online store is well-stocked and offers a similar selection to SilverGoldBull, including standard silver bars and ingots as well as freshly minted collectors coins and ingots commemorating the Klondike Gold Rush and, of course, the classic Canadian Maple Leaf.
What sets Border Gold Corp apart from other dealers on this list is that it’s one of the few companies that also offers secure storage solutions. This can be a great option for bullion investors who aren’t comfortable keeping their silver at their personal residence.
5. Bullion Mart
- Website: Bullionmart.ca
- Free Shipping Available: Yes, for orders over $500
- Physical Locations: 1 (Toronto, ON), no walk-ins, appointment only
Toronto-based Bullion Mart is one of the largest silver, gold, and precious metal dealers in Ontario. While there’s an office in Toronto, customers must schedule an appointment to visit.
Bullion Mart sells gold, silver, and platinum coins, ingots, and bars from Canada, the United States, and Australia, so you can find some really neat collectors’ items here, as well as standard bars and coins.
Most notably, Bullion Mart offers PAMP Suisse silver bars. These elaborately designed bars come from the legendary Swiss refinery and feature beautiful designs depicting animals, historical figures, and more. You can also find standard PAMP Suisse bars that simply have a weight and serial number printed on them.
6. Beaver Bullion
- Website: Beaverbullion.com
- Free Shipping Available: No
- Physical Locations: None, online shipping only
Beaver Bullion is a Canadian precious metals brand known for its premium hand-poured pure silver products. Owner and silver enthusiast, John Masterson, has a true passion for silver as an art form and offers a number of unique, hand-pour silver bars, collectors’ coins, and other odd silver trinkets.
While the prices are fair, many of the top-selling items are often out of stock. Beaver Bullion wouldn’t be my first pick for large amounts of silver. However, if you’re looking for a noteworthy silver gift or something out of the ordinary to add to your silver collection, Masterson’s work is definitely worth checking out.
Silver Coins vs Silver Bars: What’s A Better Investment?
Providing they’re 99.9% pure, both silver bars and silver coins maintain their value the same, as their intrinsic value is based on the current silver spot price. That being said, certain rare coins, jewelry, or hand-poured bars can fetch a higher price among collectors.
Aside from that, the main difference between coins and bars is the weight of the silver. Coins typically come in the following increments:
- 10-ounce (these are less common)
Bars, on the other hand, favour heavier weights. Although one and ten-ounce bars are available, most investors lean towards 100-ounce and 1-kilogram bars.
Should You Invest In Silver Bullion Or Silver Stocks?
The prices of gold, silver, and other precious metals saw significant gains in late-2022, with the silver spot price passing $32 in December and $34 in May 2023.
If you’re looking for a low barrier to entry and don’t have somewhere safe to store silver bullion, it’s probably a better idea to get started investing in silver stocks and precious metal ETFs. This can be a great way to diversify your investment portfolio without the hassle of having to manage silver bars and coins.
However, if you’re looking for a more tangible asset that can be passed down for generations to come, silver bullion’s intrinsic value is hard to beat.
Want to learn more about investing in precious metals? Keep on reading to see my list of the best precious metal ETFs in Canada!