RRSPs with a Golden Lining

Finally! We finally have a product that will allow Canadians to hold physical gold within their RRSPs. As reported in the Globe and Mail today , starting monday we can buy physical gold bullion through Questrade.com and Kitco.com which will be held for your RRSP at the Royal Canadian Mint.

While we have had the right to hold gold and silver in our RRSPs since the 2005 federal budget nobody bothered to develop a product that qualified. While I'm not familiar with Questrade, their affiliation with Kitco and the Mint gives me reason to be optimistic about it's qualtiy of management. Gee, I sure wish they would advertise on my site;) payment in bullion would be fine! Oh hell, who am I kidding, I'd take junk silver.

I am disappointed however that there is still no product to hold silver, at 5-10 cents per month per ounce I guess it would not workout but it's still disappointing. A product for silver would certainly take a fair bit of silver off the market, perhaps fear of shortages or somebody's self interest in maintaining the silver shorts was involved. Don't sneer, it's my perogative to be cynical and paranoid.

In my opinion silver is still the better investment due to market size, potential shortages etc, but since you can't hold silver in your RRSP gold is a wonderful second choice. I wonder how well transfers from another instituions self directed RRPs will be handled? I'll let you know when I try.