Home›Products›American Gold Buffalo›August 16, 2023

AMERICAN GOLD BUFFALO — AUGUST 16, 2023

🪙 99.99% Purity · GST/HST-exempt · RRSP/TFSA: Yes

C$2,685.75
Premium: C$127.89 (5.0%)

On Wednesday, August 16, 2023, the American Gold Buffalo was priced at C$2,685.75 in Canadian Dollars. This included the spot price of C$2,557.86 plus a typical dealer premium of C$127.89 (5.0% over spot). Gold fell C$2.68 (-0.10%) from the previous session.

The American Gold Buffalo is the US Mint's 99.99% pure gold coin, introduced in 2006. Unlike the American Eagle, the Buffalo's high purity means it IS GST/HST-exempt in Canada and IS eligible for RRSP/TFSA registration—making it an attractive alternative for Canadian investors who appreciate American coin designs.

In 2023, gold in CAD traded between C$2,446.93 and C$2,807.55, with an annual average of C$2,621.94. This day's price was -2.4% below the yearly average and -8.9% from the year's high.

PRICE BREAKDOWN

ComponentCAD
Gold Spot (XAU/CAD)C$2,557.86
Premium (5.0%)+C$127.89
American Gold BuffaloC$2,685.75
Per GramC$86.35

CANADIAN DEALER PRICES — AUGUST 16, 2023

Dealer1 oz Bar (CAD)Premium
KitcoC$2,622.86C$65.00
Sprott MoneyC$2,635.86C$78.00
SilverGoldBullC$2,612.86C$55.00
TD Precious MetalsC$2,652.86C$95.00
Royal Canadian MintC$2,667.86C$110.00
Border GoldC$2,627.86C$70.00

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📊 Market Analysis — August 16, 2023

For Canadian investors, understanding the relationship between the USD/CAD exchange rate and gold pricing is essential. A weakening Canadian Dollar amplifies gold returns in CAD terms, while a strengthening CAD can dampen returns even when USD-denominated gold rises. Geopolitical tensions — including trade wars, military conflicts, and sanctions — historically drive gold higher as investors seek safe-haven assets. The Canadian Dollar, as a commodity currency tied to oil prices, can weaken independently during global uncertainty, creating a double tailwind for gold priced in CAD.

❓ Frequently Asked Questions

❓ Can I hold gold in my RRSP or TFSA?

Gold bars and coins with 99.5%+ purity from approved refiners can be held in a self-directed RRSP or TFSA through a qualified custodian. Storage is handled by approved vault facilities like those operated by the Royal Canadian Mint.

❓ Is this product GST/HST-exempt in Canada?

Under the Excise Tax Act, investment-grade gold bullion with 99.5% or higher purity is exempt from GST/HST across all Canadian provinces. Products below this threshold (e.g., American Eagle at 91.67% gold) are subject to full provincial sales tax.

❓ How should I store gold safely at home?

If storing at home, use a UL-rated fire-resistant safe bolted to concrete. Consider a rider on your home insurance policy. For larger holdings, allocated vault storage through Kitco Pool or Sprott Money provides institutional-grade security.

💡 Canadian Gold Investor Guide

Portfolio Allocation: Most Canadian financial planners recommend allocating 5–15% of a diversified portfolio to gold and precious metals. This allocation provides downside protection during equity bear markets while maintaining growth potential during inflationary periods.

Physical vs Paper Gold: Physical bullion (bars, coins) provides tangible ownership with no counterparty risk, ideal for long-term holdings. ETFs (CGL.TO, MNT.TO) offer convenience for trading and rebalancing. A combination of both can optimize for both security and flexibility.

⚖️ Unit Conversions (CAD)

UnitPrice (CAD)
Per Troy Ounce (31.1g)C$2,685.75
Per GramC$86.35
Per KilogramC$86,348.74
Per Pennyweight (1.555g)C$134.29
Per Tola (11.66g)C$1,007.16

📚 Learn more: How to Buy Gold in Canada · Gold Tax Guide · 25 Year Price Analysis · All Guides