SOUTH AFRICAN KRUGERRAND — AUGUST 23, 2023
🪙 91.67% Purity · NOT GST/HST-exempt · RRSP/TFSA: No (below 99.5%)
On Wednesday, August 23, 2023, the South African Krugerrand was priced at C$2,716.57 in Canadian Dollars. This included the spot price of C$2,599.59 plus a typical dealer premium of C$116.98 (4.5% over spot). Gold rose C$31.30 (+1.22%) from the previous session.
The Krugerrand was the world's first modern gold bullion coin, introduced by South Africa in 1967. Like the American Eagle, its 91.67% purity means it is NOT GST/HST-exempt in Canada and NOT eligible for registered accounts. However, its historical significance and worldwide recognition make it a sought-after collectible.
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 -0.9% below the yearly average and -7.4% from the year's high.
PRICE BREAKDOWN
| Component | CAD |
|---|---|
| Gold Spot (XAU/CAD) | C$2,599.59 |
| Premium (4.5%) | +C$116.98 |
| South African Krugerrand | C$2,716.57 |
| Per Gram | C$87.34 |
CANADIAN DEALER PRICES — AUGUST 23, 2023
| Dealer | 1 oz Bar (CAD) | Premium |
|---|---|---|
| Kitco | C$2,664.59 | C$65.00 |
| Sprott Money | C$2,677.59 | C$78.00 |
| SilverGoldBull | C$2,654.59 | C$55.00 |
| TD Precious Metals | C$2,694.59 | C$95.00 |
| Royal Canadian Mint | C$2,709.59 | C$110.00 |
| Border Gold | C$2,669.59 | C$70.00 |
📊 Market Analysis — August 23, 2023
❓ 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
Storage Considerations: Home safe (for holdings under C$50,000), bank safe deposit box (limited insurance), or allocated vault storage through dealers like Kitco or Sprott Money (institutional security, insured). Each option involves different cost, convenience, and risk trade-offs.
Dollar-Cost Averaging (DCA): Buy a fixed CAD amount of gold each month — say C$500. This strategy reduces the impact of short-term volatility and removes the stress of timing the market. Over 10+ years, DCA has historically produced returns close to the annual average gold price.
⚖️ Unit Conversions (CAD)
| Unit | Price (CAD) |
|---|---|
| Per Troy Ounce (31.1g) | C$2,716.57 |
| Per Gram | C$87.34 |
| Per Kilogram | C$87,339.63 |
| Per Pennyweight (1.555g) | C$135.83 |
| Per Tola (11.66g) | C$1,018.71 |
📚 Learn more: How to Buy Gold in Canada · Gold Tax Guide · 25 Year Price Analysis · All Guides