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Wednesday, 7th February 2007 (5548 views)

Retirement funds in Canada can be boosted by gold, following a new financial product launched in collaboration between online brokerage Questrade online and bullion dealer Kitco Metals.

Investors will be able to link their retirement war chest with the price of gold by purchasing bars and coins fashioned out of the precious metal.

Kitco's president Bart Kitner explained to Reuters that at the time gold was dealing for $260 (£132) an ounce, there was little media coverage but that has since changed and "everyone's looking at gold now".

The process will include Questrade processing the orders from investors and then giving them to Kitco who then supplies the Canadian Mint with the gold.

Gold will then be refined at the Mint and is stored on behalf of the investor in a vault.

David Madge, the Mint's executive director of bullion and refinery services, said: "What we like is that precious metals, or the mining industry, in Canada is quite significant and it's very important to our country as a whole."

Questrade claims that its retirement plan is the first of its kind in Canada and came in response to changes in regulations that meant that precious metals could be held in registered savings plans.

 

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