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Gold is a rare and highly sought-after precious metal. Adding it to your investment portfolio can help to hedge against inflation, diversify your holdings, and set you up for future financial success. While you can invest in solid gold bars, many investors prefer to hold gold coins in their portfolio.
Compared to gold bars, gold coins offer more interest and appeal. Additionally, their value is often comparatively higher than the spot price of gold than a straight gold bar.
The Canadian Buffalo is one gold coin that you may want to invest in. Let's take a closer look at this coin to help you decide if it is indeed something you'd like to add to your portfolio.
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Gold Canadian Buffalo at a Glance
About the Gold Canadian Buffalo
The Gold Canadian Buffalo coin is manufactured by the Royal Canadian Mint. This mint is one of the most respected around the world and is known for using advanced technologies to produce spectacular coins with a high purity level.
This Gold Canadian Buffalo Coin is no exception. The ¼-ounce coin features a 99.99% purity level, which is among the highest purity levels you'll find. The coin was designed to pay tribute to the North American Buffalo and the measures the United States has taken to protect them. The Buffalo is the heaviest land animal found in North America.
The Gold Canadian Buffalo coin was minted in 2018. It has a $10 face value, though the actual value of this highly pure gold coin is significantly more.
Gold Canadian Buffalo Design
Once you take a look at the design of the Canadian Buffalo coin, we think you'll agree that it is truly something to behold. Read on for more information about the designs found on the obverse and reverse of this coin.
The portrait found on the front of the Gold Canadian Buffalo Coin is the same that you'll find on other Canadian currency. It is an effigy of Queen Elizabeth II. This particular portrait of the Queen was designed by Susana Blunt and selected by the Royal Canadian Mint in a contest. It has been the featured image on Canadian currency since 2003.
In the effigy, the Queen is facing to the right. She is not wearing a crown, but is wearing a gorgeous pearl necklace. The words "Elizabeth II D.G. Regina" surround the upper portion of her head. This phrase means "Elizabeth II, by the grace of God, the Queen." The bottom of the coin reads "10 Dollars," indicating the coin's face value.
As this coin is called the Gold Buffalo coin, you can probably guess that the reverse shows a buffalo. However, unlike the American Gold Buffalo Coin which shows a profile image of a full buffalo body, this coin shows a closer up image of an American buffalo's head. "Canada 2018" is inscribed above the head, and "9999 Find Gold ¼ Oz Or Pur" is imprinted below the buffalo image.
Gold Canadian Buffalo Value
If you're familiar with the value of other gold coins, it shouldn't be difficult for you to understand that the value of a coin can fluctuate based on different factors. The biggest factor is the daily spot price of gold. As this rises or falls, the value of any gold coins and bars will follow suit.
Now, the Gold Canadian Buffalo coin is only a ¼-ounce coin, and the spot price of gold is based on 1 ounce of gold. However, gold coins are often valued higher than the comparable spot price of gold due to their unique designs and/or rarity.
Due to fluctuating precious metals prices, it is best to contact a gold dealer for the most accurate pricing information for this coin.
Can You Add Gold Canadian Buffalos to a Precious Metals IRA?
If you are not familiar with Precious Metals IRA, they offer investors the opportunity to hold gold, silver, and other metals in their retirement account. Many like the idea of a Self-Directed IRA, such as a Precious Metals IRA, as it makes it possible to diversify your portfolio and make sure you aren't so dependent on the stock market, while also benefitting from tax breaks for retirement account holders.
When Precious Metals IRAs were introduced, the IRS created rules for the minimum purity requirements for each type of precious metals. According to these rules, gold coins and bars must be at least 99.5% pure. As the Gold Canadian Buffalo coin is 99.99% pure, it far surpasses this minimum requirement. Therefore, you can add Gold Canadian Buffalo coins to an IRA.
Investing in Gold Canadian Buffalo Coins
After reading through our review of the Gold Canadian Buffalo Coin, do you think you're ready to add some to your investment portfolio, either personal or IRA? This really is a wonderful coin to own, but with numerous other gold coin options out there, you definitely have a big decision to make.
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