Scotia launches gold to investors

“Scotiabank Gold Certificates” were officially launched Tuesday evening during a function at the bank’s corporate box, Queen’s Park Oval, Port-of-Spain. This means Scotiabank has become the first bank in TT to offer gold as an investment option.

Anyone interested in buying gold certificates must place a minimum order for ten ounces (10oz) of 99.999 percent purity gold, which would cost an estimated TT $100,000 at current world market prices for gold.

Scotiabank said the market value of gold will be quoted on the basis of the amount of metal ordered on the particular day, an investor places his/her order.

Checks revealed that yesterday’s closing price for one ounce of gold bullion bar was US $1,763.17.

Scotiabank assured investors that its Gold Certificates are backed by the assets of its parent bank, the Bank of Nova Scotia, and are issued to clients in lieu of physical bullion, or bars.

Although this is the first time gold is being offered for sale by a local bank, globally Scotiabank is one of the largest physical gold dealers in the world, buying and selling gold in New York, London, Hong Kong, Shanghai and in its home country of Canada.

Addressing customers and potential gold certificate investors at the launch, Scotiabank TT’s recently appointed Managing Director, Anya Schnoor, said “this product is an opportunity for investors to diversify their investment portfolios. In a low interest rate environment where investors are asking for alternatives for their savings, gold offers an excellent investment option.”

“As one of the world’s leading traders in gold,” Schnoor added, “both individuals and companies will have access to a commodity with a proven long-term store of value. We are proud to be the first banking group to launch this innovative investment alternative in Trinidad and Tobago.”

In a brochure about its newest product, Scotiabank noted that “over the years, investors have seen gold as a safe and secure investment to guard against financial and geo-political turmoil.”

For more information, interested investors can visit any branch of Scotiabank TT, call 62-SCOTIA, or go online (www.tt.scotiabank.com/invest).