Silvergoldpmx.ca Reviews

Based on looking at the website silvergoldpmx.ca, it appears to be an online platform for buying and selling physical gold and silver bullion. While the direct transaction of gold and silver in itself is permissible in Islam, the online nature of the exchange on silvergoldpmx.ca, where immediate physical possession by both parties is not guaranteed, raises significant concerns regarding the Islamic principle of Qabdh possession. This lack of simultaneous exchange of goods and payment, or immediate receipt of the actual gold/silver, can lead to transactions that resemble riba interest or gharar excessive uncertainty, both of which are strictly forbidden in Islam. Such online dealings often involve complexities that can inadvertently lead one into impermissible financial practices, making them a less advisable avenue for acquiring precious metals. Instead, for those seeking to acquire gold and silver, seeking out alternatives that adhere strictly to Islamic financial principles, such as in-person transactions where physical possession can be taken immediately, or utilizing Islamic finance institutions that offer compliant investment solutions, would be far more prudent and blessed.

Find detailed reviews on Trustpilot, Reddit, and BBB.org, for software products you can also check Producthunt.

IMPORTANT: We have not personally tested this company’s services. This review is based solely on information provided by the company on their website. For independent, verified user experiences, please refer to trusted sources such as Trustpilot, Reddit, and BBB.org.

Silvergoldpmx.ca Review & First Look

When you first land on silvergoldpmx.ca, you’re greeted with a relatively clean and professional interface, typical of many online bullion dealers.

The site aims to facilitate the buying and selling of physical gold and silver, primarily targeting Canadian customers.

They showcase various products, from gold coins and bars to silver rounds and larger ingots, with real-time pricing updates that fluctuate with market conditions.

From a purely functional standpoint, the site seems designed to be user-friendly, allowing visitors to browse inventory, check spot prices, and presumably initiate purchases or sales.

However, the core issue, from an Islamic perspective, isn’t the aesthetics or the product range, but the underlying transactional mechanism.

The Nuance of Online Gold & Silver Trading in Islam

The exchange of gold for currency, or gold for gold, and silver for currency, or silver for silver, is governed by very specific rules in Islamic Fiqh jurisprudence. The primary concern revolves around Qabdh, or the actual physical possession. For gold and silver, which are considered Ribawi items items subject to specific rules regarding interest and immediate exchange, the transaction must occur on the spot, hand-to-hand. This means if you’re buying gold, you must physically receive the gold at the moment of payment, and the seller must physically receive the payment. This “simultaneity” is crucial to avoid riba al-fadl interest by excess and riba an-nasi’ah interest by delay.

Online platforms like silvergoldpmx.ca, by their very nature, introduce a delay between payment and physical delivery. You pay online, and then the bullion is shipped to you days later. This delay, however short, breaches the requirement of immediate Qabdh. It essentially means you are paying for something you haven’t received and won’t receive immediately, creating a debt-like relationship for a Ribawi item, which is impermissible.

silvergoldpmx.ca Pros & Cons

Given the inherent issues from an Islamic finance perspective, a direct “pros and cons” list as one might apply to a permissible service isn’t entirely appropriate. Instead, let’s look at the apparent benefits of such a service, and then delve deeply into the critical Islamic concerns.

Apparent “Pros” from a non-Islamic lens

• Convenience: Online platforms offer unparalleled convenience for buying and selling precious metals from home, avoiding the need to visit physical dealers.
• Wider Selection: Often, online dealers can offer a broader range of products than local shops, including various denominations, mints, and types of bullion.
• Competitive Pricing: Due to lower overheads, online dealers might offer slightly more competitive pricing compared to brick-and-mortar stores, often very close to the spot price.
• Market Accessibility: They make it easier for individuals to participate in the precious metals market without significant barriers.

Critical “Cons” from an Islamic lens

• Lack of Qabdh Immediate Possession: This is the paramount issue. As explained, the online transaction for gold and silver, where physical delivery is delayed, directly violates the condition of immediate Qabdh, leading to riba.
• Gharar Excessive Uncertainty: While the products are defined, the process introduces elements of uncertainty regarding delivery, potential shipping issues, or even counterparty risk, which can fall under gharar.
• Risk of Falling into Riba: The fundamental structure of deferred exchange for Ribawi items inherently carries the risk of engaging in interest-based transactions, even if unintentional.
• Trust in Counterparty: While reputable dealers strive for integrity, any online transaction requires a degree of trust in the seller to deliver the goods as promised, without the immediate physical exchange.
• Security of Delivery: Shipping precious metals involves risks of loss or theft, which, while often insured, adds a layer of uncertainty that is not present in an immediate, in-person exchange.

silvergoldpmx.ca Alternatives

Given the issues with online bullion purchases from an Islamic perspective, the focus shifts entirely to permissible alternatives that ensure immediate Qabdh and avoid riba and gharar.

In-Person Physical Purchase

• Local Bullion Dealers: The most straightforward and Islamically compliant method is to visit a physical bullion dealer or coin shop in person. You pay with cash or an immediate bank transfer where funds clear instantly, and you receive the gold or silver immediately. This satisfies the Qabdh requirement.
• Reputable Jewelers: For smaller denominations of gold e.g., specific jewelry forms, though jewelry itself has different rules from investment gold, some reputable jewelers might sell investment-grade gold or silver products. Again, ensure immediate exchange.
• Private Sellers with caution: Purchasing from trusted private sellers can be an option, provided the transaction is conducted face-to-face with immediate exchange of cash for bullion. Always exercise extreme caution regarding authenticity and safety.

Halal Investment Options

• Islamic Banks/Financial Institutions: Explore Islamic banks or financial institutions that offer Sharia-compliant investment products. These might include:
  • Islamic Mutual Funds: Funds that invest in Sharia-compliant equities stocks of companies that meet Islamic ethical guidelines, avoiding haram industries.
  • Sukuk Islamic Bonds: These are certificates representing ownership in tangible assets, typically structured to avoid interest and conventional debt.
  • Islamic Gold Funds with physical backing: Some funds are structured where the underlying gold is physically held and allocated, and the fund units represent shares in this physical gold. However, even here, one must scrutinize the exact mechanism to ensure no riba or gharar issues arise from the fund’s operational structure. For example, some funds may allow for physical redemption, which is a good sign, but the initial purchase mechanism must be clear.
• Ethical Businesses and Real Assets: Investing in ethical businesses, real estate, or other tangible assets that generate lawful returns through permissible means. This aligns with the Islamic emphasis on productive wealth and avoiding speculative gains.

Saving and Budgeting

Instead of engaging in potentially impermissible transactions, focus on building wealth through sound financial practices rooted in Islamic principles: Highfidelity.us Reviews

• Halal Savings Accounts: Utilize savings accounts in Islamic banks that operate on Mudarabah profit-sharing or Murabaha cost-plus financing models, ensuring no interest is involved.
• Zakat-Compliant Investments: Ensure that any investments are Zakat-compliant, meaning the Zakat due on your wealth is calculated and paid appropriately each year.
• Debt Avoidance: Prioritize avoiding interest-bearing debt at all costs, as riba erodes blessings and wealth. This means being mindful of credit cards, conventional loans, and any financing that involves interest.

How to Handle Existing silvergoldpmx.ca Accounts or Holdings

For individuals who may have already engaged with platforms like silvergoldpmx.ca, the path forward involves rectifying any potential impermissible transactions and shifting towards compliant methods.

Rectifying Past Transactions

If you have already purchased gold or silver through silvergoldpmx.ca and received it, the transaction, while potentially flawed in its initial mechanism due to delayed Qabdh, has concluded with you taking possession. The focus should be on repentance Tawbah for any unwitting transgression and a firm resolve not to engage in such transactions again.

Future Dealings

• Avoid Further Online Purchases: Absolutely refrain from making any new purchases of gold or silver through online platforms where immediate physical possession is not possible.
• Consider Selling & Re-purchasing If Necessary: If you hold a significant amount of bullion acquired through such means and are deeply concerned, you might consider selling it observing proper Islamic principles for selling, i.e., immediate exchange and then re-purchasing it in a fully compliant manner in-person, immediate Qabdh. This is a strong measure for complete purification.
• Seek Knowledge: Continually educate yourself on Islamic financial principles. Consult knowledgeable scholars regarding specific scenarios or questions you may have. Resources like AAOIFI Accounting and Auditing Organization for Islamic Financial Institutions standards and scholarly fatwas are invaluable.

Understanding Riba and Gharar in Precious Metals

To truly grasp why platforms like silvergoldpmx.ca pose an issue, it’s essential to understand the concepts of riba and gharar as they apply to gold and silver.

Riba Interest

Riba literally means “increase” or “excess” and refers to any unlawful gain or excess in a transaction. In the context of precious metals, two types of riba are particularly relevant:

• Riba al-Fadl Riba of Excess: This occurs when there is an unequal exchange of Ribawi items of the same type. For instance, exchanging 10 grams of gold for 12 grams of gold. While silvergoldpmx.ca deals with currency exchange, the underlying principle of fairness and equality is vital.
• Riba an-Nasi’ah Riba of Delay/Deferment: This is the more pertinent issue here. It occurs when there is a delay in the exchange of Ribawi items, even if the quantities are equal. For gold and silver, if you pay today but receive the physical item tomorrow, this delay constitutes riba an-nasi’ah. The Prophet Muhammad peace be upon him said: “Gold for gold, silver for silver, wheat for wheat, barley for barley, dates for dates, salt for salt – like for like, hand to hand. If these types are different, then sell as you wish, if it is hand to hand.” Sahih Muslim. The crucial phrase “hand to hand” emphasizes immediate Qabdh.

Gharar Excessive Uncertainty

Gharar refers to excessive uncertainty or ambiguity in a contract. While some level of uncertainty is inherent in any transaction, gharar that is significant enough to invalidate a contract typically involves:

• Uncertainty of Existence: Whether the subject matter of the contract exists.
• Uncertainty of Delivery: Whether the subject matter can be delivered.
• Uncertainty of Quality/Quantity: Ambiguity regarding the specifications.

In the context of online bullion, while the existence and quality are generally assumed with reputable dealers, the delay in delivery inherently introduces an element of gharar. You are paying for something you don’t yet physically possess, and while insured, there’s a theoretical risk until it’s in your hands. This risk, combined with the riba an-nasi’ah concern, makes such transactions problematic.

silvergoldpmx.ca Pricing

While we strongly advise against using such platforms due to Islamic concerns, understanding how their pricing typically works can offer insight into the broader precious metals market. Websites like silvergoldpmx.ca usually display their prices based on the current “spot price” of gold and silver.

How Precious Metal Pricing Works

• Spot Price: This is the current market price of a commodity for immediate delivery. It’s the benchmark and is constantly fluctuating based on global supply, demand, economic indicators, and geopolitical events.
• Premiums: Dealers, including online ones, don’t sell at the exact spot price. They add a “premium” to cover their costs of doing business sourcing, minting, storage, shipping, insurance, profit margin. This premium can vary based on:
  • Product Type: Coins generally have higher premiums than bars due to their numismatic value or collectibility. Smaller bars/coins typically have higher premiums per ounce than larger ones.
  • Market Conditions: High demand can lead to higher premiums.
  • Dealer’s Overhead: Different dealers have different operational costs.
• Spreads: When you sell back to a dealer, they will typically buy at a price slightly below the spot price, known as the “bid price.” The difference between their sell price ask and buy price bid is the “spread,” which is their profit margin.

For silvergoldpmx.ca, you would typically see prices updated in real-time, often linked to market data feeds.

The prices displayed would include their premium on top of the spot price.

Payment methods usually involve bank wire transfers, e-transfers, or sometimes even checks, all of which contribute to the delayed nature of the transaction. Thesmartdownloader.com Reviews

The Islamic Perspective on Wealth Accumulation

Instead of focusing on potentially problematic avenues for wealth like online bullion trading, Islam encourages a holistic and ethical approach to accumulating and managing wealth.

Pillars of Islamic Wealth Management

• Halal Earnings: Wealth must be acquired through permissible halal means, avoiding forbidden sources like interest, gambling, fraud, and unlawful trades.
• Zakat: A compulsory annual charity on accumulated wealth that meets a certain threshold nisab, purifies wealth, and redistributes it to the needy. Paying Zakat is a fundamental act of worship and ensures wealth circulates in the society.
• Sadaqah Voluntary Charity: Beyond Zakat, voluntary charity is highly encouraged, fostering compassion and social solidarity.
• Avoidance of Riba: Absolutely steering clear of interest in all transactions, whether earning it or paying it.
• Avoidance of Gharar and Maysir Gambling: Ensuring contracts are clear, transparent, and free from excessive uncertainty or speculative elements.
• Ethical Investments: Investing in productive, real assets and ethical businesses that provide beneficial goods or services to society. This includes avoiding industries like alcohol, pork, conventional banking, and entertainment that promotes immorality.
• Moderation and Frugality: Avoiding extravagance and living within one’s means.
• Inheritance Laws: Adhering to the prescribed Islamic inheritance laws Fara’id to ensure equitable distribution of wealth after death.
• Blessings Barakah: The ultimate goal is to seek Allah’s blessings in one’s wealth, which comes through adherence to His commands. Wealth acquired impermissibly may seem abundant but lacks barakah.

By adhering to these principles, a Muslim can accumulate wealth in a way that is not only financially sound but also spiritually rewarding, ensuring that their actions are pleasing to Allah and contribute positively to their community and the broader society.

Real Data/Statistics on Gold & Silver Holdings

While we discourage the specific online transaction method, the interest in gold and silver as assets is understandable for wealth preservation.

Here are some general statistics about precious metals:

• Global Gold Demand: According to the World Gold Council, total gold demand in Q4 2023 excluding OTC was 1,173 tonnes, up 3% year-on-year. For the full year 2023, total demand reached 4,899 tonnes, the highest annual total on record back to 2010.
• Central Bank Buying: Central banks have been significant buyers of gold in recent years, with net purchases of 1,037 tonnes in 2023, slightly below 2022’s record but still historically high. This indicates a strategic move towards diversifying reserves.
• Investment Demand: Bar and coin demand in 2023 was 1,190 tonnes, a 3% decrease from 2022, but still strong historically.
• Silver Demand: The Silver Institute reported that global silver demand reached 1.2 billion ounces in 2023, marking the second-highest level on record. Industrial demand, especially from solar panels and electronics, is a major driver.
• Market Size: The global gold market size was valued at USD 131.6 billion in 2022 and is projected to grow. Similarly, the global silver market was valued at USD 22.8 billion in 2022.

These figures illustrate the continued relevance of gold and silver as tangible assets for investment and hedging against economic uncertainty. However, the method of acquisition remains paramount from an Islamic standpoint.

How to Cancel silvergoldpmx.ca Subscription / Free Trial N/A

It’s important to note that silvergoldpmx.ca, as a bullion dealer, typically operates on a transactional basis rather than a subscription or free trial model.

You buy specific products, and there isn’t an ongoing subscription service or a trial period in the traditional sense.

• No Recurring Subscriptions: Unlike software or service platforms, bullion dealers don’t usually charge recurring fees for access to their inventory or pricing data.
• No Free Trials for Bullion: You can’t “try out” gold or silver for free. Transactions involve direct purchases.

If, by any chance, a user has signed up for a market alert service or a newsletter from silvergoldpmx.ca, they would typically find an “unsubscribe” link at the bottom of the emails.

For any specific account-related concerns, such as closing an account or resolving an order, the standard procedure would be to contact their customer service directly.

It’s crucial for Muslims to be discerning about any online service, particularly those involving financial transactions or tangible assets, to ensure full compliance with Islamic financial principles. The best “cancellation” in this scenario, from an Islamic perspective, is to avoid initiating such impermissible transactions in the first place and to seek out fully compliant alternatives for wealth preservation and investment. Solaceservers.com Reviews

Frequently Asked Questions

Is silvergoldpmx.ca legitimate?

Based on publicly available information, silvergoldpmx.ca appears to be a legitimate business operating as an online dealer of precious metals in Canada.

However, its legitimacy in terms of operational presence does not equate to permissibility from an Islamic finance standpoint.

What products does silvergoldpmx.ca offer?

Silvergoldpmx.ca offers various physical gold and silver products, including bullion coins, bars, and rounds, from different mints and in various denominations.

How does silvergoldpmx.ca’s pricing work?

Silvergoldpmx.ca’s pricing is typically based on the real-time spot price of gold and silver, with a premium added on top to cover their operational costs and profit margins.

Can I sell my gold and silver to silvergoldpmx.ca?

Yes, most online bullion dealers like silvergoldpmx.ca also offer to buy back gold and silver from customers, usually at a price slightly below the current spot price.

Is buying gold online permissible in Islam?

No, buying gold or silver online with delayed physical delivery is generally not permissible in Islam due to the requirement of Qabdh immediate physical possession for Ribawi items, which aims to avoid riba an-nasi’ah interest by delay.

What is Qabdh in Islamic finance?

Qabdh refers to the immediate physical possession of goods or payment in a transaction. For Ribawi items like gold and silver, Qabdh must occur on the spot for both the goods and the counter-value.

What is Riba and why is it forbidden?

Riba is interest or unlawful gain in a transaction. It is forbidden in Islam because it is considered exploitative, promotes inequality, and undermines productive economic activity.

What is Gharar and why is it forbidden?

Gharar refers to excessive uncertainty or ambiguity in a contract. It is forbidden because it can lead to disputes, exploitation, and lacks transparency.

What are the alternatives for buying gold and silver according to Islamic principles?

The primary alternative is to buy gold and silver in person from a physical dealer, ensuring immediate, hand-to-hand exchange of payment and bullion. Hottubsforhireglasgow.co.uk Reviews

Are there any Sharia-compliant ways to invest in gold?

Yes, some Islamic financial institutions offer Sharia-compliant gold funds that physically hold allocated gold, but the underlying mechanism must be carefully scrutinized to ensure Qabdh and other principles are met, potentially allowing for physical redemption.

What should I do if I have already bought gold from an online platform?

If you have already received the physical gold, the transaction is concluded.

Seek repentance for any unwitting transgression and resolve to only engage in Islamically compliant transactions in the future.

Can I use silvergoldpmx.ca for non-gold/silver purchases if they offer other items?

Focus on the permissibility of each specific transaction. If silvergoldpmx.ca were to offer items that are not Ribawi and can be delivered conventionally, the permissibility would depend on those specific item and transaction terms, but general caution is advised for such platforms.

Does silvergoldpmx.ca offer secure shipping?

Typically, legitimate bullion dealers offer insured and secure shipping for precious metals, but this does not negate the Islamic concern of delayed Qabdh.

What payment methods does silvergoldpmx.ca accept?

Common payment methods for online bullion dealers include bank wire transfers, e-transfers, and sometimes checks, all of which generally involve delayed processing and delivery.

Does silvergoldpmx.ca charge taxes on purchases?

Tax regulations vary by region and product type e.g., sales tax, GST/HST in Canada. Customers should consult silvergoldpmx.ca’s terms or local tax laws for specific information.

What is the difference between bullion and numismatic coins?

Bullion coins are valued primarily for their metal content, while numismatic coins collector coins have a value derived from their rarity, historical significance, and condition, often commanding premiums far above their melt value.

Can I store my gold and silver with silvergoldpmx.ca?

Some online dealers offer storage services. If silvergoldpmx.ca offers storage, it would mean your bullion is held by them, which still presents Qabdh issues unless the stored items are specifically allocated to you and you have immediate access or title to them.

Is buying silver online also problematic?

Yes, the same rules of Riba and Gharar apply to silver as they do to gold, as both are Ribawi items. Therefore, buying silver online with delayed physical delivery is also generally impermissible. Theindianconnection.co.uk Reviews

How can I ensure a gold transaction is Sharia-compliant?

Ensure that the transaction is “hand to hand” – meaning both the payment and the physical gold or silver are exchanged simultaneously at the point of sale, without any delay or credit involved.

Why is physical possession so important in Islamic gold/silver transactions?

Physical possession ensures that the risk and ownership transfer immediately, preventing any form of riba an-nasi’ah interest by delay and gharar uncertainty, thus maintaining fairness and avoiding speculation.