Gold demand is having a moment. Costco can’t keep its 24-karat bars on the shelves, Wealthsimple just launched its own physical gold trading service, and younger investors are treating bullion like a must-own asset again.
But if you want simplicity, liquidity, and eligibility across registered accounts like the Tax-Free Savings Account (TFSA), Registered Retirement Savings Plan (RRSP), and First Home Savings Account (FHSA), exchange-traded products are still the cleanest way to get exposure.
Two options stand out today: one gold exchange-traded fund (ETF) and one gold closed-end fund (CEF). Both are easy to trade and can be held in registered accounts without storage or insurance headaches.
Gold ETF
The iShares Gold Bullion ETF (TSX:CGL) gives investors exposure to the price of gold hedged to the Canadian dollar. That means you’re tracking gold prices without worrying about U.S. dollar swings.
As of November 18, 2025, the fund has 67,250,000 units outstanding backed by 370,210.24 ounces of gold, so each unit represents roughly 0.0055 ounces, give or take.
It’s one of Canada’s largest gold ETFs with $2.1 billion in assets, backed by strong liquidity and tight spreads. The management expense ratio is 0.55%, or about $55 per $10,000 invested each year. There are no dividends, so the ETF is naturally tax efficient.
Gold CEF
For a lower-cost option, the Sprott Physical Gold Trust (TSX:PHYS) remains one of the biggest bullion-backed funds, traded on either side of the border (it has a U.S.-listed share class).
It holds 3,736,085 ounces of gold, totalling about $15.2 billion in assets, against 480,371,393 units outstanding – meaning each unit represents about approximately 0.0078 ounces.
All of the gold held by PHYS is fully allocated, meaning every bar is specifically owned by the trust rather than pooled or lent out, giving investors direct, identifiable bullion exposure.
The gold is custodied by the Royal Canadian Mint and audited annually by KPMG, a Big Four accounting firm, which adds an extra layer of assurance around the fund’s holdings, storage, and reporting integrity.
Unlike CGL, PHYS can trade at a premium or discount to its net asset value based on investor demand. At the moment, it trades at a -2.1% discount, which means investors are buying the underlying bullion at slightly below its intrinsic value.
The catch is that discounts don’t always close quickly, or ever at all. But on the plus side, PHYS is significantly cheaper with a 0.39% MER, or $39 per $10,000 invested.
