Depends on the timeframe. I bought a 1oz maple leaf in 1998-2001 period. Had to pay GST on it. To me, it's not an investment because I lose like 10% (GST + spread) on the day I bought it. Hence, I consider it a novelty buy then. Investment for me was penny stocks. At that time it wasn't possible (or I didn't know how to) to buy silver bullion in Singapore.