“permitted precious metal certificate” means a certificate representing a permitted precious metal if the permitted precious metal is held in Canada in the form of bars or wafers and is
(a) available for delivery in Canada, free of charge, to or to the order of the holder of the certificate,
(b) in the case of a certificate representing gold, of a minimum fineness of 995 parts per 1000,
(c) in the case of a certificate representing silver, platinum or palladium, of a minimum fineness of 999 parts per 1000, and
(d) if not purchased from a bank listed in Schedule I, II or III of the Bank Act (Canada), fully insured against loss and bankruptcy by an insurance company licensed under the laws of Canada or a jurisdiction;