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Storing PMs


Shamatti

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Just a quick point on the storage topic. Check the hidden charges: cost if you want to pick up your bars/coins. Some of the big players in the market will charge you between 5 and 10%. We do not believe you should be charged to pick up what YOU OWN!

Hi Sam. Goldmoney's office in Guernsey must be near yours. Goldmoney say they charge no fee on selling your metal. I'm reading their literature at the moment.

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I think sam was referring to the cost of withdrawing physical from allocated storage. In gold money's case I think it's 2.75% of a 1kg bar and 4% of a 100g bar.

So in order to withdraw a 1kg bar you need 1027.5gold grams. And a 100g bar you need 104gold grams. They also charge £25 shipping fee per KG.

Each company has it's various advantages/disadvantages conspired to other companies. The advantage of storing with bullionrock is that you can store specific coins/bars purchase through them and then withdraw the physical for free when you wish? Disadvantages being that if brought into the UK would be liable for import VAT, and I think the minimum investment with bullionrocks allocated storage is £10k? Sam can probably clear that up.

My posts are my personal opinions, they do not constitute advice or financial advice.

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I think sam was referring to the cost of withdrawing physical from allocated storage. In gold money's case I think it's 2.75% of a 1kg bar and 4% of a 100g bar.

So in order to withdraw a 1kg bar you need 1027.5gold grams. And a 100g bar you need 104gold grams. They also charge £25 shipping fee per KG.

Each company has it's various advantages/disadvantages conspired to other companies. The advantage of storing with bullionrock is that you can store specific coins/bars purchase through them and then withdraw the physical for free when you wish? Disadvantages being that if brought into the UK would be liable for import VAT, and I think the minimum investment with bullionrocks allocated storage is £10k? Sam can probably clear that up.

OK, no fee if you're converting to fiat but a charge for taking delivery.

I will look at BullionRocks terms and conditions later and Bullionvaults  as well.

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Thanks guys, that was my point (taking delivery as opposed to just selling). We store 'in form' and do not offer 'fractional ownership' meaning no charges for physical collection of your bullion. Other storage/trading businesses operate a model where if you purchase 100g gold for example, you are not buying a 100g bar, but 100g of a 12.5kg bar. This keeps their costs down of course, but means if you as a client wish to take delivery of your 100g, you will pay a large premium, whereas with us, a 100g bar exists in our vault and is simply handed over.

 

Cointreau - be interested to hear of your findings/comments.

 

Thanks

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To be honest I might start buying mostly gold instead, 

 

 

I'm am having a big spend on silver coins over the next month or so mainly on deals I've already done,then I am going to start buying  gold,just bullion sovs and 1oz krugers as I have relatively little gold.

The problem with common sense is, its not that common.

 

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I'm surprised some of you guys haven't already gone into Gold, there is no V.A.T at the moment this can change at the channellers whim. As far as storage DO NOT trust a bank vault, either buy physical yourself or have it stored for you, only consider allocated storage and away from the UK Government,  otherwise there is Know point in using it.  The reason I say this is because the cost of storage lets say in Singapore is a reflection that you the investor consider that holding assets (Gold/Silver) in the UK has has a risk of confiscation or theft. So the storage charges are reasonable at all the allocated companies I have seen. 

 

To me Gold is a holder of wealth while all other currencies, commodities rise and fall around it.  

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I already have a 9 ozs of gold and will increase that to 15 ozs by the end of the year.I am also exposed to gold and silver through 2 mining companies I hold.

The problem with common sense is, its not that common.

 

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I already have a 9 ozs of gold and will increase that to 15 ozs by the end of the year.I am also exposed to gold and silver through 2 mining companies I hold.

 

We seem to have gone a bit off topic. But what is your plan, all in 1oz coins?

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We seem to have gone a bit off topic. But what is your plan, all in 1oz coins?

 

No I'll mix it up between sovereigns and 1oz  krugers, right I'll leave this now to get back on topic :)

The problem with common sense is, its not that common.

 

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Sam, sorry I didn't get back to you. The set up you have is great but the entry barrier is a bit high.

Stackers like me add to their stack little by little on a monthly basis. You're similar to the Perth Mint in this regard.

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Not sure if anybody remembers StellaConcepts from YouTube. He was broken into and had alot of his silver out on show. They took the laptop, whatever else etc... and left the silver.

 

Cheap safes are easier to open than my fridge freezer. I won't go into the vast amount of ways without even doing any damage (in case a would be thief is reading) No codes, keys or locksmithing tools needed. I have a small safe for documents and I don't use a key or codes whenever I want to get in.

 

If you can only afford a cheap safe, just a few tips. Always screw your safe down (never in a wardrobe or bedroom) never leave those holes at the back exposed, always fix it so that the door is at the top so you have to lift the door. Not on the side like normal.

 

I've used safety deposit boxes in the past. Never had a problem and not really that expensive (for gold) though not cheap, but depends how much you're holding.

 

I don't keep my money in a bank, let alone my metals. Not a big fan of allocated either.

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Cheap safes are easier to open than my fridge freezer. I won't go into the vast amount of ways without even doing any damage (in case a would be thief is reading) No codes, keys or locksmithing tools needed. I have a small safe for documents and I don't use a key or codes whenever I want to get in.

If you can only afford a cheap safe, just a few tips. Always screw your safe down (never in a wardrobe or bedroom) never leave those holes at the back exposed, always fix it so that the door is at the top so you have to lift the door. Not on the side like normal.

What cash rating do you class as a cheap safe? 1k?

I favour fire safes to standard safes, but the higher cash rated fire safes with a large internal size are quite expensive.

The safest safes aren't fire safes, I have seen £17.5k cash (£175k valuables) rated standard safe, but I haven't seen any fire safes with a similar cash rating.

My posts are my personal opinions, they do not constitute advice or financial advice.

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What cash rating do you class as a cheap safe? 1k?

I favour fire safes to standard safes, but the higher cash rated fire safes with a large internal size are quite expensive.

The safest safes aren't fire safes, I have seen £17.5k cash (£175k valuables) rated standard safe, but I haven't seen any fire safes with a similar cash rating.

 

Yeah. 1k cash 10k valuables. The sorts of safes that are sub £300 with plastic keypads or standard locks which can be picked. Then again I've seen safes for a couple of thousand with a cash rating of only a grand. Unfortunately, like you say, good safes are very expensive. Probably the old cast iron types would be good with a giant cast iron key. To my knowledge standard fire safes have a small internal size compared to the overall size because most of it is just fire retardant insulation. They weren't built to be burglar proof. Then again, neither are burglar safes. It all comes down to the locking mechanism and whether manufacturers present a silly way to override all the security features such as having a reset button on the inside which can be accessed via the fixing holes with a metal rod. If the safe itself gets stolen, it wouldn't take long to cut it in half at your leisure. Better off like somebody has mentioned, is using it as a decoy with aluminium bars stamped as Silver. First safe I got was like £200. Friend is a locksmith and the technique he used to open it with his bare hands in 3 seconds would make you laugh......or cry. Depending if you just spent £200 on it like I did!!! :(

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