October 15, 2012 at 11:14 am #17623
Request from fellow member:
Specifically what I am looking for are firms and contacts that handle precious metal storage in the far east such as Singapore or other locations outside of Europe, Canada or US.
This would be for existing materials, not new purchases.October 19, 2012 at 12:02 pm #27272October 23, 2012 at 3:56 am #27273
Re Silver Bullion in Singapore: By chance, I had the opportunity to meet the owner Gregor Gregorsen in Europe in August where he explained his purchase and storage enterprise. Circumstances then allowed me to pay him and his firm a visit three weeks ago and I found it to be a well run, well thought out and worthy of high trust operation. I made my first purchase last week of RCM silver bars which need a few weeks to reach Singapore so I haven’t taken possession of anything yet. I plan on storing the bullion in the Free Port storage facility that they are working through. Re existing inventories: Gregor has lab equipment that enables him to determine the authenticity of bullion. He is looking into offering a service to store bullion not purchased through Silver Bullion but authenticated through their equipment. Don ThayerOctober 26, 2012 at 5:29 am #27274
JAMES K V.Participant
In January 2011, I bought 400 Chinese Silver Pandas (2011 – M70 grade) from First Federal. Please advise re: whether there is a safe (insurable) way to have these shipped to your facility?November 12, 2012 at 2:44 pm #27283
Insurance is the problem when shipping outside the US. I do so regularly with FedEx and my Jeweler’s block insurance policy. Check with a local jeweler that you trust. About $.80/oz is a fair charge. If you cannot find anyone local I will be happy to help.
Larry LaBordeDecember 11, 2012 at 3:27 am #27297
Ref Rob’s latest report – “the price of protection”: there is another physical bullion storage option outside the US, Canada or Europe, via the Perth Mint Depository Programme (PMDP – see http://www.perthmint.com.au/investment_depository_overview.aspx).
The Perth Mint is owned and guaranteed by the Government of Western Australia (which may offer both positive and negative points, depending on your view), but it does appear to be unusually secure, since W Australia is where much of Australia’s mineral wealth is dug out of the ground and the State has an AAA credit rating. The Perth Mint is also the the counterparty to any trade, so not much risk of counterparty default.
You have the option of unallocated or allocated gold. Rob makes it clear that he prefers allocated, for which the PM storage fee of 1% would be much higher than BullionVault, but given the State government’s guarantee, you may feel it is safe, in this case, to go for the unallocated option (also covered by the State guarantee) and avoid storage costs altogether (on gold, though not on silver)
Bullion can also be converted into coins or nuggets etc for a fabrication fee at any time (takes a few days) and the products can either be picked up in Perth or mailed
There is a minimum account size for non-Australian or NZ residents of USD50,000, but the biggest disadvantage for some is that it works like a bank. You can place orders by ‘phone, fax or (I believe) email, but not online, so trading is restricted to opening hours in W Australia
So, some +s and -s, but worth thinking about
Nigel BarakDecember 18, 2012 at 1:47 pm #27301
Response from Bonner & Partners member: FYI: For new purchases, Hard Assets Alliance is easy for Americans to setup and heard they now have Singapore storageDecember 20, 2012 at 5:00 pm #18017
I enclose a link to a recent interview with Julian Phillips, South Africa’s pre-eminent gold expert. Towards the end of the video he tells you about Stockbridge Management MGMT.com for overseas (for Americans) gold storage that covers investor concerns about confiscation and how this company thinks it offers protection from that. The whole interview is fascinating, but one has to wonder whether he is “talking his book”. The whole video is fascinating.
You must be logged in to reply to this topic.