Gold Bullion Storage Options
I would be curious to learn the latest thinking of PP members on the best gold bullion storage options.
I have had a positive experience with Matterhorn to date (highly professional customer support and solid back-office execution) but have been being crushed by high storage fees of about 1.00% for allocated, segregated, numbered kilo bars with warehouse receipts.
Goldmoney and GoldCore offer considerably cheaper storage fees for what I understand are similar storage and ownership arrangements. How have others made out made out with these two firms I wonder? Are there others that can be recommended?
HAA offers gold storage. Money is transferred from your bank account to their account and they purchase the gold you request and store it in a allocated location.
When ready for a distribution, you can request the gold by physically sent to you or, sold, and they will send dollars.
My wife had a employer 401k that was “rolled over” to a personal IRA held by Entrust Corporation (?) which stores her funds at HAA and owns gold 1 oz coins in a similar way. When she takes a distribution, some gold will have to be sold to pay the federal income taxes on the distribution.
I used to be a Goldmoney customer, but closed my accounts when Goldmoney sold out to / merged with Bitgold.
Back then, Goldmoney was ok, but I wasn’t impressed enough to recommend them wholeheartedly.
Last year, I wanted to give Bitgold a try. I opened an account, and the nightmares began. Just funding my account seemed an impossibility. It took multiple tries and customer service involvement to make it happen. One year later, I tried again, and it’s still a hot mess.
Customer service is not knowledgeable, and hides behind stupid arbitrary company policies that don’t make any sense.
Example: they refused to accept a wire transfer to an account in my wife’s name because it came from a joint checking account.
The wire transfer from the joint account showed (for reasons unknown to me) only my name, and not both my wife’s and my name. So Bitgold said they can’t accept the wire. After weeks of back and forth, they agreed to accept the wire, but only because they couldn’t figure out how to send the money back, because the money would go to a checking account in a different name than the Bitgold account. *facepalm*.
My recommendation is to stay away from Bitgold / Goldmoney, they don’t seem to know what they are doing.
I have been a very happy HAA customer, and will stick with them.
- This reply was modified 6 months ago by dreinmund.
i’m using HAA currently, i can’t complain
has anyone used Silver Bullion/Safe House out of singapore?