Guess it was too good to be true having free storage for your metals, well at least for the last 2 years with abc. Finally going to have to consider other storage options as the fees seem a little steep especially when it would be costing me roughly the cost of a kg silver to store for a year, would much prefer putting the money into a kg of silver. Bullion Money are now charging fees to store your metals as well. Who knows when silver stackers will open a metals storage facility for it's members at affordable prices???
Can you clarify which ABC you are talking about? There are three different companies in three different states. They are not related. Assuming this is either Sydney or Melbourne?
ABC Sydney: (copy paste from a phone, not sure if it's going to display properly) Bullion Storage Account Update Following on from our communication back in April 2011, when we notified our clients that storage fees were coming into effect at ABC Bullion, please accept this email as formal notification that these storage fees are now fully in effect. Therefore, should you currently have, or wish to have, metal in storage with us the following fees will be applicable: Gold, Platinum and Palladium Allocated Storage (minimum 1oz bar) $12.50 per ounce per annum Premium Storage (1kg bars only) $18.50 per ounce per annum (32.15 ounces = 1kg) Silver Allocated Storage (500g bar, 1kg bar only) $16.00 per kg per annum Premium Storage (1kg bar, 15kg bar, 30kg bars only) $20.00 per kg per annum Un-Allocated Metal No storage fees, however, there are barring fees involved should you wish to take delivery of the metal at a future date. These barring fees vary for each metal.
Correct me if im wrong, but im pretty sure this fee would be claimable on tax as ur storing an investment?
Is that the new catch cry ,instead of Long live the King :lol: GO LONG GUARDIN VAULTS GO LONG Sorry couldn't help my self
Just found this topic. I too have allocated silver with this mob and now they want to change the rules. The free storage was a focal point in thier advertising and now they are going to start charging now they have a lot of customers. I am of the opinion that I should be able to transfer to unallocated without penalty...ie this would mean a slight increase in the amount of silver I have already due to the fact that unallocated is at least $40 cheaper to compensate for barring fees. It is not enought simply to give me the same amount in unallocated as I now have in allocated because if I ever choose to take delivery I will be up for a significant amount of money in barring . They are the ones that changed the rules and I believe legally that I should not be penalised and should be given this option. I have emailed them and have yet to receive a reply. If anyone else is in the same boat, let me know.
I have a hole in the ground your welcome to. No guarentee but only you and I will know about it. :lol:
