Just got this email from Bullion Captital. For those who don't know them, they provide an online physical allocated (coins and bars) and unallocated program through a program called MetalDesk to SMSF and individuals: https://www.bullioncapital.com/ It is the default metal trading and storage provider for anyone who opens a SMSF through esuperfund.com.au In light of this I think I'll pull out and move what I have in there to my Perth Mint account.
Would it make sense for someone with a Melbourne account to load up on as much metal as possible before the 30th and then take physical delivery of said metal? This would mean buying in cheaper than a bullion store and with NO WITHDRAWAL fee you only have to pay for transport. Just an idea
Perhaps, but last I enquired their courier fees were outrageous (as in >>$100) for local, as if they use an armed courier of something. They say "at cost" here, but I'd be wary.
Well there you go, "at cost" will probably most people then! Expect a hefty courier fee. But maybe it's still worth it? Current price for 1oz gold Kangaroo is $1760 10oz minted bar is $252
Some more detail to the story http://www.tfmetalsreport.com/forum/7689/allocated-bullion-exchange "I noticed a problem this morning in MetalDesk to do with a client holding where the value of their gold holding was Zero and they were showing a total loss I realised that this was due to there being no Buy order for the product they held (pooled gold contract). I tried to contact ABX to say that their pricing system is at fault because how can a gold holding be priced as worthless based on a local market price being zero when internationally it has serious worth? ... I can now see that this exclusive local market pricing can and will reduce the book value of your bullion holding to Zero if there is Zero local demand. You are in effect 'locked-in' to your position, irrespective of international demand and value." ABX will have to step in as principal and buy out the client's position, otherwise those clients screwed will be all over the forums complaining and that will be the end of trust in ABX.
