Bullion Now Unallocated

Discussion in 'Gold' started by JulieW, Jun 11, 2020.

  1. JulieW

    JulieW Well-Known Member Silver Stacker

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    Hi All,

    I'm looking for feedback on the Bullion Now unallocated program. BN appear to have a solid reputation here on SilverStackers so I'm assuming next to Perth Mint this is a reasonable option.

    Please PM me if you prefer to keep your opinions private.
     
  2. GoldenEye

    GoldenEye Well-Known Member Silver Stacker

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    I'm not sure about their unallocated program, but I have the highest respect for their business integrity and reliability.
     
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  3. Silver260

    Silver260 Well-Known Member Silver Stacker

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    This has been my experience also.

    Plus I also purchased a small gold allocation, some months ago. When I sold it, I had the money within less than 24 hours.
     
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  4. 66rounds

    66rounds Well-Known Member Silver Stacker

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    I regularly buy and sell using their unallocated program. Never had any dramas
     
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  5. betterinvestmentthanshare

    betterinvestmentthanshare Active Member

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    Have purchased large amounts of bullion from them via post without any problems.
    I'm not comfortable about entering into any unallocated or allocated program but thats my personal choice.
    Though from memory they had a "allocated" program prior to the "unallocated" program. Both programs by BN sounded the same, when asked the difference, couldn't get a clear answer.
    Now only the unallocated program is offered.
     
    Last edited: Jun 11, 2020
  6. 66rounds

    66rounds Well-Known Member Silver Stacker

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    Their only allocated program is where you purchase particular items and they "allocate" it for you by holding it on site until youre ready to sell back, ship or pick up. Not allocated in the sense that you have generic pre-identified metal bars stored in your name.
     
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  7. JS1880

    JS1880 Active Member

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    I have bought unallocated from them and its been great. Only wish they would have on your account your current balance. Otherwise its just keeping track of your own invoices.
     
  8. KangaBanga

    KangaBanga Member

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    unallocated program will always come with some counterparty risk. better to buy physical and have it under your bed...
     
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  9. GoldenEye

    GoldenEye Well-Known Member Silver Stacker

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    I believe that BN have insurance to cover theft, but under the bed may not be covered. :(
     
    Last edited: Jun 27, 2020
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  10. KangaBanga

    KangaBanga Member

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    Lol who would steal from BN? been watching too many movies eh...

    Besides your unallocated gold doesnt exists as a physical product, is a just liability on BN's balance sheet, unlike allocated gold, you just own a promise to pay you for your imaginary gold when you sell.

    And when s**t hits the fan, and BN goes under? U never know if small and new company like BN would go under.

    I would say its slightly less risky to buy and sell an ETF like PMGOLD.

    I'd have my physical gold, locked up in the house, where I know its there, thank you very much.(under the bed was just a metaphor, but yeah plenty of oldies have thousands stashed under beds to qualify for pension)
     
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  11. Jason1

    Jason1 Well-Known Member

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    um ok, there was a $4m gold Heist in Melbourne only recently with a gold dealer.
    doesnt just happen in Movies.

    Oh and PS you shouldnt tell people on a public forum where your metals are hidden, if some one was willing Im sure it wouldnt be impossible to find your address.
     
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  12. KangaBanga

    KangaBanga Member

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    you mean this one?
    https://www.theage.com.au/national/...st-in-victoria-s-history-20200501-p54owc.html

    Well that just goes to prove the point that BN has insurance and could be robbed at gunpoint and is safer than my house. Doesnt mean the "imaginary gold" is safer there if financial markets collapse or if the dealer goes bankrupt for whatever reason.

    well most of my golds actually buried under my chicken coop,under the roosting area where my chooks poop a nice self composting layer everyday, you would have to dig through quite a bit of poo to get to it. The rest is inside a big tub where i throw rotten fish from my fishing trips to rot and make fish emulsion in my shed. Theres a couple kilo silver bars in a fake compartment under each of our nappy disposal buckets around the house.

    help yourself mate ;D But i do have neighbours all with live cams on the street and police detective lives just three houses away..

    I reckon it will be easier and more profitable looking under a pensioners bed...
     
  13. Jason1

    Jason1 Well-Known Member

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    why would you say to me to "help your self"? I dont want your Metals, even if I knew where it was im not that sort of person so dont direct that shit at me, Im just giving advice as others might be dodgy and the forum has had people get robbed.
    my stuff is in a SDB so fully understand the importance of having PM offsite, insured and secured.
    I only made the comment about the gold heist due to your comment making out it never happens or only in the movies, but that is factually wrong

    Play the ball not the man.
     
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  14. KangaBanga

    KangaBanga Member

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    lol I should have said whoever wants it can help themselves ;D But yeah i reckon if you have lotsa gold coins then it will make sense at some stage to stash them at the bank or a vault somewhere.

    anyways main point is I wouldnt have too much confidence in an unallocated product, especially if you are only starting to buy gold and planning to use it as a safe haven last resort asset. But if you are planning just to trade/speculate then unallocated is probably ok but inferior to a good gold ETF, especially BN system which is not up to scratch really from what i am reading...
     
  15. RobHDiaz

    RobHDiaz New Member

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    In one of BN videos they clearly state that in case of them going bankrupt, you won't lose the unallocated metal, they are also covered by insurance.
     
  16. KangaBanga

    KangaBanga Member

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    What often happens when company goes bankrupt is they are unable to their regular bills and payments to suppliers due to cashflow issues, in which case insurance premiums might be owed, especially if they are paid on a monthly or quarterly ongoing basis and any miss in payments, the insurance company will deny liability. It always sounds good till SHTF, but thats just a remote risk that needs to be considered. Just like ETFs if there is a run when everyone tries to cash out same time faster than the ETF market makers can sell stocks, u can get your funds frozen in the ETF.
     
    Last edited: Jun 27, 2020
  17. projack

    projack Well-Known Member Silver Stacker

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    Woud you buy this unallocated? gold kg.jpg
     
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  18. leo25

    leo25 Well-Known Member Silver Stacker

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    No need for insurance on unallocated metals, as they don’t hold any metal to insure. KangaBanga is correct, it’s just a liability on a companies balance sheet. That’s why premiums are very low. If the company goes bankrupt then you could lose it all. Best to do unallocated with Perth Mint as there is close to zero chance of them going bankrupt.
     
    Last edited: Jun 27, 2020
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  19. whay

    whay Well-Known Member

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    >Perth Mint as there is close to zero chance of them going bankrupt.

    Every corporation, every nation, whether big or small, is in danger of going belly up!
    There is only one person you can trust and he is staring at you in the mirror.
     
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  20. leo25

    leo25 Well-Known Member Silver Stacker

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    I’m just saying if someone really wants to go down the unallocated option, then Perth Mint will have the lowest risk. Not that there is no risk.
     

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