I want to get into using unallocated metals but I'm a bit confused about how the premiums work. I know that selling back for cash is usually at (or under) spot, but what about redeeming for delivery? Is it calculated with the spot price, or are the premiums I've already paid taken into account? My goal is to see if I can save on shipping by accumulating few unallocated ounces here and there.
Unallocated programs vary from dealer to dealer. Read the fine print, and ask a lot of questions. You should NEVER accept under SPOT for selling back unallocated.
http://www.goldstackers.com.au/store/unallocated.html Given what GoldStackers have done for Brisbane stackers, I'd say this is pretty much the finest unallocated service available for us at present. Completely transparent, and with competitive rates. Also the ability to do GSR swaps, might be worth speaking to Jislizard, think he plays a lot with unallocated...
I agree best unallocated and when I redeemed they gave me the $2 premium towards a purchase during cyber monday
Ahh...I see! I checked through a few sites and it seems that while redeeming at spot may cost you that initial premium, the seller's overall premiums on physical will be a tad lower in general. Maybe it evens things out? Or am I just seeing things Definitely going to check out Goldstackers
I am with Goldstackers Unallocated for my Self Managed Super Fund (SMSF) http://www.goldstackers.com.au/store/unallocated.html Usually I am with the "If you can't hold it you don't own it" crowd and all my personal holdings are physical. The SMSF is unallocated because... 1. I don't have to worry about insuring it 2. I don't have to worry about storing it to certain standards at home 3. I don't have to worry that it is the right type of gold for the regulations 4. I can sell it back for spot immediately, very liquid and I don't have to look for a buyer 5. I can do Gold:Silver swaps without having to exchange physical metals 6. I don't have to pay postage 7. I don't have to pay fabrication charges 8. $30 an ounce premium 9. No storage charges If it is just saving on shipping you may want to consider the mini-allocated service. Free storage of small purchases until you have enough to make it worth the postage cost.
With goldstackers unallocated, do you need ID if it is kept under $5k? The ID section of the site doesn't mention unallocated.
For now an unallocated transaction is treated as a normal bullion transaction - no ID for separate transactions under $5,000. If you're buying unallocated though there should be no issues with providing ID as there is extensive records of unallocated transactions internally for our hedging and tracking purposes.
"If you're buying unallocated though there should be no issues with providing ID as there is extensive records of unallocated transactions internally for our hedging and tracking purposes." Not really sure what you mean by that, I'm just wondering because it can be frustrating waiting the few days to get certified docs certified/sent/received/accepted. Nice to have the option to just jump in if you think the time is right With the changing unallocated back to cash, does that get put in the same bank that paid? How does that work? BTW great work on setting it all up GP. Appears to be a great product!
You need to provide bank account details if you decide to sell back. Re ID, it's not a product where we can sell anonymously "over the counter". We've had a couple of issues with physical purchases where people have bought online under a fake name for perceived privacy, pay via bank transfer, then turn up without any proof of identity asking for their metal under the fake name - it's easy enough to hack or intercept email to print an email as "proof" of purchase (anyone ever had a dodgy flatmate?) so we actively discourage online purchases under false names. There's no way that we can service a customer who wishes to be anonymous via the unallocated product. ID isn't required, but we need to know who we are dealing with, so that at the end of the cycle we know that there's not a fraudulent redemption scam being pulled.
gold stackers unallocated is really good for small purchases imo then redeem it for real silver once uve stacked enough as you get the premium back when you redeem for real silver
