Ainslie storage account

asdfghjkl32 said:
Could anyone share experience in dealing with the storage account offered by the Ainslie Bullion in Brisbane? Their website said that there's only an once-off storage fee for silver at $10/kg, and free for gold. I'm thinking that may be a good choice, saving fees for the storage at the local bank. Any recommendation or review would be great, thanks.

https://www.ainsliebullion.com.au/StorageAccounts/tabid/66/language/en-AU/Default.aspx
Click to expand...

I had an account with them for 12 months and it is fairly good. your silver is stored in unallocated large bars. Gold bullion only. (No coin storage). 10k minimum transaction size. I.e. you cannot open an account and buy $1000 worth of silver a month for example. You would have to save for 10 months then make one large purchase. As mentioned, it is stored in large bars and if you wish to take delivery there will be a fee to exchange for smaller sizes ($10/kg). I found it very good, but I chose to take delivery after some time due to both increasing value to make private storage more cost effective and b) I had concerns over ownership and in the event of a default by ainslie. I believe it is all above board, but for myself it was not worth having that middle person and chose to store them myself. I hope this helps.
 
That's very good to know the details, thanks Euphoria.

So you paid twice the $10/kg fee? one time for storage, and one time for exchanging to smaller size?

Besides, do you know if they will buy back? at what discount rate?
 
Just to put it in context. It cost me $60-70 per kilo to get a big bar melted and poured into kilo bars. So 10 bucks to convert seems good value to me.
 
asdfghjkl32 said:
That's very good to know the details, thanks Euphoria.

So you paid twice the $10/kg fee? one time for storage, and one time for exchanging to smaller size?

Besides, do you know if they will buy back? at what discount rate?
Click to expand...

Yes. The $10 per kg for storage is still very competitive and because you are buying such large bars, even with the $10 fee, per kg is cheaper than the kg cast bars. I could have taken the large bars for delivery without paying anything extra, but chose to get 1kg bars instead which cost an additional $10 each to get. So all up, it cost me $10 to store a 1kg bar for a year.
 
euphoria said:
Yes. The $10 per kg for storage is still very competitive and because you are buying such large bars, even with the $10 fee, per kg is cheaper than the kg cast bars. I could have taken the large bars for delivery without paying anything extra, but chose to get 1kg bars instead which cost an additional $10 each to get. So all up, it cost me $10 to store a 1kg bar for a year.
Click to expand...

So what bars do they give you? their own Ainslie bar? or PM bars?
 
asdfghjkl32 said:
euphoria said:
Yes. The $10 per kg for storage is still very competitive and because you are buying such large bars, even with the $10 fee, per kg is cheaper than the kg cast bars. I could have taken the large bars for delivery without paying anything extra, but chose to get 1kg bars instead which cost an additional $10 each to get. So all up, it cost me $10 to store a 1kg bar for a year.
Click to expand...

So what bars do they give you? their own Ainslie bar? or PM bars?
Click to expand...

Their own typically. I got around a third of them in perth mint though. I do not know if they would do the same today. Seem to be more of a larger business than a smaller family run business like it was when I took delivery. Brian's attitude was largely, silver is silver.
 
euphoria said:
Their own typically. I got around a third of them in perth mint though. I do not know if they would do the same today. Seem to be more of a larger business than a smaller family run business like it was when I took delivery. Brian's attitude was largely, silver is silver.
Click to expand...

It's a pretty good deal for a once-off $10/KG storage. I'm quite tempted, but bad thing is that the initial purchase required minimum $10k. You know if following purchases to the account still need a minimum of $10k?
 
asdfghjkl32 said:
euphoria said:
Their own typically. I got around a third of them in perth mint though. I do not know if they would do the same today. Seem to be more of a larger business than a smaller family run business like it was when I took delivery. Brian's attitude was largely, silver is silver.
Click to expand...

It's a pretty good deal for a once-off $10/KG storage. I'm quite tempted, but bad thing is that the initial purchase required minimum $10k. You know if following purchases to the account still need a minimum of $10k?
Click to expand...

Yes. Every additional purchase must be over 10k.
 
Interesting, I can't see anywhere for the legal agreement you sign re the storage account or any Product Disclosure Statement, which is required under the Financial Services Reform Act 2001, particularly as an unallocated account would be deemed a "financial product" and would require the seller of such products to be licensed by ASIC.
 
bron suchecki said:
Interesting, I can't see anywhere for the legal agreement you sign re the storage account or any Product Disclosure Statement, which is required under the Financial Services Reform Act 2001, particularly as an unallocated account would be deemed a "financial product" and would require the seller of such products to be licensed by ASIC.
Click to expand...

This was the primary reason I took delivery and stored them myself. As mentioned previously, I believe it is all above board and they do actually store the metal etc in good faith. However that is not enough for me in a liquidation/bankruptcy scenario.
 
The only thing that struck me when I first read this thread was that Ainslie (and all other bullion dealers that offwr the same) will know what you have stored. Now this is not a problem as Ainslie is reputable, but if you store your gear at a private secure storage facility, then they don't want to know what is in the deposit box.

Just a point for those who like to hide their tracks.
 
mmm....shiney! said:
The only thing that struck me when I first read this thread was that Ainslie (and all other bullion dealers that offwr the same) will know what you have stored. Now this is not a problem as Ainslie is reputable, but if you store your gear at a private secure storage facility, then they don't want to know what is in the deposit box.

Just a point for those who like to hide their tracks.
Click to expand...

Good point, no one will know what I keep in a security deposit box.
Some people may want to stay away from tracking from ATO, too... LOL...
 
You must log in or register to reply here.
Back
Top