Reputable company selling unallocated silver
- Thread starter atut
- Start date
Goldstackers in Melbourne: http://www.goldstackers.com.au/store/unallocated.html
Perth Bullion
http://goldsilverworlds.com/gold-si...or-accounts-avoid-this-risk-when-buying-gold/
The article tells be aware the risk of unallocated account.
The article tells be aware the risk of unallocated account.
H
House
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atut said:
Yes, that is the whole point of Unallocated. Buy now and redeem for physical whenever you want.
From the GS website; "Redemption is simple - just order the items you wish to redeem as a normal purchase, and then email us to let us know it is a redemption".
It is Xmas so again, if you had of looked at the GS website for trading hours (it's even on the front page) you'd have seen they closed on the 20th and are reopening on the 6th, hence why no reply.
Bullion Baron said:
Ben from Gold Stackers here. As per the front page of our website, our Melbourne office is closed until 6th January - regular customer enquiries will be responded to once our office is open. In the meantime the website is open for trading, and order payment updates (including unallocated purchases) are being updated every few days over this period.
I can categorically state (as Bullion Baron well knows) that Gold Stackers (and Perth Bullion for that matter as they were also mentioned in the thread) are NOT companies involved in the ATO's investigation of alleged GST fraud which to my knowledge primarily relates to accounting practices in the scrap gold buying industry.
Also - unallocated metal held at Gold Stackers is explicitly set up as the property of the account holder - customers own the pool of metal that is designated as unallocated backing, but not the premium. The metal is not an asset of Gold Stackers with a corresponding liability to customers - it IS the customers metal, separately accounted from company-owned inventory, and it is deliberately structured that way to protect our customers. What is being suggested is that unallocated account holders are merely creditors that would wait in line behind the ATO in the event of a liquidation - in the case of several bullion dealers' unallocated programs that I know inner workings of, this would not be the case, unless the ATO was to take the extraordinary step of liquidating customer-owned property - which is different to liquidating a corresponding company asset to a client liability. It's not Gold Stackers' metal for a liquidator to sell.
As a profitable, growing business that is expanding and hiring, with a healthy balance sheet, all I can say is do your own due diligence, part of which is contacting companies and enquiring about their products (no two unallocated products are really the same - every dealer manages their product in their own way, I believe ours is unique but there's limits to how much IP I can share publicly beyond the basics), part of that due diligence however will involve a response to emails when we open
Had a quick skim of the inbox and couldn't spot the email, otherwise I would have simply replied there - however some comments made on this thread warranted a public response.