Safekeeping FAQ
What is a SMI's Safekeeping Account?
Our Safekeeping Account is known in the industry as an unallocated storage account. It can also be referred to as a non-segregated account or simply a pool account.
This account is, in effect, a precious metal account in which a client owns a defined, un-segmented interest or portion in a pool of precious metal held in storage and insured by SMI at their secure facility.
How does the Safekeeping Account Operate?
Our Safekeeping Account allows you to purchase silver and gold, which is held in a specific Pool Account at SMI. You can add to this account, take physical delivery or sell your holdings at any time, (subject to the needs of SMI and acceptance of SMI precious metal pricing).
The SMI Safekeeping Program also permits the purchase of SMI bullion products at prevailing market prices for precious metal and at manufacturing prices which are lower than the industry prices.
Manufacturing prices represent the cost of fabrication of your precious metal into its various weights and forms (e.g. bars or rounds) in purity values of 99.9% for silver and 99.99% for gold.
These manufacturing costs are incurred only when a client wishes to take physical delivery of their precious metal holdings from the SMI Safekeeping Program.
What is required to start a Precious Metal Safekeeping Account
It would require a minimum of: 500 ounces for silver and / or, 10 ounces for gold, or the equivalent funds to purchase any of the above.
What are the payment options?
Certified check, money order or bank wire transfer
How is ownership or title of metal established in SMI's Safekeeping Program?
An account application for our Precious Metal Safekeeping program must be signed and dated, and returned to us.
All metal in safekeeping will be maintained in your name and will not appear as an asset of Sunshine Minting, Inc. In addition, all metal will be insured against any casualty loss such as fire, theft, etc.
When you open or add to your safekeeping account, a statement will be issued showing the number of ounces added to your safekeeping account.
What are the transaction fees?
There are no separate safekeeping fees for insurance and security.
There are no set - up fees.
There are no administrative fees.
There is an annual storage fee of US $ 50.00, which is not prorated.
Billing is done annually, on June 1st of each year for the next 12 month period beginning July 1st. Payment must be received by June 30th or a late fee of $25.00 and a finance charge of 1 percent per month on the storage fee would be incurred. Manufacturing fees are deferred until you wish to take physical delivery of your precious metal.
How is the purchase of precious metal carried out?
Once an account is opened at SMI and funds are made available by the client, faxed or emailed instructions are required to initiate the purchase of the precious metal. In most cases we would require 24 hrs notice, instructions, and the amount to be purchased. Purchases will be made within 24 hours of receipt of funds and instructions.
How do you place an order at SMI?
Call toll-free (1-800-274-5837) to place your order. Please give your name, address and telephone number. The SUNSHINE METALS price will be quoted to you. An order acknowledgement will be sent to you the day you place your order. After placing your order, you must send your bank wire transfer, certified check or bank money order within 48 hrs. Once you have placed an order, you are legally obligated to send payment otherwise you will be charged the difference of the market loss or $25 whichever is greater.
What type of Good Delivery Precious Metal Bullion is permitted in the SMI Safekeeping Program?
Gold bars and rounds manufactured by NYMEX, COMEX or London approved refiners / assayers, meeting the minimum fineness of .9999. Silver bars manufactured by NYMEX, COMEX or London approved refiners / assayers, meeting the minimum fineness of .999+.
Is there a minimum time limit for keeping precious metal in the Safekeeping Program?
Yes. We require a minimum commitment of 6 months participation in the program. If you wish to sell or take delivery of your metal within the minimum commitment period, an administration fee of $100.00 will be charged.
How can I withdraw precious metal from the Safekeeping Program?
Once you have exceeded the minimum commitment period of 6 months, you can withdraw your metal at any time from the Safekeeping Program. If you wish to withdraw your metal from Safekeeping, a request must be sent by fax, certified US mail or courier to Sunshine Minting, Inc. The request must specify whether you will send US funds for the costs of fabrication and shipping or whether you would prefer that we deduct those costs from the value of your Safekeeping Account. The metal would then be fabricated and shipped to you at your expense within 10 working days from receipt of request and funds. A statement will accompany the metal showing the decrease in your Safekeeping ounces and your new account amount, if any.
Should you wish to sell your metal to Sunshine Minting, Inc., the Sunshine metal price will be quoted to you at a date that is suitable to both parties. Sunshine Minting Inc. will purchase the metal when our needs allow. Once the transaction is completed, funds can be bank wire transferred, or a company check will be sent to you within 48 hours from transaction date at no cost to SMI.
How long will it take to obtain delivery of the physical metal from the Safekeeping account?
Depending upon the order size being requested for delivery and the fabrication fees being paid, SMI bullion products will be made available for shipment within 10 working days from receipt of request and funds. (To be confirmed at time of request)
Download a Safekeeping Application Form
Download a Safekeeping Order Request Form
