Provident Metals has partnered with Dallas-based conglomerate Elemetal and the most respected refiners, carriers and vault service providers in the world to offer affordable, real-time bullion trading with allocated vault storage.
We are thrilled to introduce Elemetal Vault; an exciting project months in the making that allows customers to not only store their allocated bullion securely, but instantly buy and sell LBMA approved gold and silver bullion at honest-to-goodness wholesale prices.
What is Elemetal Vault?
Elemetal Vault has leveraged its industry leading partners to provide allocated gold and silver bullion at the same lightning-fast speeds and low premiums enjoyed only by private investors, fund managers and traders….until now. This revolutionary online trading and storage platform offers every investor the control they need, at the price they deserve.
When you buy and sell physical gold and silver bullion using Elemetal Vault’s comprehensive, integrated trading platform, you will have the advantage of:
Pricing and Fees
With Elemetal Vault, you’re trading directly with the source. We are the refiner, the mint and the vendor all in one, so there are no hidden charges, no commissions, and no middlemen. Investing in and securely storing Good Delivery and LBMA-certified bullion is now accessible AND affordable for everyone!
At the highest pricing tier, you will pay just $0.20 Over Spot for an ounce of physically allocated silver, and as little as $0.15 Over Spot in quantity. Gold bullion is just $5.00 Over Spot at the highest tier, but can also be purchased in quantity for as little as $2.00 Over Spot. Buy as much or as little gold and silver as you like with a minimum purchase requirement of just .01 ozt.
Unlike other services, Elemetal Vault does not have a minimum monthly storage fee, and there is no fee for in-transit metals. Storage fees are accrued daily, charged monthly, and you only pay to store bullion physically allocated to you in the vault. Our storage fee structure is based on annual rates of $1.50 per ounce per year for gold and $0.08 per ounce per year for silver.
How Does It Work?
To get started, you need to register for an Elemetal Vault account. After entering some basic information, you’ll create a username and password granting you access to the trading portal.
Security is Elemetal Vault’s highest priority, which is why every user must then proceed to identify verification before being allowed to fund their account and begin trading and storing metals. This process is very simple and it allows Elemetal Vault to identify you as the legal owner of your metals and helps to keep your account secure.
Once you’re approved, you can deposit funds by way of bank wire, automated clearing house or personal check. You will be able to view the gold, silver and currency available for trade using a clean, simple interface, and you can monitor your assets in real time. Buying and selling is done instantly — with a simple click of the mouse.
With Elemetal Vault, you can take delivery of your gold and/or silver as physical bullion any time via metals withdrawal, or withdraw funds securely via wire transfer. Your gold and silver is allocated, audited and stored securely with global leaders in secure vault storage who have been trusted internationally for generations.
Your account dashboard offers a complete overview of your Elemetal Vault account. Conveniently view your funds, gold and silver balances and positions, and monitor the status of in-transit metals, pending deposits, and recent trades.
Whether you’re new to precious metals or a seasoned investor, Elemetal Vault gives you the tools you need to easily and securely trade gold and silver bullion online.
The Provident Metals Connection
There are a several ways for you to take advantage of the Provident connection. One way, is for you to link your Elemetal Vault account to Provident Metals and use your account balances to shop at Provident when it’s time to take physical delivery of your bullion. After the accounts are linked, you will be able to fill your cart and choose Elemetal Vault as your payment method at checkout.
You don’t have to wait until it’s time to take delivery of your bullion to shop! Another way for you to take advantage of the Provident connection is to be proactive. If a certain product is out-of-stock at Provident Metals or has yet to be released, but you like the current spot price, just buy gold or silver at Elemetal Vault and shop at Provident Metals when the product becomes available.
For example, you really want to buy a tube of 2015 American Silver Eagles today, but they aren’t scheduled to be release for 4 months. Just buy 20 ounces of silver at $0.20 over today’s spot price from Elemetal Vault, store your allocated silver, and then shop when the eagles are available for purchase. If you’re lucky, the price of silver will have gone up, earning you a profit while you wait!
To link your accounts, log in to Provident Metals and visit the Elemetal Vault section of the “My Account” page and follow the instructions. If you have any questions, give us a call!
Finally the everyday investor has flexibility, liquidity AND control. Trade the highest quality bullion, at better than wholesale prices at Elemetal Vault, and store those precious metals securely and affordably with the world’s most trusted security providers.
Visit ElemetalVault.com to learn more about secure storage and how you can trade physical gold and silver bullion online, or call (844) 435- 9879 today.
We would love to hear your thoughts! Leave us a comment below or join in the conversation on Facebook, Twitter and Google+
Stan says
I tried calling during business hours 4x today and nobody answers the phone! Sent emails with no responses. NOT the first impression to make me feel comfortable with them hold my PM’s!
ProvidentMetals.com says
Hello Stan, we just spoke with the administrative team and they said they did receive an email from you and they were able to respond. Did you not receive that email? Also, we have to apologize for the phone problem. We were updating our phone system and there were some kinks being worked out. You should be able to get through now if you still have some questions.
Jim says
In regards to a question by eric on November 5,
Is it possible to deposit physical gold and silver that I purchased from Provident into an Elemetal account into allocated storage and use it to purchase and sell more metal. Or would I need to actually sell the metal back to Provident and use the proceeds in a linked account. I want to use the metal to fund an account instead of waiting for my check to clear the bank. It’s also easier for me to not have all this metal in the house.
ProvidentMetals.com says
In order to buy and sell allocated gold and silver through Elemetal Vault a customer must deposit funds via bank wire, ACH transfer or personal check. In your case, you would need to sell the bullion you own and use the proceeds from that sale to fund your account. We’re certainly not suggesting you should to that, but that’s what you would need to do.
Jim says
Thank you. That answers my last concern before signing up.
Corey says
I just sent in my first check to fund my EV. I just read the comment about tax and I need some more information about how that works. If, in trading, the sell price is $15 an ounce for silver I understand that I will be paying $15.20 an ounce. The way I read the comment about tax is that another 8.875% will be tacked onto that as well? So an ask price of $15 will turn into an actual purchase of silver through EV for about $15.60 an ounce (under 60 ounces)? If this is the case I’m a little concerned as I will have to pay this tax every time I make a purchase from my sold items. On top of the .40 cent gap in small silver trades this would increase the gap to nearly .80. That means from the onset of my purchase the price of silver must go up .80 before I begin to make a profit. Maybe I am reading this wrong. Please let me know if this is the wrong way of thinking!
Corey says
My mistake on the tax rate. It’s a .40 difference between buy and sell with $1.35 tax on an ounce of silver for $15.00. That means silver would have to gain $1.75 before I even begin to make a profit…. unless I make purchases of over $1000? I think I understand it now. That seems like a hard hit, I was really hoping on a .40 increase/gain ratio.
Corey says
I know I am throwing a lot of information out there all at once but there is another part of this that I have been thinking about that I do not understand. On every $15 ounce of silver your customer buys they will pay $1.35 in tax UNLESS they purchase over $1000. Can you reference me to the Federal or I.R.S law that drops tax paid on these purchases of over $1000? Also, if allocated silver is really placed in my name how is it that Elemetal does not pay a tax on purchases form me? This is obvious as they only make a .40 profit if I were to buy an ounce and turn around and sell it back to them. I understand that maybe they are purchasing at bulk and hitting the $1000 threshold but I don’t understand how they would be able to compound purchases for themselves to meet this demand but not do the same for customers. For example, I buy an ounce of silver at spot price of $15 for $15.30 from Elemetal (before tax) then pay a tax of $1.35 to the government… but then I turn right around and sell the ounce of silver back to elemetal for $14.90. There is no way elemetal is paying tax on the item they purchased FROM me like I payed the tax when I purchased it FROM them. Does the silver REALLY switch hands? Like I said, maybe they buy it back in bulk and get the tax knocked off (which I would like to have proof of this being lawful) but if elemetal can do that for themselves then they could put customers purchases in one basket until they cross over the threshold as well. Help me understand this please!
ProvidentMetals.com says
Here is a document from the New York State Department of Taxation and Finance, which discusses the sales tax exemption and the fact that the total purchase price must be at least $1,000.00 to qualify. The reason we don’t pay taxes when we buy it back is because we are an authorized reseller, according to the law only an end user pays tax. The government does not tax goods from wholesaler to wholesaler to wholesaler…only end users are taxed. We would LOVE for this law to be changed of course. Elemetal Vault sells silver for between 15 and 20 cents over spot, and gold for between 2 and 5 dollars over spot. The buy back spread is between 30 and 40 cents for silver depending on the tier, and gold is between 4 and 10 dollars. These premiums and spreads are unheard of. When you spend less than $1000, the math becomes more complicated for sure.
ProvidentMetals.com says
Hey Corey, good news. There is no longer sales tax on ANY purchase of ANY size. Our primary U.S. storage facility is no longer located in New York…it’s in Salt Lake City! So, again…we are longer required to charge sales tax on purchase below $1000.
At the highest pricing tier, you will pay just $0.20 Over Spot for an ounce of physically allocated silver, and as little as $0.15 Over Spot in quantity. Gold bullion is just $5.00 Over Spot at the highest tier, but can also be purchased in quantity for as little as $2.00 Over Spot. Buy as much or as little gold and silver as you like with a minimum purchase requirement of just .01 ozt. Sales tax is not applicable to any of your purchases or sales.
Marquita says
Hi, so that means that gold and silver purchase is 1 cent for a troy oz for buy and sell?
ProvidentMetals.com says
You are correct. If you buy allocated silver at a spot of $15.00 and spend less than $1000 you will be taxed at 8.875%. For example, if you buy 10 ounces of silver you will pay $165.50, if silver then goes to say $22.00, your 10 ounces would be worth around $218 if you sold them and we sent you a wire. The spread if you choose to sell is still $0.40, but because you spent less than $1000 and have been taxed, you have to account for that. This 40 cent spread is by far and away the industries most competitive. If you decide physical bullion is what you prefer, it’s a metal to metal trade, but you do have to pay the retail premium for the bullion product you choose. If you know you want physical bullion in your hands though, and that’s what’s most important to you, then it makes more sense for you to buy physical and not allocated bullion, and Provident Metals is there to meet those needs. The best way Elemetal Vault can help you with getting physical metals on hand, is if you were to buy allocated metals so you can take delivery of some physical product that is not available yet. Say you want 2016 Silver Eagles (not available right now) but you expect silver to bet at $22.00 when they come out. Buy allocated silver at $0.20 over spot (plus tax if you spend under $1000) when silver is at $15.00 and make a couple bucks on the way up. You will still pay the retail premium for the eagles, but you will also profit on your silver position in the meantime. Really though, that’s not why we built Elemetal Vault, it’s just a handy side effect. Elemetal Vault was built so investors could buy allocated gold and silver at the lowest premiums on earth, store it affordably, and then profit from the tightest spreads in the industry when they buy and sell at the right time. If you require additional assistance, please call us (844) 435-9879 and we’ll be happy to explain in more detail.
Ryan says
So i’m wondering if you are able to pay with funds in your elemental account on providentmetals.com but choose to ship it to yourself? I say this because I would like to keep bars and bulk silver with Elemetal, but when I indulge in a nice Silver Eagle Proof or Saltwater Cro,c I would like to display them at home. That would be the deal breaker for me if anything purchased through Elemental on provident metals HAD to be stored with Elemental. Thanks in advance for the information!
ProvidentMetals.com says
Yes, if you have funds on deposit with Elemetal Vault and have linked the two accounts, you will simply select Elemetal Vault as your method of payment at checkout with Provident Metals. Your shipping address can be your home address just as if you were sending a check or paying with a credit card. Let us know if you need help with linking the two accounts. It’s pretty simple, just go to ElemetalVault.com, create your username and password and click on the Withdraw tab, then Shop at Provident for instructions. To be clear, you don’t HAVE to shop with funds, you can set your withdrawal preferences on your Elemetal Vault profile page to take silver or gold balances to pay for your Provident purchase. We only mention that so you don’t think you have to sell metals so you can shop with funds at Provident…you can shop with your Metals too. Also, keep in mind, you must still pay the retail premium for your Silver Eagle Proof for example, just as you would if you were to shop directly with Provident Metals.
Mike Forman says
With respect to my previous question, can US Mint products such as eagles be purchased for the elemental account through Provident at 20 cents or 2-5 dollars over cost?
ProvidentMetals.com says
You own physical gold and/or silver, but it’s in the form of 1000 oz silver bars and 400 oz gold bars. For example, lets say you buy 100 ounces of silver through Elemetal Vault at 20 cents over spot, an investment of $1,586 at the current spot price. 100 ounces of silver is then stored and allocated to your ownership. When silver goes up and down, so does the value of your 100 ounces. If the market works in your favor, and silver goes up by say 5 dollars in the next 2 years, your 100 ounces of allocated silver are then worth roughly $2,086. You can of course purchase US Mint products through Provident Metals anytime, at which point you pay the market over spot premium. You can also sell your silver and receive a bank wire if you prefer funds, or choose to take delivery of OPM bullion rounds, or a 100 oz bar (retail premiums also apply). You will have paid $16 dollars to store your 100 ounces during that time. This tool is not meant to reduce the premiums of retail bullion, it’s simply an affordable way to store and conveniently trade allocated bullion.
Nicholas says
A few concerns I have.
1. Since it is only ‘allocated’ and not segregated, while it may be ‘illegal’ to use as collateral, rehypothecate or otherwise encumber these metals, MF Global similarly had segregated customer funds, but it did not stop them from using those funds to meet their liquidity needs (might be illegal but customers still lost money). What controls exist (and are they audited) to prevent this from happening?
2. Physical custody still seems to only be a book entry in the refiner/recycler/Provident’s books. No physical metal moves when allocated.So how do we know that the metal will be there when claimed?
3. Is there sales tax on small purchases?
4. Regarding fees. Are there ‘conversion’ fees? Some other providers have relatively cheap storage but charge a premium when requesting physical. I understand the premium required to e.g. convert allocated silver to American Eagles (say $3 each coin), but if I just request bulk silver bars, would there still be a fee?
5. Can I choose the location I want the metal to be stored at?
Thank you
ProvidentMetals.com says
(1) Hi Nicholas, we have very stringent internal controls which are in place to ensure the security of our systems. We also receive daily reports from Brink’s where the metals are stored, and we are subject to audit by Plante Moran. These audits, in addition to internal controls are meant to reconcile metals balances with funds and so on….to make sure funds and bullion are where they belong. (2) Moving metals around is as much a book entry as moving money around at a bank is a journal entry. What we mean by that, is the physical metals are in the vault, it’s a simple matter of who they belong to. If metals are allocated to a user, they are not on the Elemetal Vault balance sheet. (3) Currently an Elemetal Vault customer must spend more than $1000 to avoid NY sales tax, since all metals are currently stored at the Brink’s New York facility. (4) The premium you mentioned is the only conversion fee. Whether you choose to shop at Provident Metals, or take delivery of physical bullion through Elemetal Vault, must pay the retail premium for the bar or coin you’re receiving. You can of course opt to receive a bank wire if funds make for sense.
ProvidentMetals.com says
We have a sales tax update we thought might interest you Nicholas. There is no longer sales tax on ANY purchase of ANY size. Our primary U.S. storage facility is no longer located in New York…it’s in Salt Lake City! So, again…we are longer required to charge sales tax on purchases below $1000.
At the highest pricing tier, you will pay just $0.20 Over Spot for an ounce of physically allocated silver, and as little as $0.15 Over Spot in quantity. Gold bullion is just $5.00 Over Spot at the highest tier, but can also be purchased in quantity for as little as $2.00 Over Spot. Buy as much or as little gold and silver as you like with a minimum purchase requirement of just .01 ozt. Sales tax is not applicable to any of your purchases or sales.
SBV says
Anything purchased through EV has 8.875% Sales Tax for purchases below $1000, is that correct?
If so this is a deal breaker as purchasing 60 ozt of silver in today’s price will cost around $85 in Sales Taxes.
Please confirm.
I do not see any other online dealer charging Sales Tax for bullion coins.
ProvidentMetals.com says
Indeed, a customer would want to purchase more than $1000 to avoid sales tax. With the Brink’s New Your vault facility being the destination for all our allocated bullion, we are subject to their taxation. In the scenario you mentioned, you would be correct….there is tax on 60 ounces of silver, but NO tax on 63 ounces.
ProvidentMetals.com says
There is no longer sales tax on ANY purchase of ANY size. Our primary U.S. storage facility is no longer located in New York…it’s in Salt Lake City! So, again…we are longer required to charge sales tax on purchases below $1000.
At the highest pricing tier, you will pay just $0.20 Over Spot for an ounce of physically allocated silver, and as little as $0.15 Over Spot in quantity. Gold bullion is just $5.00 Over Spot at the highest tier, but can also be purchased in quantity for as little as $2.00 Over Spot. Buy as much or as little gold and silver as you like with a minimum purchase requirement of just .01 ozt. Sales tax is not applicable to any of your purchases or sales.
Cary says
Are metals store with Elemetal reported to the IRS when bought or sold. If so, is there a maximum amount I can store and have delivered without it being reported? Are capitol gains of any metal stored reported as income or is there an amount that is exempt? I have to keep my income below an amount that would require me to pay much higher income taxes since I’m retired and on disability.
ProvidentMetals.com says
We are not required to report the metals you buy, sell or have stored to any government office. We do not report your gains or losses, but we do provide you with the statements necessary to do so. Please consult your tax professional for more information.
Mike Forman says
Your offer looks very interesting. Hypothetically speaking if I purchase gold or silver at your quoted prices over spot, and later decide I want delivery of silver or gold eagles rather than OPM metals, is there a charge and if so, how much?
Andy says
If I am liquidating say 20oz of silver from Elemetal to Provident for shipment. Does that metal need to be sold and transferred to dollars first on Elemetal? Can it be sold metal to metal from Elemetal to Provident?
ProvidentMetals.com says
It’s metal to metal, no need to sell your bullion. You do have to pay the retail premium for the product you choose to take delivery of however. If you need help, just give us a call at 844-435-9879, we’ll help you link your accounts and set your preferences to take silver balances instead of funds first when you’re ready to take delivery.
S.S.E. says
So if it’s a metal-to-metal exchange and not a sale, this technically means that we’d be merely taking possession of metal we already purchased, and hence there is no sale to constitute a taxable event? I understand of course that the exchange involves swapping a larger amount of metal from Elemetal Vault in return for a smaller amount of metal from Provident in order to account for the premiums commanded by the Provident’s retail coins and bars, but this is still a form of redemption-plus-delivery, but not a Elemetal sale followed by Provident purchase, correct?
ProvidentMetals.com says
Hello S.S.E.
What you would be doing is using the full value of your metals as a settlement option when checking out at provident metals. When you say taxable event, we assume you mean gains? In which case, that’s between you and your accountant really. Provident and or Elemetal Vault are not required to notify anyone of this transaction. We only charge sales tax on non exempt products (copper, supplies, etc.), and only if you live in TX. If you have addition questions, please feel free to contact Elemetal Vault’s knowledgeable traders at (844) 435-9879. We hope that helps!
S.S.E. says
I’m not sure you are understanding my question. Please refer to the comment right before my earlier one: http://www.blog.providentmetals.com/gold-and-silver-bullion-investing/elemetal-vault-secure-trading-and-vault-storage.htm#comment-543422
You can see where a Provident rep said, and I quote: “It’s metal to metal, no need to sell your bullion. You do have to pay the retail premium for the product you choose to take delivery of however.”
So let’s say I have 100 ounces of silver in the Elemetal Vault allocated storage, and I want to withdraw it in the form of some other silver product available at Provident, does the exchange of my Elemetal bullion for Provident bullion count as a redemption-plus-withdrawal of my bullion (meaning no sale ever took place), or is it a series of transactions that involves a sale of bullion at Elemetal resulting in dollars which are then used in a separate purchase of bullion at Provident? It makes a huge difference, because a sale means any capital gains now become due, while a mere redemption and withdrawal means I never sold my bullion, I merely withdrew it (hence no gain or loss has yet been realized). You work in this business, you should know the difference.
So say that I wanted to withdraw my 100 oz t of allocated silver bullion in the form of 90% junk silver (.715 oz t of silver per $1 face value, i.e. approx 5 oz t per $7 face value in junk silver), and let’s say the premium on the junk silver is 10%. This means that in this hypothetical example, 100 oz t of silver in Elemetal Vault allocated storage is equal in value to 90 oz t of 90% junk silver, or $126 in face value. If I choose to withdraw my Elemetal Vault silver via the form of 90% junk silver at Provident, you would be deducting 100 oz t of silver from my Elemetal balance, an shipping me $126 face value of 90% junk silver. If this is structured as a withdrawal of metal from Elemetal, then this is merely a metal to metal exchange of bullion, with no sale. But if you structure it as a sale, a redemption into dollars, then a separate purchase, then it is an entirely different ball game, and it debunks what the Provident rep said, which I will quote once again: “It’s metal to metal, no need to sell your bullion. You do have to pay the retail premium for the product you choose to take delivery of however.”
I don’t know how much more to clarity this, and I believe that the public deserves to see your answer in writing. Thanks!
Best Regards,
S.S.E.
ProvidentMetals.com says
It really is what we would consider to be a grey area, and something you would definitely want to speak with a tax professional about. That being said, you would technically be selling an allocated position in bullion to Elemetal Vault and buying physical bullion from Provident, which some might say is a taxable event. Others might say, you owned silver (for example) and you still own silver, so you haven’t gained or lost anything in your “transfer” to physical. To be clear, we are not required to provide any form of documentation to the IRS, and if you want more acceptable tax advice you should definitely seek adequate tax council. If you want to fallow the letter of the law, it’s a sale on the Elemetal side and a book entry from Elemetal to Provident for the purchase of physical.
Corey Sands says
I am looking forward to starting this account but I have a few concerns as well. The plus side is that I trust YOU Provident Metals. What I don’t like is the extent of information in the application. Drivers license, SSN, address, signature, birthdate and more. I feel like I am opening a bank account and because I will never see my actual investment it concerns me that someone else may have all the information needed to gain access to my property. If I were to come to texas at any time could I walk into this place and see my physical investment? I have tried hard to google information about this Elemental Vault but I have found nothing from outside sources at all. Is this all brand new? If so, how did it align itself with such reputable names so quickly? I know I have a lot of questions but I just want to be absolutely sure that this is the way to go instead of holding thousands of ounces of silver myself.
ProvidentMetals.com says
It was nice speaking with you today Corey! Enjoy your Elemetal Vault account and please let us know if there is anything further that we can help you with!
Brad says
I’m kind of new to this buying of silver and some gold. With that said though, are you saying by setting up an EV account I can buy it for smaller overhead on spot prices than if I purchase directly from you? If so, why? I usually make a purchase and have it shipped directly to me. This seems like a better way to go and to be honest… it worries me because it seems to good to be true.
ProvidentMetals.com says
We were worried about that Brad, honestly. The average investor has never seen silver for $.0.15 over spot, or gold for as low as $2.00 over. And storage fees are A LOT higher elsewhere, and they have minimum storage amounts and fees….we do not. The reason it’s so much cheaper is simple….our strategic network of partnerships. Elemetal vault has relationships that make recovery, refining and minting more affordable. Other services are middlemen frankly, they make their money by matching up buyers and sellers. Our partners are recovering, refining and minting bullion, and they are already storing it because they are Comex Good Delivery, so they are sending massive amounts of bullion all over the world. It’s not easy to obtain the industry certifications that our partners have. This is a service the “competition” can’t offer, because they don’t have our family of companies. The metals are allocated to your ownership and you are exposed to movements in that gold or silver’s price, the difference is…the bullion is being stored at Brink’s. Sell and take funds, or load out with physical anytime you like, either through Elemetal Vault or Provident Metals. These prices ARE crazy…but they are real. If that answer didn’t help you, please give one of our team members a call, because they are fun to talk to…and VERY helpful. They would love to hear from you, and can answer any questions you have (844) 435-9879
Brad says
Thank you for responding and I will certainly consider doing this.
Occasnl Trvlr says
I want to be sure I understand the circumstances. Please consider this hypothetical situation, and tell me if my conclusion is right or wrong.
Suppose I have 10 ozs. of Au in allocated storage at Elemental Vault. Suppose that, for reasons beyond anyone’s control, Provident Metals cannot source 10 ozs. of gold for retail sale.
Then, I would have no way to actually get my 10 ozs. of gold into my own hands, true or not true?
ProvidentMetals.com says
If for some reason Provident Metals ceases to exist, or all our suppliers stop selling us gold, we would not be able to sell you gold. However, the physical gold you have allocated to you is still there, and it legally belongs to you. You still have the OPM bullion withdrawal option through Elemetal Vault, and the metals purchased through Elemetal Vault are manufactured by LBMA and COMEX “Good Delivery” refiners. They are also members of the International Organization for Standardization (ISO9001), these are very difficult certifications to obtain. They have the gold. Between Elemetal, OPM and Provident Metals, we have two mints….and your gold, that you legally own can be minted unless the world comes to an end. In a worst case scenario, you would be able to sell your 10 ounces of gold with one click of the mouse and have a wire sent to your bank. If you know you want physical bullion in your hands though, and that’s what’s most important to you, then it makes more sense for you to buy physical and not allocated bullion, and Provident Metals is there to meet those needs.
Bob Powell says
Is there a guarantee that Elemetal will NOT rehypothecate my PMs in the vault?
ProvidentMetals.com says
Yes, funds are kept in a segregated client funds account that cannot be leveraged by us in any way. We do not, and legally cannot use them, barrow against them, etc. Matals are allocated to you once they reach the vault, and are your legal property. Those gold and silver balances that have been allocated to a customer, are not on our books, they belong to you. We are audited by Plante Moran.
Bob Powell says
Thanks for the quick response.
Keith says
Can Elemental Vault be set up with an IRA?
ProvidentMetals.com says
Not without the penalty. Elemetal Vault accounts cannot accept “qualified” transfers from an IRA account. But, as always, consult your tax professional to determine what’s best for your particular set of goals.
Keith says
If EV can get set up for IRA roll overs I`m all in, provided they store on their onsight Brinks location.
ProvidentMetals.com says
We’ll definitely let you know if that becomes an option!
Donna says
Can you store IRA accounts?
ProvidentMetals.com says
Unfortunately Elemetal Vault accounts cannot accept “qualified” transfers from an IRA account. But, as always, consult your tax professional to determine what’s best for your particular set of goals.
Chris says
What is the fee to have the gold or silver delivered to me, if I choose to do so later?
ProvidentMetals.com says
If you link your Elemetal Vault account to Provident Metals and shop with your Elemetal Vault account balances, Shipping rates are as follows:
Oreder Sub-totals of $0 – $249.99 are shipped for $5.95
Oreder Sub-totals of $250 – $499.99 are shipped for $8.95
Oreder Sub-totals of $500 – $4,999.99 are shipped for $11.95
Oreder Sub-totals of $5,000 + are shipped for $0.00 (free)
If you take delivery of OPM bullion through Elemetal Vault you qualify for free shipping if you withdraw a minimum of 30 ozt of gold or 500 ozt of silver, otherwise a standard shipping and handling charge of $30 will be applied. All packages are shipped discreetly and fully insured in both cases. You can withdraw funds via wire transfer any time you like.
eric says
Can I deposit bullion previously purchased from multiple sources into Element Vault for storage?
ProvidentMetals.com says
Unfortunately, no. Elemetal Vault is not segregated storage, it’s allocated storage. You register for and fund your account, and then you purchase gold and silver bullion through their trading portal. We allow customers to purchase Good Delivery and LBMA approved gold and silver bullion at wholesale prices…and store those metals very inexpensively. The reason we can do that, is because it is NOT segregated. Allocated storage is far cheaper because the metals have not been “retailed” and do not have to be stored separately. If you have any questions at all, just give our Elemetal Vault representatives a call, they’d love to hear from you…(844) 435-9879