Bullion Services - True Values
Why you shouldn't keep precious metals in bonded warehouses.
There are quite a few Germans, Austrians, Swiss and other nationalities who keep their precious metals in a bonded warehouse, e.g. in Switzerland. There are enough precious metal dealers who offer this service to their customers. The big advantage at first glance is the omission of VAT when buying silver, platinum and palladium. But you should think through the storage of your own precious metals in a bonded warehouse to the end. Then you will realize that not everything that glitters is gold in the bonded warehouse.
Before you store precious metals in a bonded warehouse, you should think about the following points:
1.
The bonded warehouses are transit warehouses and were created for traders who need to transport
goods through different countries. Instead of importing the goods into a country (a lot of
paperwork, authorities, customs, etc.) and exporting them again (the same work again), the goods
are stored in a duty-free warehouse without much effort and can be exported again without much
effort. The bonded warehouse is actually only intended to temporarily store the goods for a
specific, manageable period of time. Anyone who uses the duty-free warehouse for the long-term
storage of goods is abusing the purpose of the duty-free warehouse.
2.
The bonded warehouse is under official supervision and is closely monitored by officials.
3. Switzerland is in the process of checking the status of its bonded warehouses, as international pressure is increasing here too. Switzerland is accused of using the bonded warehouses as a hiding place for illegal money and tax evasion by criminals.
4. Do you know how and under what conditions you get your precious metal that is in the duty-free warehouse? Picking it up yourself is problematic, maybe even impossible, as your name is unknown there and only the name of your dealer is known. How do you get your precious metal if your dealer is no longer there (keyword insolvency)? Should you still be able to pick up your precious metals, a customs officer (= state) will be present, fees and taxes will apply, you will have to identify yourself to a state official and will be officially registered.
5. Can you sell or collect your precious metal in a crisis? How?
6. During a crisis, the physical removal of your precious metals from the bonded warehouse is hardly possible in practice. The bonded warehouses are huge warehouses that store goods belonging to tens of thousands of people and companies. In a crisis situation, thousands of people and companies will probably try to get their goods out of the bonded warehouse. However, there are only a few customs officers on site who have to document and account for every withdrawal. Be prepared for very, very long waiting times.
This makes it clear that a duty-free warehouse is a very bad form of storage for your precious metals in an emergency. In contrast, working with Atlantic Canada Metals Inc. offers you the following benefits:
Storage in a 24/7 high security warehouse in Canada.
Canada is one of the most economically and politically stable countries in the world.
Precious metals can be bought VAT-free in Canada.
No official registration, no customs officer.
Diversification out of the euro area and out of Europe.
Storage outside the banking system.
The stored precious metal is fully insured.
The customer becomes 100% economic and legal owner.
Every time there is a change in stock, the customer receives a new stock overview and a new certificate of ownership of his precious metals.
Sale and delivery is possible at any time.
Viewing, touching and photographing your own precious metals is possible.
There are no taxes on sale or delivery in Canada.