Historically when Gold and Silver Bullion has been purchased, the Bullion Dealer has offered to store the physical bullion for the buyer in a vault overseas. Previously, no vaults were available in Ireland to securely store large stocks of bullion, hence overseas vaults. These vaults are typically located in countries such as Switzerland, Singapore, US, Germany & Australia. Bullion dealers generally charge a storage fee of 1% of the value of the bullion per annum. This storage fee will be slightly less if you have a large amount of bullion. The downside with this storage option is accessibility and ease of sale.
Another popular method of buying bullion is The Perth Mint Certificate Programme based in Australia. The bullion is stored in a government owned mint and you are issued with a certificate that details owners name and amount of gold that is stored on your behalf. Downside once again, is accessabilty. In addition, market skeptics suggest that the Australian government could confiscate the bullion if severe financial hardship was endured by the Western Australian Government.
Norwich Vaults now offer secure bullion storage for customers at our facility in NorwichCity Centre. Depending on the value of your gold bullion, the cost of secure storage can be considerably less than storing overseas.
For example, if you have £150,000 worth of gold bullion stored overseas, the annual storage fee will be approx 1% of value – £1,500 per annum.
At Norwich Vaults, our standard box size can easily accommodate that value of gold and costs only €199 per annum, a significant saving. In addition, our storage costs are fixed and not linked to value of the bullion. There is also an option to fully insure for a small extra charge with our insurers.
Benefits of Secure Bullion Storage at Norwich Vaults:
- Competitive Storage Costs
- Instant Access to your bullion
- Bullion Dealer on site – NorwichBullion
- No confiscation risks
- Low Geo-Political Risks
- Safe Deposit Box can store other valuables also
- Multiple Person Access if required
- No Exchange Rate Risks