Bullion storage: what to confirm

Allocation and ownership

Allocation describes whether particular bars or coins are identified to your holding, rather than only a quantity of metal being recorded. The published Storage Terms describe allocated, segregated holdings and customer ownership. Other published copper information describes pooled copper, so do not assume the same allocation model applies to every metal or location.

Ask for the custody and ownership record that will apply to your chosen product and location, including any bar or coin identifiers where relevant. If the published descriptions differ, request written clarification before relying on one of them.

Custody and insurance

The location list identifies the currently offered provider and city. Custody may be with Gold Pensions or a third-party vault operator; confirm who holds your metal, where it will be held and how a change of operator or location would be notified. A listed provider is not a guarantee that every vault is LBMA approved.

The Storage Terms describe cover for physical loss, theft and damage while in vault storage and transit arranged by us, but not a fall in market price. Before committing, request the current insurance wording or evidence for your arrangement and check the insured value, limits, exclusions, who holds the policy and how a claim is made. Do not assume all risks or every loss are covered without checking those documents.

What the charge includes

Rates shown below come from the current published location schedule and are indicative, not a final price for an empty account. Gold and silver charges can depend on holding value and an annual minimum; copper pricing can depend on weight bands. The actual metal, holding value or weight, location, billing period, applicable VAT treatment and any offer determine the quote.

Ask for the full net, VAT and gross amount, any minimum and billing frequency before storage starts. Confirm who invoices and collects the storage fee, whether any separate provider payment or settlement is required, and how renewals or rate changes are notified. The current headline rate does not replace your confirmed charge or an issued invoice.

Withdrawal or sale

You may request withdrawal or ask about a sale, subject to identity and anti-money-laundering checks, outstanding storage charges and vault retrieval. The general Terms say to allow 4–6 weeks for delivery of stored items to your registered address. Do not assume immediate delivery or sale at the displayed metal price.

Ask for delivery, handling, sale or other applicable fees and the current buy-back terms before deciding. The general Terms describe buy-back as discretionary; the Storage Terms refer to a prevailing buy-back price. Confirm which terms apply to your holding in writing.

Sources and further reading

• Storage Terms & Conditions
• General Terms & Conditions
• Copper storage rates