Another unexpected benefit of the Texas Bullion Depository
Posted: Thu Mar 28, 2019 2:50 pm
I had an unexpected expense and wanted to sell a few ounces of gold so as not to run my cash balance down too much.
So I contacted the Texas Bullion Depository to find out how to do that with their "co-located" bullion dealers.
There is a bit of overhead to go through the first time, but what I found amazing is the way that the bullion dealer quotes purchases from the depository.
They send you an email and you have 48 hours to decide whether you like the price.
I asked for the quote on Tuesday and it apparently quoted at the price then prevailing but I never got the email.
So I called this morning to find out what happened to my quote and they sent it again.
Of course it was $25/oz higher than the current quote due to the sudden drop in-between, so there would be no way I wouldn't go through with the sale at the higher price.
But what if the price had gone UP $25 in the meantime? Then I could have canceled without penalty!
I've never heard of a bullion dealer doing that, but apparently that is how they do business. Maybe it's because of an agreement with the depository?
Anyway, just thought everyone might like to know about this, since many people are concerned about sudden price movements after buying or selling.
So I contacted the Texas Bullion Depository to find out how to do that with their "co-located" bullion dealers.
There is a bit of overhead to go through the first time, but what I found amazing is the way that the bullion dealer quotes purchases from the depository.
They send you an email and you have 48 hours to decide whether you like the price.
I asked for the quote on Tuesday and it apparently quoted at the price then prevailing but I never got the email.
So I called this morning to find out what happened to my quote and they sent it again.
Of course it was $25/oz higher than the current quote due to the sudden drop in-between, so there would be no way I wouldn't go through with the sale at the higher price.
But what if the price had gone UP $25 in the meantime? Then I could have canceled without penalty!
I've never heard of a bullion dealer doing that, but apparently that is how they do business. Maybe it's because of an agreement with the depository?
Anyway, just thought everyone might like to know about this, since many people are concerned about sudden price movements after buying or selling.