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Another unexpected benefit of the Texas Bullion Depository

Posted: Thu Mar 28, 2019 2:50 pm
by technovelist
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.

Re: Another unexpected benefit of the Texas Bullion Depository

Posted: Thu Mar 28, 2019 10:17 pm
by I Shrugged
That's interesting. There is always a little anxiety with those kinds of things, like you have to act immediately.

Do you have gold there?

Re: Another unexpected benefit of the Texas Bullion Depository

Posted: Fri Mar 29, 2019 12:33 am
by technovelist
I Shrugged wrote:
Thu Mar 28, 2019 10:17 pm
That's interesting. There is always a little anxiety with those kinds of things, like you have to act immediately.

Do you have gold there?
Yes.

Re: Another unexpected benefit of the Texas Bullion Depository

Posted: Fri Mar 29, 2019 4:23 am
by boglerdude
Why is this depository better than Perth Mint

Re: Another unexpected benefit of the Texas Bullion Depository

Posted: Fri Mar 29, 2019 11:49 am
by Tyler
boglerdude wrote:
Fri Mar 29, 2019 4:23 am
Why is this depository better than Perth Mint
They're both good options. It mostly comes down to who you would prefer to be guarding your gold.

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Re: Another unexpected benefit of the Texas Bullion Depository

Posted: Fri Mar 29, 2019 11:52 am
by Xan
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Re: Another unexpected benefit of the Texas Bullion Depository

Posted: Sat Mar 30, 2019 9:56 pm
by I Shrugged
Thanks TN. I know that's a bit of a personal question, but it's nice to hear that someone here has actual experience with a given gold storage place.

Re: Another unexpected benefit of the Texas Bullion Depository

Posted: Sat Mar 30, 2019 11:47 pm
by technovelist
I Shrugged wrote:
Sat Mar 30, 2019 9:56 pm
Thanks TN. I know that's a bit of a personal question, but it's nice to hear that someone here has actual experience with a given gold storage place.
Sure, I understand that.
I haven't received my payment yet, but other than that it has been a good experience with them.

Re: Another unexpected benefit of the Texas Bullion Depository

Posted: Fri Apr 12, 2019 11:22 am
by I Shrugged
I'm looking online, trying to find a listing of the dealers that work with the TBD. So far I'm coming up empty. Anyone have a link?

Re: Another unexpected benefit of the Texas Bullion Depository

Posted: Fri Apr 12, 2019 11:29 am
by technovelist
I Shrugged wrote:
Fri Apr 12, 2019 11:22 am
I'm looking online, trying to find a listing of the dealers that work with the TBD. So far I'm coming up empty. Anyone have a link?
US Gold Bureau is one (https://invest.usgoldbureau.com/secure-storage). I forget the other one, but the TBD customer service person can answer that.

I believe the reason they aren't listed on the TBD website is because that would be commercial promotion that is barred by the statute authorizing the TBD in the first place.

Re: Another unexpected benefit of the Texas Bullion Depository

Posted: Fri Apr 12, 2019 11:30 am
by technovelist
technovelist wrote:
Sat Mar 30, 2019 11:47 pm
I Shrugged wrote:
Sat Mar 30, 2019 9:56 pm
Thanks TN. I know that's a bit of a personal question, but it's nice to hear that someone here has actual experience with a given gold storage place.
Sure, I understand that.
I haven't received my payment yet, but other than that it has been a good experience with them.
Followup: I got my payment via ACH. The whole thing took about a week.

Re: Another unexpected benefit of the Texas Bullion Depository

Posted: Sat Apr 13, 2019 9:40 am
by I Shrugged
Thanks TN.