Another unexpected benefit of the Texas Bullion Depository
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Another unexpected benefit of the Texas Bullion Depository
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.
- I Shrugged
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Re: Another unexpected benefit of the Texas Bullion Depository
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?
Do you have gold there?
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Re: Another unexpected benefit of the Texas Bullion Depository
Yes.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?
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Re: Another unexpected benefit of the Texas Bullion Depository
Why is this depository better than Perth Mint
Re: Another unexpected benefit of the Texas Bullion Depository
They're both good options. It mostly comes down to who you would prefer to be guarding your gold.
- I Shrugged
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Re: Another unexpected benefit of the Texas Bullion Depository
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.
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Re: Another unexpected benefit of the Texas Bullion Depository
Sure, I understand that.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.
I haven't received my payment yet, but other than that it has been a good experience with them.
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Re: Another unexpected benefit of the Texas Bullion Depository
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?
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Re: Another unexpected benefit of the Texas Bullion Depository
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 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?
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.
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Re: Another unexpected benefit of the Texas Bullion Depository
Followup: I got my payment via ACH. The whole thing took about a week.Libertarian666 wrote: ↑Sat Mar 30, 2019 11:47 pmSure, I understand that.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.
I haven't received my payment yet, but other than that it has been a good experience with them.
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