- Is the account in my name? Who will have access to my account?
Yes. All accounts at IDS are designated and set up in the name of the client (i.e. individual, business entity, trust, etc.). IDS maintains the account, but has no authority to transact any business without clients’ directions.
- Are the contents of my account insured?
Yes, all assets held in IDS accounts are insured by Lloyd’s of London, the world’s leading specialty insurance provider.
- Are shipments processed out of IDS insured?
Yes. All outbound shipments are insured. Please contact us for carrier specific insurance guidelines and limits.
- What can I store at IDS?
Currently, IDS provides storage services for all precious metals including gold, silver, platinum, palladium and rhodium. IDS also offers storage for rare and certified coins and other hard assets.
- What about privacy and reporting?
IDS takes every precaution to protect each client’s personal information with the appropriate physical and technological safeguards. Under no circumstance is any information provided to IDS sold, exchanged, loaned or made available to any third party, except as required to fulfill the services under account agent and as required by law. Additionally, IDS of Canada strictly adheres to the Canada Privacy Act. For more information regarding the Canada Privacy Act, please visit www.priv.gc.ca
- What about fees?
Fees and services vary depending on the value of the assets stored. Please contact us for fee structure on storage and other services.
- Can I buy and sell precious metals through you?
IDS strictly provides storage and related services. IDS is not a bullion dealer. However, we store metals on behalf of many of the world’s leading bullion dealers. If you are interested in buying or selling please contact us and we will be happy to recommend active dealers within our depository. If you already have a bullion dealer, you may simply instruct them to ship your order to IDS for safe keeping. If you are selling to a bullion dealer, once you have arranged the sale with your dealer, simply provide us with the destination address and method of shipment desired. If your dealer has an active account the transaction can be completed within the depository which saves time and money on shipping.
- Why should I store my precious metal assets with IDS?
There are many considerations when choosing a precious metals depository. IDS offers security, speed, privacy and physical access to your metals during normal business hours. A reputable custody program, such as that administered by IDS, provides greater flexibility, security and convenience. Your holdings are held in custody on an insured basis while in the depository, and you maintain a personal custody account where your metals are held off the balance sheet of the depository. Your bullion is stored in a high security, UL-rated facility in America and ULC-rated facility in Canada. You will receive detailed transaction confirmations and account statements for your account, thereby keeping you fully apprised of your account status at all times.
- What are the implications of taking personal delivery of my metal?
You may derive a feeling of enhanced personal security and satisfaction from having your precious metals investments immediately within reach. However, when you personally hold precious metals it is difficult to find a secure place to store it. Additionally, individual insurance against theft or loss, is often difficult and expensive to obtain. Contrary to popular belief, the contents of a safe deposit box are not insured by the banks that rent them.
You also may experience delays in selling your metal. If your precious metal is in your possession, and you wish to sell a portion or all of your holdings, you must deliver it to your dealer, typically either in person or by mailing it to the dealer’s facility. The price you are quoted for your sale will be the current market price, which may decline between the time you decide to sell and the time your dealer receives the metal. In certain cases, your metal may be subject to an assay, or authenticity test, which may entail more delays and additional costs.
- What is a Master/Sub storage account?
The Master/Sub storage account is a two-tiered account for dealers and asset managers storing precious metals on behalf of their clients. This account is designed to create a revenue stream for the company. The Master account monitors and maintains associated Sub-accounts, and all correspondence is directed through the Master account, who is aware of any and all movement including buy/sell. Comprehensive reports for the Master and Sub account holdings are available for record keeping and invoicing purposes.
- What is a depository pool account?
The Pool Storage Account is designed for dealers or institutions who wish to store precious metals on behalf of their clients. Each individual coin or bar is not specifically titled to the individual investor, but rather to the Pool Account owner. The Pool Account owner holds unallocated precious metals and all Sub-account holders are allocated a number of purchased ounces rather than a specific fabricated precious metal product, such as bars or coins. The Pool account owner maintains complete control of all stored precious metals. All correspondence regarding the holdings is done through the Pool account owner. The depository does not correspond directly with the Pool Account owner’s clients (Sub-account holders), unless authorized by written instruction from the Pool Account owner.
- What metals can be shipped to Canada without sales tax or duty?
The Canadian government imposes a Goods and Service Tax / Harmonized Sales Tax (GST / HST) on products entering Canada which do not meet a minimum purity requirement.
To insure these taxes and duties are not owed, precious metals must be in bar, ingot, coin or wafer form. Coins must be issued by a government authority as legal tender and metals must meet the following purity standards:
- Gold must be 99.99% pure
- Platinum and Silver must be 99.5% pure
The following are examples of products which currently do not carry any sales tax are:
- Gold, platinum and silver Canadian Maple Leaf coins
- Gold American Buffalo coin
- Gold Australian Kangaroo/Nugget coin
- Gold Chinese Panda coin
- Platinum and silver American Eagle coin
- Platinum Austrian Platypus coin
More information can be found on the Canadian Border Services Agency website. Click Here