Bullion brokers...

Discussion in 'Commodity Futures' started by Stok, Jul 24, 2009.

  1. Stok


    Any of you deal with these guys? We have a small account with one, and these guys are almost total scum! Charge 5-12% commish plus bid/ask spread. Then charge 8%+ margin (if you want to do margin).

    And the way they can talk to you...like a scene out of boiler room! Pretty amuzed by it actually. I keep telling them, we own futures and fine right now, in fact told him I can buy 1 SI that has a value of $70,000 worth of silver for $2.15. Of course, he would charge me $3500 PLUS a markup on bid/ask (3%).....JOKERS

    Of course, I bet there are good firms out there, and no knocking this firm, just the boiler room mentality is all. The kicker, is that none of these guys have to be regulated or registered like stock/futures, etc. broker. Shady industry.

    Add all the infomercials we see on CNBC/Fox with all these bullion brokers yelling at the screens.
  2. Try Bullion Direct or Tulving.com
  3. kxvid


    Look into buying 1000 oz bars. That is about as cheap over spot as you can buy silver. If you want to own physical you have to pay up. It is a very different thing buying a derivative versus actual physical with fabrication, distribution, and warehousing costs.
  4. Or Bank of Nova Scotia (Scotiabank)
  5. bullionvault.com
  6. That might be good for trading but I do not see an option for withdrawing your product and having it shipped to yourself.

    Which makes me very suspicious.
  7. "You even have the right to withdraw gold from the vault, although the huge majority of BullionVault users leave their gold right where it is. That way they continue to enjoy the benefits of owning Good Delivery gold which - remember - does not leave the professional vaulting circuit. (There may be additional fees, taxes and reporting obligations for bullion withdrawal.) "
  8. I don't see an option or a method for withdrawal. What are the costs & fees? Unclear. If withdrawals are easy there would be a button tab for it. They obviously want to discourage you from any withdrawals.

    Compare this to bulliondirect.com and you will see what I mean.

    The reason you would want to withdrawal, if you are trading bullion, is to arbitrage versus other bullion venues.
  9. APMEX is reputable.