Transfer Existing Precious Metals to BullionCoin

Investors can directly transfer their precious metals to BullionCoin in order to avoid transactions fees and losses through the buy & sell prices offered.

There is no need for you to enter into a process whereby you need to sell your physical bullion into fiat, just to re-buy it again. It just makes no sense, unless you're the company wanting all that buying & selling to go through them for a nice bit of commission.

You've already paid for your asset once, so you need to keep your costs to a minimum.

If you don't transfer directly and decide to cash out instead then you have lost money on the following areas:

  1. The original purchase costs
  2. The selling cost/fee
  3. The offered selling price
  4. The cost/fee to re-buy
  5. The offered buying price

Now with the ability to move your existing holdings into Bullion, you can avoid all the above costs. However, there will be some costs relating to transport and assaying (or remelting if deemed necessary).

If you want add your precious metals to BullionCoin in time to be part of the founding investment window contact us. Don't miss the opportunity to receive a higher yield rate being given to the founding investments as a lifetime passive income on their coins.  

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Streamlined Process Transferring Your Precious Metals BullionCoin

To start the process you'll need to contact us to give us the exact details of your holdings so we can ascertain what route it takes (direct to vault after assay or remelting by an LBMA refiner). The details you need to give are:

  • The exact makeup of your holdings (type and quantity)
  • Place of purchase
  • How it has been stored since purchase

Once you have given us the details we need, the following will happen (assuming everything is OK):

1. We'll give a secure logistics company, such as Brinks, details on what is to be collected from where

2. The company will collect your precious metals from the agreed location

* Check below to see if you can skip the refining stage and add your precious metals to BullionCoin Geneva directly.

3. Your bullion will then transported to an LBMA approved refinery

4. The refinery will either assay or, if needed, re-refine the precious metals content into the following top tier investment grade bullion products:

  • 100 gram gold bars at 9999 fineness, or 1 kilo bars if it's a large quantity
  • 1 kilo silver bars at 999 fineness

5. The refinery will deliver the newly refined bars to the BullionCoin vault

6. Upon receipt of the precious metals to BullionCoin's vault, they will be automatically digitised as BullionCoins

7. The cost of the transport and refining process will be deducted, at charge, from that BullionCoin balance*

8. The BullionCoins, minus the costs, will be added to your wallet for you to access and use

*BullionCoin is trying to arrange with Brinks and the LBMA refineries that the transportation, assay and refining costs are to be paid by BullionCoin so that you will not have to make any cash payments for the transfer to happen. Instead these costs will be deducted from your newly raised BullionCoin balance.

This will mean that our ability to transfer precious metals to BullionCoin is basically a collect and deposit process. A safe, simple and hassle-free service is also what helps to define this digital currency.

BulloinCoin Vaulting Locations

BullionCoin will be using Brinks as its global vaulting provider. It will eventually offer all the following storage locations:

  • Dubai (primary and starting vault)
  • Geneva (date tbc)
  • Hong Kong (date tbc)
  • United Kingdom (date tbc)

The UK vault will likely not hold any silver due to the UK's 20% VAT which is applied to silver purchases.

Basic Summary of the transfer process into BullionCoin

Do Your Precious Metals Need the Refining Stage?

There needs to be strict control on the guaranteed quality and authenticity BullionCoin's precious metals in order to maintain its integrity. The refining process is required where it is necessary to confirm the total precious metals content in the product items.

Therefore, only certain products will be accepted directly and not need refining. To be accepted directly, it must meet the following criteria:

Product Type

All products must have been made by an LBMA refinery or Primary Mint.

Gold bullion will need to have a minimum fineness of 9999 and silver needs a minimum of 999 purity.

Where products don't meet those specifications, depending upon what it is, it will either be swapped into appropriate sized bars by a refinery or will need to be re-refined in order to verify its metal content. The new high grade bars will then be deposited into BullionCoin's vault.

Place of Purchase

You will need to show that you've sourced your physical from either a refinery or a prime dealer that buys from the refineries. Retail or third party dealers are not considered acceptable.

However, if you have precious metals stored with reputable companies such as GoldMoney or BullionVault, then the bars they give you to send to BullionCoin are acceptable. Even so, irrelevant of where your bars are coming from they must all have their certificates and proof of purchase documentation/receipts and all bars will be assayed.

Method of Storage

Your bars must have been directly delivered into a secure, restricted access commercial vault, by the refinery or the dealer.

If the vaulting account is in your name (i.e. not operated by someone like GoldMoney or BullionVault), then you will need to provide evidence of continuous storage such as invoices / receipts.

For vaulted goods, BullionCoin may request that an inspection team check your holdings so a certificate can be issued. This will be in cases where the provider stores your assets on a "said to contain" basis and also where they are not responsible for the content, authenticity, fineness, value, weight, or accuracy of the identification markings of any of what you store with them.

Items kept in a safety deposit box do not count as you, and possibly others, are free to access them.

Any products not kept in a secure vault will need to go via the refinery to be re-refined so that the total metals content can be verified.

Basic Rule of Thumb

As a simple rule of thumb to avoid being re-refined, bullion going through BullionCoin's precious metals transfer process will need to be high purity products sourced from primary suppliers, that have always been maintained within an LBMA grade chain of integrity.

Whether going via the refinery or direct, you will need to do very little other than to give the authorisation for the transfer, tell us what it is and where to collect it and BullionCoin will review your request and arrange what is necessary.

Costs

After your precious metals have been received into BullionCoin's vault then its title will be automatically digitised into BullionCoins. At that point the costs associated with the transfer of your metal will be deducted from your balance..

This means that you don't need to arrange to make a payment for any of this to happen.

What You Need to Do Next

In the first instance, all types of investors both large and small will need to contact GoldVu first to discuss your holding and get the process started.

Part of the process of transferring precious metals to BullionCoin for both institutions & individuals requires you to open an account in order to allow the bullion to be added to it.

Authored by David Gibson:

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