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:
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.