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Thread: Discussion of converting Kitco pool holdings to physical metal

  1. #61


    ^^ Good Reply motocat, and thank you for testing those waters and making your phone call and information about the results
    Thomas Jefferson is credited with writing, “When injustice becomes law, resistance becomes duty.” The seceding states in the Civil War period issued a similar declaration using the word “tyranny” as opposed to “injustice.”

  2. #62


    Hello all,

    I was provided the following information from Kitco Metals, Inc. to post in the forum (in reply to some of the threads, so this will be redundant.).

    Discussion and debate help inform all of us and Kitco welcomes same. Please keep in mind that we are guest of our host and it would be thoughtful of that if we keep the conversation to facts and not off run on unsubstantiated opinions of our host's products. To that end posts that appear to be unsubstantiated and detrimental to Kitco Metals, Inc. may be edited, moved, or deleted. If that occurs please accept it for what it is without escalating the issue which could cause further moderating actions.

    Thanks to all.

    Kitco Pool Accounts are unallocated accounts of precious metal deposits in which you do not have direct title to specifically allocated bullion bars or coins. As a Kitco Pool Account holder, you own a portion of a pool of precious metals held by Kitco on your behalf. Kitco will hold an equivalent amount at all times in forms including but not limited to bars, coins, or scrap. Every ounce of pool metal is covered with an ounce of metal in inventory at a bank, refinery, or Kitco vaults.

    In exchange for your Kitco Pool, you can request and receive any physical precious metal bullion product available in our online store upon full payment of all applicable fabrication, shipping, and insurance charges. You can also sell your pool holdings to Kitco for full immediate payment at current market prices.

    In silver, for immediate delivery, we currently have bars and rounds in sizes of 1000oz, 100, 10, and 1 oz. There is no shortage of silver in the market today. However, there is a backlog at the minting facilities of the companies who produce these products, so it's possible we may be out of stock in some of your preferred brands. We currently have products made by the Royal Canadian Mint and the US Mint on our shelves in Canada or the US, ready for immediate delivery. If you are a Kitco Pool Account hold and you'd like to exchange your pool holdings for physical, please call us at 1-877-775-4826 Mon – Thu 8:30-10 pm EST and Friday until 5 pm.

  3. #63


    Quote Originally Posted by vertical1 View Post
    ^^ Good Reply motocat, and thank you for testing those waters and making your phone call and information about the results
    Agree with that.

    (I moved your and Motocat's replies here from the B&G thread by the way.)

  4. #64


    Quote Originally Posted by motocat View Post
    ... I called and was able to convert my silver pool holdings to bullion, ...
    Thank you for posting first hand information.

  5. #65


    Quote Originally Posted by SilverPalm View Post
    Thank you for posting first hand information.

    Yup, and I just called and checked again also with my gold and platinum holdings, and anything you could see being sold on-line, you could trade in your pool ounces for (with the listed "fabrication" fee and shipping/insurance). I have not yet researched how the fabrication fee compares to the normal premiums, so if someone else has the time for such a report, that could give us all a better idea of the plus or minuses in conversion of pool account to the actual metal.

    However the cool thing is, you get to convert the actual ounces listed -- no need to be concerned with whatever fiat buy-sell value is listed. That is another plus.

    That there is also no storage fee once you have purchased the ounces, is another plus.

    That said, I agree that bullion in hand is the most clear and guaranteed way of possession, however I see pool holdings coming in 2nd to that, while ETF's are way way back.

    Now, if someone wants to accuse me of being a shill for Kitco, I would have to say I agree. Why not put in a good word for a company that deals in products that I see as positive for the financial and art world: real gold and silver, a company that I use and value myself, - -as opposed to some more distant large financial institutions that say they have metals in some distant vault, but there is no way we could ever ask for them? I'm not going to let Kitco get dragged down and compared to the large banks that really do deal in fraud and misinformation to VERY HIGH degree -- really not a fair comparison. The supposed "purist" that do this, really end up shooting what they supposedly want (honest money) in the foot. Without all the gold and silver dealers (that yes, do need to also make a living), where would us gold bugs be?

    Let's be thankful for the businesses we like to use and support our dealers folks! Being 100% paranoid cranks is not how we want gold and silver bugs to be seen....
    Last edited by motocat; 04-09-2021 at 01:43 PM.
    “Of all the contrivances for cheating the laboring class of mankind, none has been more effective than that which deludes them with paper money.”Daniel Webster (1782-1852)

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