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FREQUENTLY ASKED QUESTIONS
FOR OUR STORAGE PROGRAM

The term "Free Trade Zone" in Singapore refers to the designated area where the payment of duties and taxes are suspended when goods arrive in Singapore. It benefits all traders as Goods & Service Tax (GST) will not be charged, making it easier for financial portfolio diversification.

The "Customer Agreement" is a contract between our client and GoldSilver Central. The contract assures that the bullion purchased will be allocated and stored securely on our client's behalf. The bullion will be recognized as our client's property at all times, with GoldSilver Central acting as their custodian.

A maximum of two parties can be named owners of the account. Both parties will be authorized to release the bullion for the purposes of withdrawal and final delivery.

The "Certificate of Ownership" indicates that the bullion has exclusive allocation and is recognizable by a sole unit referenced with GSC. The certificate will indicate the Certificate Number, Commodity (Serial Number of Bar, if any), Seal Bag Number and Issue Date.

GSC_Certofownership_WATERMARK_02-01

The documents/items required are:

a. Identification card or passport

b. List of bullion that our client wishes to store with GoldSilver Central.

c. Proof of address (For example, utility bills or credit card bill issued within the last 3 months)

There is no payment required upon signing the agreement with GoldSilver Central. An initial fee will only be charged once the customer stores the bullion. It covers the handling and transfer fees and storage fees for the first year.

Yes, clients are able to store their existing bullion with GoldSilver Central. Please note that the purity and authenticity cannot be guaranteed if the bullion was not purchased from GoldSilver Central.

Clients are required to bring along the proof of purchase for bullions not purchased from GoldSilver Central.

Yes. Clients are required to furnish GoldSilver Central with detailed information of the existing bullion. Please take note that there will be a separate charge for the logistic arrangements.

Yes. There is full coverage on the precious metals stored with GoldSilver Central in the Freeport by Lloyd's London up to US 1,60,000,000.

No, there is no minimum period.

Please note that there will be no GST charged on the total value of the bullion.

A month prior to the next payment's due date, clients will receive a reminder to renew the account. Fees can be paid to GoldSilver Central via cash, bank transfer, credit card or cheque.

GSC STORAGE PAYMENT SCHEDULE
GOLD SILVER PLATINUM
Minimum Weight 1 kg 500 oz 1 kg
Minimum Incremental Weight 1 kg 500 oz 1 kg
One-time Handling & Transfer Fees S$ 50.00
Storage Charges S$ 0.35 per oz per month
(Minimum of S$ 15.00)
S$ 0.03 per oz per month S$ 0.35/oz monthly
(Minimum of SGD 15)
Example of Calculation of Storage Charges Storage period from 06/03/2016 to 15/10/2016 will be considered as 8 months storage.
The handling and transfer fees and storage fees for the Customer with 3kg of Gold in the facility will be:

50 + ($0.35 x 3 x 32.148 x 8)
= S$ 320.04 (exclusive of GST)
S$ 343.54 (inclusive of GST)
Storage period from 06/03/2016 to 15/10/2016 will be considered as 8 months storage.
The handling and transfer fees and storage fees for the Customer with 800oz of Silver in the facility will be:

50 + (800 x 0.03 x 8)
= S$ 242.00 (exclusive of GST)
S$ 258.94 (inclusive of GST)
Please refer to example given for Gold Storage.

 

Please note that storage charges will be charged annually in advance, and will be pro-rated depending on the month the client decides to take final delivery. Charges are based on a monthly basis regardless of the day the storage starts. The annual storage charges have to be made together with the bullion when contracted. As for the renewal of annual storage charges, payment has to be made within 1 month before the previous annual storage charges end.

For the purposes of bullion storage and identification, the bullion will be packaged into transparent and uniquely identifiable tamper proof bags. The vault operator at the facility will issue a unique seal number for each bag, in which its final package is known as sealed allocated bullion.

Picture of 100oz Perth Mint Silver Bars in identifiable tamper proof bag with a unique seal code (allocated storage)

100oz Perth Mint Silver Bars in seal bag w unique seal number (allocated storage)

Yes. Clients will receive monthly updates from GoldSilver Central via email on the inventory status of their stored bullion. Additionally, an audit of the bullion is conducted annually as a value-added service.

Upon the client's notification, GoldSilver Central will require both clients (current and new) to head to the office for the processing and confirmation of the transfer of ownership. Alternatively, the transfer of ownership can be conducted via email with the completion of the "Transfer of Ownership" form and a scanned copy of the individual's identification card/passport. Please note that if the new client is a foreigner, a proof of address is required.

There are no charges for the transfer of ownership.

A release fee (S$ 100.00) is chargeable with each bullion transfer regardless of its weight. The release fee covers the administrative work for permits and clearance.There are no charges for the transfer of ownership.

For an inspection or facility visit, an appointment with GoldSilver Central must be made 14 days in advance prior to the intended visitation date. Each visit is subjected to a fee of S$ 80.00 and only a maximum of 4 persons are allowed. All guests are required to adhere to all rules and regulations set by the facility.

The procedure of the "Final Delivery" (a.k.a withdrawal of bullion) would be as follows:

  • An advance notice of 2 days and the client's endorsed release form has to be submitted. This release form authorizes GoldSilver Central to withdraw the bullion from the storage facility.
  • All expenses incurred by GoldSilver Central during the course of the agreement must be paid prior to receiving the "Final Delivery", including payment of the "Release Fee" (S$ 100.00).
  • Additionally, the "Certificate of Ownership" has to be returned to GoldSilver Central before the bullion release. It will be deemed as a formal acknowledgement that the client has received the bullion.

This fee includes, amongst other costs:
1. Delivery of your items from our retail office to your Storage Vault
2. Vault Operator's deposit fees
3. Vault Operator's administrative fees

No, it is not. The administrative fee covers the paperwork involved, ie like filling up forms to clear the items or keying the items into the system.

No, there isn't. Account opening is free of charge. GoldSilver Central has always maintained a wholesome approach to our Client's precious metals holdings. Hence we believe that most, if not all clients should have a Storage Account to maximize their precious metals portfolio further. (For more information on this, please speak to our Sales Team)

Upon confirmation of the Client's intent to store their holdings into the Storage Vaults, a Storage billing will be drawn up and sent to the client. The Storage Billing will be billed till the end of the Calendar Year.

For example, if a client were to store their holdings in July 2020, the Storage Billing will be billed till December 2020. Subsequent billings will then be billed from Jan 2021 till December 2021.

Deposit into Storage Vault will occur once a week.

 

For example, if Wednesday is our designated day for "Deposit into Storage Vault", all client deposits that are done from Wednesdays to the following Tuesday will be deposited on the following Wednesday only. In the meantime, all items that have been ordered via our online e-Commerce website / handed over to GoldSilver Central Pte Ltd will be kept on site in our retail office.

 

Insurance of our Clients' Holdings will be fully covered by GoldSilver Central Pte Ltd from the moment of handover / order.

There are 2 main methods for indicating your intentions.

 

  1. Online Checkout

During the Order Checkout, Clients should indicate "Storage" as preferred Delivery Method.

  • If you are a new Storage Client,

Our Sales Team will then contact you to arrange for the relevant agreements to be done up and explained to you before proceeding to store your items in our Storage Vaults.

  • If you are an existing Storage Client,

We will proceed to arrange for your items to be deposited into Storage Vault on our next subsequent Delivery.

Our Sales Team will also contact you for the relevant Storage Fees Billing

 

  1. Personal Holdings

If you wish to store your personal holdings that are not purchased from GoldSilver Central Pte Ltd, that can certainly be arranged as well. Please contact our Sales Team with the relevant list of items you wish to store and the weight. We will then be able to assist you.

Storage Certificates will be done up within 2 business days of the Date of Deposit into Storage Vaults.

Certainly! Please see below the summarized steps. For security reasons, please do contact the GSC Storage Team for more in depth details.

  1. Clients may contact GoldSilver Central Pte Ltd of their intention to store their holdings
  2. Purchased from GSC
  3. From personal storage
  4. GoldSilver Central Pte Ltd Sales Team will liaise with the clients and Delivery services may be arranged if required
  5. For deliveries, GoldSilver Central Pte Ltd staff will inspect and authenticate the holdings upon delivery receipt in GoldSilver Central Pte Ltd's retail shop.
  6. Clients' Holdings will then be scheduled and delivered to the Storage Vault for Deposit.
  7. Clients' Holdings will be placed in tamper-proof Seal Bags with unique serial numbers. For Clients with numerous holdings, multiple Seal Bags will be utilized.
  8. Clients will be sent an Original Storage Certificate

 

For more details, please do contact the GSC Storage Team at Storage@goldsilvercentral.com.sg

 

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