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Kitco PM Pool accounts.

Mitsuecl3338Mitsuecl3338 Posts: 338
in Precious Metals
Has anyone tried this service before?

If so how do/did you like it. Payments purchases etc?

If not would you consider buying into it a certian low points.

Just trying to see if anyone has tryed buying or selling Prime Metals with this service.

Comments

  • Mitsuecl3338Mitsuecl3338 Posts: 338
    no one?
  • RobbRobb Posts: 2,034 ✭
    I am interested in this as well if anyone has any experience with it.
    imageRIP
  • JcarneyJcarney Posts: 3,154 ✭
    Why pay that kind of a spread when you can trade SLV and GLD much cheaper and get the same action?
    “When the people find that they can vote themselves money, that will herald the end of the republic.” — Benjamin Franklin


    My icon IS my coin. It is a gem 1949 FBL Franklin.
  • SilverEagles92SilverEagles92 Posts: 6,787 ✭
    I'd like to know as well.
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  • derrybderryb Posts: 36,934 ✭✭✭✭✭
    I use both.
    I prefer the silver EFT (SLV) for longer term holding. It involves an online broker (Ameritrade) and a 10.99 fee for every sell and buy order. I play it with a Roth IRA.

    For shorter term gambling, I really like the Kitco pool account as it allows instant buying and selling either on-line or with a phone call. You need to understand the spread between their buy price and their sell price (it remains pretty much constant for each metal). It dictates how much the metal must climb for you to break even. With silver at 14.60 you buy at 14.70 (an extra 10 cents per ounce) or you sell at 14.44 (you pay 16 cents per ounce "commission"). Silver must go up 16 cents for you to break even. The spread is Kitco's commission.

    Once the account is set up its a breeze to play the ups and downs quickly. I advise when selling to do it over the phone and have the funds deposited in you "cash" account where they are immediately available for another purchase. When you sell on line it takes a bit of time for the sell funds to be made available in your cash account. The funds can be used to buy any metal they sell and at any time you can own any combination of metals in your account. I often catch one of them "up" and one of the "down." By having sell funds immediately availble I can jump on the "down" metal

    Learn more here:
    Kitco Pool Account

    On very volatile days you play the ups and downs and make some money. You can also loose some money so do your homework. I have made my most profits with the palladium.

    Be sure you understand the tax consequences of PMs. IRS treats them the same as an investment such as art and other collectibles. You don't have long term holding tax advantages like you have with stocks.

    I highly recommend the Kitco pool account for ease of trading.

    Julian

    The government is incapable of ever managing the economy. That is why communism collapsed. It is now socialism’s turn - Martin Armstrong

  • SilverEagles92SilverEagles92 Posts: 6,787 ✭
    Is it easy to get your money from Kitco when you sell the bullion? Do they send you a check? Or does it sit in your "cash account" only to buy other bullion? Can you transfer money from your "cash account" to a regular bank account?
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  • derrybderryb Posts: 36,934 ✭✭✭✭✭
    When you sell, you have the option of them sending a check (they seem to send it out same day) or leave the funds in the cash account. You can call any time and have them send you a check for any amount from your cash account.

    I recommend you set up the account and buy a couple of ounces just to get familiar with how easy it is. I have a friend that has had only one ounce for over a year. Says he's waiting on it to hit $35.

    Make sure you read and understand their payment options. When you place a buy order on line they want some credit card info. They don't accept credit card payments, but the info enables them to charge your card if you fail to send in the payment. Don't let that scare you.

    I also recommend that after you set up the account you call them and have your spouse added to the account (they will request a signed letter from you). This gives spouse access to the account if something happens to you.

    The government is incapable of ever managing the economy. That is why communism collapsed. It is now socialism’s turn - Martin Armstrong

  • TanstaaflTanstaafl Posts: 54
    Greg
  • moonshinemoonshine Posts: 1,039 ✭✭
    This gives spouse access to the account if something happens to you.



    And if you don't? They keep your money? Not sure how that could be legal - however, I guess setting it up, would make it easer for the bereaved family member.



  • derrybderryb Posts: 36,934 ✭✭✭✭✭


    << <i>This gives spouse access to the account if something happens to you.



    And if you don't? They keep your money? Not sure how that could be legal - however, I guess setting it up, would make it easer for the bereaved family member. >>



    No they don't keep your money. But your heirs have to go through the whole probate thing just like they would with anything you own that's only in your name.

    The government is incapable of ever managing the economy. That is why communism collapsed. It is now socialism’s turn - Martin Armstrong

  • threexthreex Posts: 3
    I'll second Kitco. Professional business that is user friendly and imho the easiest way to buy/sell metal online.
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