a kitco pool account

zeek

<< <i>on line brokerage account to by silver ETFs and silver mining stocks.
Kitco pool account to buy unallocated physical (they store it, you own it) >>



I'm trying to set up a pool acct and ran into problems:

I wrote the kitco cs the below, I wonder if any members can clear thing up.
I’m having a bit of a problem creating a pool acct. I placed in that I wanted to buy 10 ozs, clicked check out and brought to a site prompting a sign in ID and password or to open an account. I chose the later. I filled the form out completely; after submitting I ws told the phone number was wrongly formatted, so I removed the “-”. Then I submitted and was told an acct alredy existed with the email address I used. “zeek-I-said” was the ID. I assumed the rejection was the cause so I set-up another using zeek-I-say@cfl.rr.com and zeek-i-say is the ID. But the site “times out’ instantly when I try to sign-in. Is this because the market is closed? And will I be able to purchase those 10 pool ounces with a debit card?”


You see, my hearing is horrible, that's wwhy i typed it. I also read
Payment Options
Payment to Kitco must be provided using a certified check, cashier's check, postal money order (Kitco does not accept United States postal orders) or direct bank wiring of funds. Kitco does not accept direct deposits as a form of payment. Direct deposits do not include any details regarding the origin or type of funds deposited. Your bank may suggest a direct deposit as a cheaper alternative, however, please inform them of our policy. Also note that for any single transaction, payment can be made by only one method in addition to funds on account. Multiple money orders, bank drafts, or checks will not be accepted as payment for a single order.
All international orders must be paid by bank wire. Any amounts exceeding $10,000 can only be paid by bank wire. Payment instructions are available when you log into your online account. Payment must be dated within 24 hours of your order confirmation, and must be received by us within ten (10) Business Days. Kitco reserves the right to cancel orders that do not meet both these requirements. Kitco does not accept C.O.D. orders or credit card payment for bullion products over the Internet.

Instead of 'walking' into this bling, I'm reading and learning what I can


THIS CONFUSES ME. DOES THIS MEAN YOU CAN ONLY BUY $1,000 OR MORE AT A TIME?

To buy bullion from Kitco (online or over the phone), your total transaction value must be at least $1,000 (before any applicable taxes and fees are charged). The transaction value is calculated in your transaction currency if it is U.S. or Canadian dollars. If you are transacting in any other currency, these amounts will be calculated as U.S. dollar equivalents. Transactions that fall below this minimum threshold are not accepted. This policy takes effect from March 14, 2011.

WHAT
You may combine an order for pool with your bullion order to make up the $1,000 minimum. However, you will be charged an administrative fee of $ 14.99 if your transaction includes pool and its total value is less than $2,500 (before any applicable taxes and fees are charged). The transaction value and the administrative fee are both calculated in your transaction currency if it is U.S. or Canadian dollars. If you are transacting in any other currency, these amounts will be calculated as U.S. dollar equivalents.

JCMhouston

Yes, their minimum order is $1000.

zeek

and 2500 to voi the 14.99 fee?

JCMhouston

Exactly.

Coyn

Before you make this move.

Do you really want a "pooled account", one where your coins are not set aside, with a company whose main spokesperson has stated for 5 years (that I know of) that gold and silver prices are coming down. Nadler has been commenting since gold was 400 and silver was under 10 that the prices were too high and the market is overbought. You need to sell.
Assuming he is the paid "Kitco spokesperson" we have to believe that this is the companies "official belief" and they are telling him what to say.
Now knowing that they not only keep a "pooled account" but also buy/sell to the public (from inventory), why would they continue to encourage people to sell and try to help keep the price down.

So did you see the special on "Al Capones" vaults a few years ago??

Justacommeman

I know Derry who I respect likes the Kitco pool account. I also think Weiss you is wise has used it for plutonium or something like that, I hate the idea of "owning" silver and gold in a pooled account................I also have an aversion to Nadler but that's personal. MJ

derryb

I have used the pool account and will use it again. Kitco says you are buying unallocated physical. This means they have all the physical they have sold in the pool account set aside in one big pile. I have no reason not to believe them since they are a major supplier of bullion to investors and industry. My trading experiences with the pool account were great. I like the easy in easy out. Not getting physical metal in your hands is paper metal by definition. Some buyers swear by physical only and others, such as myself, see an advantage with both.

Call kitco Monday about your signup/login problems.. Keep in mind Postal money orders cannot be purchased in denominations larger than $1,000. I always use the cashiers check or the wire transfer. Once there is a cash balance in your pool account (from selling) you can then use that money for buying and only send more money as needed.