Frequently Asked Questions
LIVE SPOT PRICE AND OWNX BASE PRICES
When you buy gold and silver through your dashboard via OWNx Automatic or OWNx Now, you will own a specific weight of a low premium “large bar.” At any time you can convert that to a specific item and have it delivered to your home.
*For purchases made using a Canadian bank account, a small transaction fee of $1.75USD is deducted from the purchase.
“Sell Now – Live” : by selecting this tab you will sell at the live price that is quoted to you.
OWNx CASH ACCOUNT
1. From your bank account via ACH.
2. Via wire transfer (typically for larger amounts).
3. By selling metal held in your account.
REDEMPTION – PHYSICAL DELIVERY
Select which account and click “OK”
Specify the quantity of each form you want shipped to you
Scroll to the bottom of the page click “Submit Order”
After reviewing your delivery order, click “Submit Delivery Order”
Large bars (1,000-oz Silver and Kilo Gold) are delivered at no additional cost.
For other items that have an additional cost for us to obtain, there is an exchange cost. A vast majority of this cost is for the fabrication or premium for that specific item. For example, if the market price for silver is $20 per troy ounce and American Silver Eagles cost $3.00 per troy ounce for us to obtain, that is a 15% additional fee that we merely pass along to you. The remainder of the exchange cost includes shipping, handling and insurance.
The exchange cost is currently paid as an additional amount of metal added to your delivery transaction.
Purchases made using Canadian bank accounts will take place in U.S. dollars. Exchange rates will be handled by the Canadian bank so that the transaction goes through at the specified U.S. dollar amount.
There is a small $1.75 transaction fee to cover our cost for Canadian banks
The Canadian government may impose a Goods and Service Tax/Harmonized Sales Tax (GST/HST) on precious metals entering Canada which do not meet a minimum purity requirement.
OWNx has no influence over Canadian government policy and can not guarantee that you will avoid GST/HST. Please perform your own due-diligence before selecting items for delivery.
PRIVACY and SECURITY
This is how OWNx operates. Allocated silver or gold is very simple. The metal is held on behalf of the account holder under a custody agreement. It is held at a depository titled in your name as your outright property. The metal is neither the property nor liability of the depository. With this type of agreement, it is not subject to any third party creditors. You initiate every transaction via OWNx.com. At the time the transaction is completed, ownership transfers from OWNx to you and is held in custody at one of our non-bank depositories, until at your instruction, you decide to sell the silver back or initiate delivery exclusively via OWNx.com.
OWNx does not operate using pool accounts, though others do. In a pool or “unallocated” account the account holder does not have title to the silver or gold he/she has “purchased.” Rather, in reality what the investor has “purchased” is an asset or claim to a certain amount of silver or gold. So essentially, in an unallocated account you are promised a defined amount of silver or gold. (“Your” metal is simply a liability on the balance sheet of the bank or company). There may or may not be physical metal held to back the purchase and if there were it could conceivably be leased out to generate interest for the bank or company with the expectation of it being returned if needed. What this means is, you could find yourself standing in line with all of the other unsecured creditors in the event of financial problems or insolvency of the purveyors of this type of account.
– The first page of the trust agreement
– Signature page
– Government Issued ID
Once we review the documents we will email to let you know we have received them or if further information is needed.
If your question was not answered above, please give us a call at 800-701-3546, or email us at firstname.lastname@example.org.