Frequently Asked Questions
LIVE SPOT PRICE AND OWNX BASE PRICES
NOTE: In normal markets, the price for large bar physical bullion is very close to the “spot” price quoted on large bullion exchanges. However, recent market disruptions have caused a significant increase for actual physical bullion in large bar form over the quoted “spot” price, which is based on paper contracts. As market conditions return to normal, we expect this divergence to return to normal.
Live pricing is obtained from a third-party data feed. A data feed is a mechanism for users to receive updated data from multiple sources. It requires structured data and a centralized data management system to collect, normalize and integrate multiple data feeds. Major providers include Thomson Reuters, FactSet, Capital IQ, and Bloomberg.
NOTE: In normal markets, the price for large bar physical bullion is very close to the “spot” price quoted on large bullion exchanges. However, recent market disruptions have caused a significant increase for actual physical bullion in large bar form over the quoted “spot” price, which is based on paper contracts. As market conditions return to normal, we expect this divergence to return to normal.
BUYING
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.” 1000 oz. silver bars are .999+ and kilo gold bars are also .999+. Silver purchases are measured in ounces, while gold purchases are measured in grains (there are 480 grains in a troy ounce). At any time you can convert that to a specific item and have it delivered to your home.
Platinum and Palladium work a little differently. You own a specific weight of 1 oz. bars, which are the same items that you would take delivery of if you choose to do so. There is no need to convert them to smaller items.
*For purchases made using a Canadian bank account, a small transaction fee of $1.75USD is deducted from the purchase.
Please note: Only one bank account can be linked to an OWNx account.
SELLING
“Automatic Sell – Scheduled” : By selecting this tab you will schedule your sell to automatically happen at the next daily base price.
“Sell Now – Live” : by selecting this tab you will sell at the live price that is quoted to you.
OWNx CASH ACCOUNT
There are three ways to deposit into your OWNx Cash Account.
1. From your bank account via ACH. From your Dashboard, select “OWNx Cash Account” then select the button “Deposit Cash To OWNx”
2. Via wire transfer (typically for larger amounts). Please call customer service for assistance.
3. When selling metal cash is moved into your OWNx Cash Account.
REDEMPTION – PHYSICAL DELIVERY
Each delivery request must consist of at least 20 oz. of silver, 1/2 oz. of gold, 1 oz. of platinum, or 1 oz. of palladium.
From your homepage: Click on “Take 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) and 1 oz. Platinum and Palladium bars come with free delivery.
All other items carry a premium (charged by the refiner or government) to fabricate them into smaller items such as coins and small bars. When you exchange your ownership of large bars (in the case of gold and silver) for these items, we pass that cost through to you with no additional markup. This, along with shipping, handling, and insurance make up the “exchange cost.”
For example, if the market price for silver is $20 per troy ounce and the American Silver Eagles cost an additional $3.00 per troy ounce for us to obtain, we merely pass that cost through to you. OWNx does not charge any additional fees or premiums in this process.
The exchange cost is currently paid as an additional amount of metal added to your delivery transaction.
The following information is important to know when taking delivery of your metal:
- Your package is fully insured and requires an adult signature.
- After 3 failed delivery attempts, the carrier will return your package to the sender.
- You may enter an alternate delivery address before submitting the delivery request.
- You may contact us if you are not going to be home and request a hold for pick-up at the nearest hold facility. This must be requested before the 3rd delivery attempt.
- A hold for pick-up must be picked up within 5 business days or the package will be returned to the sender.
- NOTE: Do not request delivery if you are leaving town.
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.
- Gold must be 99.99% pure and either government issued legal tender, or in bar form (this excludes Gold Eagles and Gold Krugerrands).
- Silver must be 99.9% pure and either government issued legal tender, or in bar form (this excludes silver rounds and 90% silver coins).
- Clearing companies charge fees for clearing international shipments and the rates and prices vary depending on the shipment.
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.
Typically, orders ship within 7 business days. The delivery time may range between 1-7 business days from the date of shipment. You will receive an email notification from the carrier once your shipment has been initiated.
STORAGE
There is a small storage fee of 0.05% per month regardless of which depository it is being stored in. This fee is deducted from your metals account automatically on the first of each month. For example, if you have 20 ounces of silver in your account, it would amount to .01 troy ounces of silver.
Current Locations:
Delaware (USA) – International Depository Services
Texas (USA) – International Depository Services
You choose which depository you want your metal stored in.
OWNx charges a small fee of 1% per transfer to move your metal between depositories. To view a video on how to transfer your metals, click here.
REWARDS
OWNx provides you with your own rewards link or Share-Code that you can give to others when they sign up for their OWNx account. Once they do, up to 25% of the premium (markup) for their transactions is added to your account in silver, gold, platinum or palladium time they purchase. You will continue to be rewarded as long as you have made a purchase in the past month.
PRIVACY and SECURITY
Your precious metals are safely stored and fully insured at a world-class, non-bank depository.
GENERAL QUESTIONS
There are several differences, but “unallocated” versus “allocated” is the central difference between a “pool account” and OWNx.
Allocated:
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 and is registered in your name as your 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 secure.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 your metal back or initiate delivery exclusively via secure.OWNx.com.
Pool:
OWNx does not operate using pool accounts, though other dealers 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.
In the highly unlikely instance that OWNx is unable to replenish “big bar” inventory at a given time, OWNx would inform all account holders and temporarily suspend all scheduled incoming funding until the situation was resolved. (Remember as well, YOU have complete control to change or remove your scheduled purchases via OWNx.com at any time) This would NOT affect your metal held in custody by the depository. Your purchased metals would be held safely in the depository until you submit instructions via OWNx.com. When metal availability is restored, we would notify all clients allowing you to re-activate your schedules.
First, create an account where you select “Trust” as the account type.
Also, please email the following to our team at service@ownx.com:
– 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.