BMO launches Gold Deposit Program

[jesseps]

Canadians can now purchase and hold physical gold bullion, denominated in Canadian dollars, thanks to BMO’s Gold Deposit Program launch today.

 

The Gold Deposit Programme available exclusively through BMO Nesbitt Burns Investment Advisors, or through in-branch Resident Investment Advisors. The delivery and custody process is simple, efficient and cost effective.

 

“We created this program to serve the needs of clients,” said Simon Carling, managing director, BMO Capital Markets. “In these volatile times, having the ability to access and hold physical gold on deposit through BMO Nesbitt Burns’ custody account is an option investors may find appealing.”

 

Physical allocated gold deposits are not new to Canada but easy access for clients has always been a challenge.

The BMO Gold Deposit Program allows Canadians to purchase gold and either have it delivered to their front door, or held in a custodial account operated by BMO Nesbitt Burns at an approved third party storage facility.

 

The program, said Carling, is designed to provide system-wide, secure and easy access.

 

The gold can be purchased from any of BMO Nesbitt Burns’ 1,350 investment advisors. The programme features daily liquidity and physical withdrawal and delivery options and charges no annual storage fees or MER, but withdrawal and delivery fees may apply. The minimum purchase is one ounce.

 

“All of the gold in the deposit program is fully allocated and physical, which means that it is segregated and title to the gold is unencumbered and secure for the account holders. So clients actually do ‘hold the gold’,” said Carling. “The program will not use financial gold certificates that are subject to an institution’s credit worthiness, unallocated gold, derivatives, exchange traded products, gold stocks, or other gold securities.”

Courtesy of Advisors.ca

 

http://www.advisor.ca/news/industry-news/bmo-makes-buying-gold-simple-59141

 

Seems like BMO is following Scotia bank.