No. When you want to spend some of your gold or silver, you will need to sell a portion of your metals holdings. The proceeds will be deposited in to your Cash Account, where they can be loaded onto the Bank Card.
This process ensures that you are aware of the costs incurred during purchasing and selling physical metals, and more importantly that you are protected during a theft of your Bank Card, as card funding is restricted daily.
The Precious Metals Storage Account is composed of Euro Pacific Bank’s government guaranteed, physical gold and silver accounts, giving you the security of physical precious metals while providing the convenience and access of a private bank.
Buying and storing precious metals
Easily convert cash in your bank account into physical gold and/or silver following the steps below. Note that purchases must be made in USD or AUD, so if you have another currency please use the Currency Conversion tool in your Online Banking.
2. Select the type of metal you would like to convert into (XAU or XAG), from your USD or AUD balance.
3. You have a choice of two order methods: Instant Fill and Delayed Fill. See Commission Rates for each method.
Instant Fill Order – Fixed commission, however your order can be placed and executed instantly 24/7 at the market rate.
Delayed Fill Order – Because we only fill delayed orders during The Perth Mint’s morning trading hours, Delayed Fill Orders have a reduced commission. The minimum for a Delayed Fill Order is $5,000.00.
Selling your precious metals
At any time, you may liquidate a portion or all of your precious metals holdings using the same process outlined above, and your cash proceeds will be deposited back into your bank account within one business day.