Following the 2008 financial crisis, Miles Franklin sought to create a unique storage program, encompassing all the positive aspects one’s “storage checklist” would require, whilst excluding the myriad negatives. To that end, we pursued a situation where one could be 100% confident their metal was not just a “paper entry” on a computer; but alternatively…
- a real, fully segregated stash,
- within a non-financial institution,
- easily retrievable or saleable,
- amenable to American investors,
- verified by not just third party auditors, but Miles Franklin officers themselves,
- and priced not via the industry standard of percentage of bullion value, but fixed cost per ounce
It took several years of diligent research and negotiating; but finally, in late 2011, we found what we were looking for. In our view, our Precious Metals storage solution with Brink’s Canada Limited in Montreal, Canada is the world’s best; and certainly, in the Western Hemisphere. I wrote thisarticle upon my initial visit to the facility in December 2011; and since then, we have diligently updated readers of the program’s progress, which has been significant. To wit, we wrote thisarticle when I sent my personal metal there in October 2012; thisone in March 2013, when I visited the vault with our independent auditors; and thisone in April 2014, when Bill Holter visited the facility. The program has experienced substantial growth in its first three years, and we are proud to announce several new, highly incremental features that will not only improve the product for existing clients, but make it accessible to numerous others.
Previously, it was very difficult for non-Canadian clients to have their metal returned to them in Canada. If an American had an account at a Canadian bank, the metal could be shipped to that bank for personal retrieval. However, most Canadian banks no longer accept Americans clients – care of FATCA, FBAR, and other onerous U.S. government regulations. Thus, for the average American (and other non-Canadian) client, the only way to retrieve one’s metal would be via shipment to their own country. As one of the primary reasons foreigners send metal to Canada is the fear of future U.S. capital controls (myself included), we diligently sought a process for foreign clients traveling to Canada to retrieve their metal. And as of now, we are happy to say we have found the solution!
To that end, one of Canada’s largest overnight shipping services has agreed to ship client goods to either clients or designated third parties (friends, family, etc.), anywhere in Canada. Moreover, the metal is not only deliverable to personal residences, but hotels, businesses, and other addresses.
Additionally, we have an exciting new option for Canadian citizens, enabling utilization of the Montreal facility at a reasonable cost and convenience; as Brink’s has agreed to offer Miles Franklin Vault Clients yet another industry first in Canada – the acceptance of client metal at its drop off window near the Toronto airport, where it can be reviewed on site and promptly shipped to Montreal. Moreover, Brink’s security personnel will attend you at the Toronto drop off location; and under specific circumstances, it can be arranged for a Miles Franklin employee to be present while utilizing the viewing room. Moreover, through Brinks’ vast global network, clients can send metal to our Montreal vault from nearly anywhere in the world.
Conversely, Brinks’ “Toronto window” can be used to retrieve metal from the Montreal vault, upon prior request to Miles Franklin’s storage program administrators. Furthermore, you can request to view your Montreal-stored product personally; as it can now be arranged for your product to be shipped directly to the Toronto shipping room, where a Miles Franklin employee can meet you to review your inventory, before having it shipped back to Montreal (additional expenses paid by client).
Finally, we are happy to announce the aforementioned fixed cost per ounce agreement has been extended to our clients through 2017 – for gold, silver, platinum, and palladium. We are not aware of any other program in the industry offering this, and cannot overemphasize how valuable it may be. As essentially all clients anticipate higher prices in the coming years – certainly by 2017 – the cost savings of static pricing could be substantial relative to the prevailing industry standard of percentage of bullion value.
The main reason to store one’s gold is protection, and we believe our Brink’s program provides as strong a level of protection as one can find anywhere. And given that Miles Franklin’s principals not only keep their own metal there, but personally participate in audits, you can be sure that every effort is being taken to protect your assets, too. On a personal basis, the reason I chose to ship my metal to Brink’s Montreal was that unlike other programs, I had not a shadow of a doubt that my metal was being safely stored, properly segregated, and regularly audited – not just by one of the world’s leading third party inspectors, but Miles Franklin officers themselves. Frankly, given these enormously value-added factors, its unique pricing structure was just “icing on the cake.”
If you have any questions, please call us at 877-685-4705, or email me personally at ahoffman@milesfranklin.com. And please listen to the fantastic interview I taped with Miles Franklin’s President and co-founder, Andy Schectman this week, in which we discuss the exciting new features of “the world’s best Precious Metals storage program.”
