Does anyone here use the Elemetal Vault trading that is partnered with Provident metals? https://www.elemetalvault.com/ I've been looking at this for a few months, but can't decide whether it is worth getting into. I've really only invested into the physical metal since I got into silver. I have exceeded my annual goal of physical this year and was looking at doing something a little different. With as volatile as the metals has been in recent weeks, it seems like one could do well with short term trading but also have the ability to transfer it into physical by shopping at provident or purchasing OPM bullion. The catch is paying the small storage fees, small premiums, and shipping if you decide to take possession.... Any thoughts?
That's been my #1 hang up. All of my metal investments have been the physical metal. Storage is starting to be a pain, but it is nice to know that it is in my possession. I guess the lucrative part of Elemetal vault to me is just the trading aspect that can be turned into physical whenever you want it.
I looked at the company's website and did a bit of research on the net. Elemetal Vault is part of Elemetal LLC, which is a privately held company in Dallas that does an estimated $90M in sales per year. Been in business 8 years. Couldn't find evidence of any independent auditing of customers' metal holdings or of any insurance that protects customers. Being privately held and not being a banking or securities firm, there is no regulatory oversight of what they do. If you send them money, you're totally trusting their management to do and continue to do the right thing with it Cal
Why not just use the metal stocks instead? No storage fees and small transactions fees to buy and sell instantly with all the do it yourself stock sites now
I would trade SLV. Short term buying and selling of the physical metal doesn't make any sense. Only caveat is that on the few occasions where I wanted to short it, I received a message it wasn't available to borrow through my broker (Charles Schwab).
