Questions and Answers
Location
Q: Do you have a showroom?
A: No, we are based in Sydney selling to clients mostly outside of Australia, so we have no need for a showroom. Although we can meet clients in person in Sydney by appointment.
Accounts
Q: How do I open an account?
A: Contact us (see Contact page) and we can start a discussion of our services and your needs. If we agree to accept you as a client then the relevant forms will be sent to you to complete the account opening process.
Q: Is there a minimum age to open account?
A: Clients need to be considered adults, in most countries this means 18 years or over.
Q: What forms of identification do I need to open an account?
A: In most cases a drivers license, utility bill and passport are sufficient (we need to ID you visually and confirm a residential address).
Q: Do you accept clients from all countries?
A: We assess clients on a individual basis and reserve the right of refusal regardless of their residence and citizenship. Needless to say we reject clients from countries under UN sanctions, and from countries that our third party providers have on their restricted list.
Q: Is there any costs to open or maintain an account?
A: There are no fees to open or maintain an account.
Q: Can I open an account for my IRA or 401K?
A: No, our storage options are not compliant with the US IRA and 401K retirement investment plans.
Buying
Q: How do I make a purchase?
A: Assuming you have opened an account with us, you pre-fund your account by wiring funds to our bank account, then instruct us to purchase metal on your behalf using those funds. Excess funds can be kept in reserve to fund future purchases. All excess funds are kept in Australian Dollars in our Australian bank account.
Q: What price will I pay?
A: For our base prices click here
Q: Can I choose where my bullion is stored?
A: Yes you can request storage in either Zurich or Sydney
Q: Can you deliver my bullion?
A: Yes, but for clients outside of Australia that defeats the main purpose of our offshore storage offering.
Q: Can I personally pick up my bullion?
A: Yes, you can take possession of you bullion in person in Sydney by prior arrangement. For those clients storing bullion in Zurich we can swap their bullion to Sydney and re-bar it into a Swiss or an Australian made bar.
Q: What is the minimum purchase amount allowed?
A: 1oz of Gold or Platinum, or 1kg of Silver.
Q: What is the maximum purchase amount?
A: There is no maximum but we reserve the right to request details of source of funds for large transactions, or transactions out of character, and reject any transaction that we deem as suspect.
Selling
Q: How do I sell bullion in my account?
A: Request us to sell bullion from your account. Funds will be wired to your nominated bank account less any forex costs.
Q: What price will I receive?
A: This will be quoted to you at the time of the transaction.
Q: What is the minimum sale amount allowed?
A: 1oz of Gold or Platinum, or 1kg of Silver.
Q: What is the maximum sale amount allowed?
A: Your entire holdings maybe liquidated in one transaction if you so wish.
Emergency Services
Q: How do I access this service?
A: Call our CEO on his private phone 24 x7. Number advised to account holders.
Q: Is there a limit on funds?
A: Yes, a maximum of $5,000 AUD.
Q: What fees are payable?
A: $100 AUD for accessing the service and any associated funds transfer and forex costs. Funds are debited from client's excess funds or if insufficient funds exist then the advance is considered a loan and interest is charged at a rate of 10% pa. Funds cannot be advanced without excess funds in your account or bullion in storage to be used as collateral for any loan.
Storage
Q: What bullion type can I store in Zurich?
A: Our Zurich storage service stores Gold, Silver & Platinum in bulk form (industrial sized bars). Bullion stored in Zurich is via a trusted third party provider and as a result individual bars numbers cannot be provided.
Q: What bullion type can I store in Sydney?
A: Our Sydney storage service stores Gold, Silver & Platinum. All bars are segregated in storage and allocated to your account.
Q: What are your Zurich storage fees?
A: Expressed as % of the value of holdings per year (calculated and billed quarterly)
Gold - 0.5%
Platinum - 0.5%
Silver - 1%
Q: What are your Sydney storage fees?
A: Expressed as % of the value of holdings per year (calculated and billed quarterly)
Gold - 0.75%
Platinum - 0.75%
Silver - 1.5%
Diamonds - 0.75%
Dedicated safe deposit boxes (price in addition to storage fees): AUD 500 pa
Q: Is the stored bullion insured?
A: Yes, bullion stored in Zurich and Sydney are insured and underwritten by Lloyds of London
Audits
Q: Is the stored bullion audited?
A: Yes. we conduct regular internal audits for both our Sydney and Swiss holdings and a personal physical inspection of bullion held in the vault in Sydney.
Q: Can a client inspect and audit their stored bullion?
A: Yes, clients can personally inspect and audit their bullion that is held at our vaulting facility in Sydney.
Q: Can clients request a third party auditor inspect their stored bullion?
A: Yes, clients can appoint a third party to inspect and audit their bullion held our vaulting facility in Sydney. Note any fees charged by the auditor are the responsibility of the client.
Q: Is the Swiss stored bullion audited?
A: Yes, the Swiss storage is arranged via a trusted third party and their inventory of metal in storage is audited by an independent auditing firm and their report provided to Discreet Bullion.
Tax and Legal
Q: Can I use Discreet Bullion's services to reduce or evade taxes?
Reduce
A: Yes, if you are in a jurisdiction that charges Sales Tax or VAT on precious metals such as the UK or Germany (UK has an onerous 20% VAT on silver) then you can reduce your tax burden as all our bullion products are Sales Tax, VAT and GST free.
Evade
A: No, you cannot use our services to evade taxes in your relevant jurisdiction(s). If contacted by the relevant authorities for investigation of illegal activities, such as but not limited to: tax evasion and money laundering, we will divulge a client's transactions and positions pursuant to the laws and regulations of the State of New South Wales and Australia.
US Clients (residents / citizens / green card holders)
Q: If I have an account with Discreet Bullion do I have to fill out the FATCA form 8938?
A: If you hold precious metals with Discreet Bullion then the answer is:
No
A: If you have a safe deposit box arrangement with Discreet Bullion the answer is:
No
A: If you sell precious metals to us and exceed the reporting limits for your tax status (single, married, etc) within a US tax year then the answer is: Maybe
The following is general advice provided on the IRS website:
Basic Questions and Answers on Form 8938
http://www.irs.gov/Businesses/Corporations/Basic-Questions-and-Answers-on-Form-8938#Q20
Q20. I directly hold precious metals for investment, such as gold, in a foreign country. Do I need to report these assets on Form 8938?
No. Directly held precious metals, such as gold, are not specified foreign financial assets. Note, however, that gold certificates issued by a foreign person may be a specified foreign financial asset that you would have to report on Form 8938, if the total value of all your specified foreign financial assets is greater than the reporting threshold that applies to you.
Q21. This tax year I sold precious metals that I held for investment to a foreign person. Do I have to report the sales contract on Form 8938?
The contract with the foreign person to sell assets held for investment is a specified foreign financial asset investment asset that you have to report on Form 8938, if the total value of all your specified foreign financial assets is greater than the reporting threshold that applies to you.
Q22. I have a safe deposit box at a foreign financial institution. Is the safe deposit box itself considered to a financial account?
No, a safe deposit box is not a financial account.
For more detailed advice from the IRS in regards to filing Form 8938 go here
Security
Q: Do you use secure communications and file handling?
A: Yes we use the highest available encryption technology, yet there is no extra knowledge or software required by our clients.
Q: What fees are payable for your Land Services?
A: Purchase: Fees are based on costs incurred; such as travel, plus hours.
Ongoing: Negotiated management fee based on size of holding and required services.
Q: What do you charge for swapping bullion between your storage locations?
A: We are able to swap bullion stored by us between our Switzerland and Sydney vault locations. Costs are a $100 administration fee, barring fees (costs to create the requested bars at the alternate location) and freight (where applicable).
Q: Forex costs?
A: We charge back any forex and associated costs to the client.
Q: Do you have a showroom?
A: No, we are based in Sydney selling to clients mostly outside of Australia, so we have no need for a showroom. Although we can meet clients in person in Sydney by appointment.
Accounts
Q: How do I open an account?
A: Contact us (see Contact page) and we can start a discussion of our services and your needs. If we agree to accept you as a client then the relevant forms will be sent to you to complete the account opening process.
Q: Is there a minimum age to open account?
A: Clients need to be considered adults, in most countries this means 18 years or over.
Q: What forms of identification do I need to open an account?
A: In most cases a drivers license, utility bill and passport are sufficient (we need to ID you visually and confirm a residential address).
Q: Do you accept clients from all countries?
A: We assess clients on a individual basis and reserve the right of refusal regardless of their residence and citizenship. Needless to say we reject clients from countries under UN sanctions, and from countries that our third party providers have on their restricted list.
Q: Is there any costs to open or maintain an account?
A: There are no fees to open or maintain an account.
Q: Can I open an account for my IRA or 401K?
A: No, our storage options are not compliant with the US IRA and 401K retirement investment plans.
Buying
Q: How do I make a purchase?
A: Assuming you have opened an account with us, you pre-fund your account by wiring funds to our bank account, then instruct us to purchase metal on your behalf using those funds. Excess funds can be kept in reserve to fund future purchases. All excess funds are kept in Australian Dollars in our Australian bank account.
Q: What price will I pay?
A: For our base prices click here
Q: Can I choose where my bullion is stored?
A: Yes you can request storage in either Zurich or Sydney
Q: Can you deliver my bullion?
A: Yes, but for clients outside of Australia that defeats the main purpose of our offshore storage offering.
Q: Can I personally pick up my bullion?
A: Yes, you can take possession of you bullion in person in Sydney by prior arrangement. For those clients storing bullion in Zurich we can swap their bullion to Sydney and re-bar it into a Swiss or an Australian made bar.
Q: What is the minimum purchase amount allowed?
A: 1oz of Gold or Platinum, or 1kg of Silver.
Q: What is the maximum purchase amount?
A: There is no maximum but we reserve the right to request details of source of funds for large transactions, or transactions out of character, and reject any transaction that we deem as suspect.
Selling
Q: How do I sell bullion in my account?
A: Request us to sell bullion from your account. Funds will be wired to your nominated bank account less any forex costs.
Q: What price will I receive?
A: This will be quoted to you at the time of the transaction.
Q: What is the minimum sale amount allowed?
A: 1oz of Gold or Platinum, or 1kg of Silver.
Q: What is the maximum sale amount allowed?
A: Your entire holdings maybe liquidated in one transaction if you so wish.
Emergency Services
Q: How do I access this service?
A: Call our CEO on his private phone 24 x7. Number advised to account holders.
Q: Is there a limit on funds?
A: Yes, a maximum of $5,000 AUD.
Q: What fees are payable?
A: $100 AUD for accessing the service and any associated funds transfer and forex costs. Funds are debited from client's excess funds or if insufficient funds exist then the advance is considered a loan and interest is charged at a rate of 10% pa. Funds cannot be advanced without excess funds in your account or bullion in storage to be used as collateral for any loan.
Storage
Q: What bullion type can I store in Zurich?
A: Our Zurich storage service stores Gold, Silver & Platinum in bulk form (industrial sized bars). Bullion stored in Zurich is via a trusted third party provider and as a result individual bars numbers cannot be provided.
Q: What bullion type can I store in Sydney?
A: Our Sydney storage service stores Gold, Silver & Platinum. All bars are segregated in storage and allocated to your account.
Q: What are your Zurich storage fees?
A: Expressed as % of the value of holdings per year (calculated and billed quarterly)
Gold - 0.5%
Platinum - 0.5%
Silver - 1%
Q: What are your Sydney storage fees?
A: Expressed as % of the value of holdings per year (calculated and billed quarterly)
Gold - 0.75%
Platinum - 0.75%
Silver - 1.5%
Diamonds - 0.75%
Dedicated safe deposit boxes (price in addition to storage fees): AUD 500 pa
Q: Is the stored bullion insured?
A: Yes, bullion stored in Zurich and Sydney are insured and underwritten by Lloyds of London
Audits
Q: Is the stored bullion audited?
A: Yes. we conduct regular internal audits for both our Sydney and Swiss holdings and a personal physical inspection of bullion held in the vault in Sydney.
Q: Can a client inspect and audit their stored bullion?
A: Yes, clients can personally inspect and audit their bullion that is held at our vaulting facility in Sydney.
Q: Can clients request a third party auditor inspect their stored bullion?
A: Yes, clients can appoint a third party to inspect and audit their bullion held our vaulting facility in Sydney. Note any fees charged by the auditor are the responsibility of the client.
Q: Is the Swiss stored bullion audited?
A: Yes, the Swiss storage is arranged via a trusted third party and their inventory of metal in storage is audited by an independent auditing firm and their report provided to Discreet Bullion.
Tax and Legal
Q: Can I use Discreet Bullion's services to reduce or evade taxes?
Reduce
A: Yes, if you are in a jurisdiction that charges Sales Tax or VAT on precious metals such as the UK or Germany (UK has an onerous 20% VAT on silver) then you can reduce your tax burden as all our bullion products are Sales Tax, VAT and GST free.
Evade
A: No, you cannot use our services to evade taxes in your relevant jurisdiction(s). If contacted by the relevant authorities for investigation of illegal activities, such as but not limited to: tax evasion and money laundering, we will divulge a client's transactions and positions pursuant to the laws and regulations of the State of New South Wales and Australia.
US Clients (residents / citizens / green card holders)
Q: If I have an account with Discreet Bullion do I have to fill out the FATCA form 8938?
A: If you hold precious metals with Discreet Bullion then the answer is:
No
A: If you have a safe deposit box arrangement with Discreet Bullion the answer is:
No
A: If you sell precious metals to us and exceed the reporting limits for your tax status (single, married, etc) within a US tax year then the answer is: Maybe
The following is general advice provided on the IRS website:
Basic Questions and Answers on Form 8938
http://www.irs.gov/Businesses/Corporations/Basic-Questions-and-Answers-on-Form-8938#Q20
Q20. I directly hold precious metals for investment, such as gold, in a foreign country. Do I need to report these assets on Form 8938?
No. Directly held precious metals, such as gold, are not specified foreign financial assets. Note, however, that gold certificates issued by a foreign person may be a specified foreign financial asset that you would have to report on Form 8938, if the total value of all your specified foreign financial assets is greater than the reporting threshold that applies to you.
Q21. This tax year I sold precious metals that I held for investment to a foreign person. Do I have to report the sales contract on Form 8938?
The contract with the foreign person to sell assets held for investment is a specified foreign financial asset investment asset that you have to report on Form 8938, if the total value of all your specified foreign financial assets is greater than the reporting threshold that applies to you.
Q22. I have a safe deposit box at a foreign financial institution. Is the safe deposit box itself considered to a financial account?
No, a safe deposit box is not a financial account.
For more detailed advice from the IRS in regards to filing Form 8938 go here
Security
Q: Do you use secure communications and file handling?
A: Yes we use the highest available encryption technology, yet there is no extra knowledge or software required by our clients.
- Encrypted email communications if requested.
- Clients are able to access all their past invoices, purchase orders and account position files on an encrypted cloud server.
Q: What fees are payable for your Land Services?
A: Purchase: Fees are based on costs incurred; such as travel, plus hours.
Ongoing: Negotiated management fee based on size of holding and required services.
Q: What do you charge for swapping bullion between your storage locations?
A: We are able to swap bullion stored by us between our Switzerland and Sydney vault locations. Costs are a $100 administration fee, barring fees (costs to create the requested bars at the alternate location) and freight (where applicable).
Q: Forex costs?
A: We charge back any forex and associated costs to the client.