We reward Goldmoney client activity with credits to apply against monthly storage fees. This means that clients only pay storage fees during months they are less actively buying, exchanging, and selling.
Credits are calculated based on the type of metal, the vault provider’s storage fee per location, and the client’s buy and sell volume each month. Credits are then applied against the client’s monthly storage fee(s).
Monthly Storage Fee(s) – Total Monthly Buy/Sell Fees = Amount paid by client for storage
Therefore, an account with a gold balance of $25,000 would only need to make $500 worth of gold transactions per month to avoid paying a storage fee.
Here is an example where monthly storage fees are completely covered by the client’s buy/exchange/sell activity:
- Date Range: April 1 - 30
- Metal: Silver
- Vault Provider: Loomis International
- Vault Location: Hong Kong
- Monthly Average Balance: 1,000 ounces
- Monthly Storage Fee: 0.408 ounces (1,000 ounces @ 0.04084%)
- Client Buy/Exchange/Sell Activity: April 1 - 30
- One Buy Order: 100 ounces of silver @ Loomis Hong Kong
Buy Fee (0.50%): 0.5 ounces
- One Sell Order: 50 ounces of silver @ Loomis Hong Kong
Sell Fee (0.50%): 0.25 ounces
Total Buy/Sell Fees: 0.75 ounces
Credit Calculation (Monthly Storage Fee - Total Buy/Sell Fees = Amount client pays)
(0.408 ounces) – (0.75 ounces) = Client does not pay storage fees for the month