The monthly metal storage fees applicable to Holdings are deducted directly from the Holdings' balances. By default, fees are deducted from the metal balance; you may also choose to have fees deducted from your currency balance.
The fees we charge for storage are based on the average balances held for the preceding month (calculated by the second), with rates determined by the vault location and metal type as outlined in our fee schedule.
Fees Taken from Metal
If you have selected to have your fees deducted from your metals balance, they will be deducted from each vault in which you hold metals.
Fees Taken from Currency
If you have chosen to have your storage fees paid via your currency balance, we will calculate the weight of metal due and convert that to currency at the prevailing metal/currency rate at the time that we perform the calculations (start of day on the 1st of each month).
You can view our published Fee Schedule here: Goldmoney Fee Schedule
Frequently Asked Questions
What are 'minimum' storage fees?
If the total storage fee for the custody of your precious metals is less than $10 USD/month, the minimum fee applies. If you pay $10 USD or more per month in storage fees, the minimum storage fee will not apply to you.
I don't hold any metals. Why am I paying storage fees?
The $10 USD minimum monthly storage fee applies to all Holdings with any balance, including those with only a currency balance.
Can I pay my storage fees via credit card or a linked bank account?
No - storage fees can only be deducted from the Holding directly, in either a metal or currency form, depending on the chosen method of payment.
How do I select my method of payment?
Clients can choose to pay their fees from a Holding's metal (default) or currency balance by setting the preference in their Account Settings, available via the main Holding menu.
Are my metals sold for the payment of the monthly fees?
Metals are not sold to pay fees; instead, the fees are deducted from the metal balances.
What happens if I don't have any currency and all of my metals are held in the form of Registered Bars?
Clients are responsible for ensuring that they hold sufficient unregistered metals or currency (depending on the chosen method of fee payment) to cover the monthly storage fees. If neither an unregistered nor a currency balance is available, registered bars will be deregistered for non-payment of fees.
Where can I see how much I am paying each month?
Clients can review their storage fees in their monthly Holding statements, either in the 'Assets Movements' and 'Detailed Transaction Statement' sections or by populating a Transaction Report.
What if I only held metal for a portion of the month?
We adjust your average balance for the month based on the time held, down to the second. You are only charged for the time that we stored your metal.
Why am I being charged the storage fee before the end of the month when selling metal?
Should your metal balance drop below the amount of metal (or currency equivalent) required to cover your storage fees, we will reduce your metal sale to ensure that the amount due for the partial month's storage fees is recovered.