Everbank Precious Metals Select Review
What Everbank offers to gold investors
Everbank Precious Metals Select Allocated Accounts offer private investors the option to buy, store and sell physical gold or silver. The gold or silver is stored in third-party repositories, but it is contractually not defined where the precious metals are stored geographically and by whom. Everbank does not publish audit or inspection reports for the precious metals holdings.
About Everbank Precious Metals Select
|Headquarters||Jacksonville, FL, USA|
|Founded||Origins dating back to the 1960s|
|Number of clients||Approx. 600,000|
|Assets||Deposits of US$ 17.6 billion|
Everbank’s origins date back to the 1960s. In 2006, Everbank started offering vaulted gold over the Internet to private investors.
Everbank offers Precious Metals Select Accounts in the form of allocated accounts and unallocated accounts. The following information refers to Everbank’s Metals Select Allocated Accounts, since Unallocated Accounts do not meet our safety criteria, e.g., our requirement to provide 100% direct ownership of gold.
Customers can choose between 1oz gold coins, 1oz gold bars and 10oz gold bars or silver products. In addition to online trading, Everbank provides customer support over the phone.
Product details Everbank Allocated Accounts
|Precious metals||Gold, silver|
|Minimum investment||US$ 7,500|
|Delivery of gold||Optional, separate fees apply (see below)|
|Vault locations||Not specified, gold is held by third party repositories within or outside of the U.S. as determined at Everbank’s sole discretion.|
|Currencies||Clients of Everbank can buy gold or silver in U.S. dollars|
|Additional features||Available as an IRA – American Eagle gold and silver coins only|
Everbank does not specify where the gold is stored which is held on behalf of the customers. According to Everbank’s terms and conditions, the gold is held by third party repositories within or outside of the U.S. as determined at Everbank’s sole discretion.
Everbank does not publish an auditor’s report of its gold holdings.
Trustable Gold’s Safety Criteria
|Outright Ownership of 100% Gold||Insured, independent storage||Transparent, external audit||Price transparency||Liquidity||Regulation|
|Clients of Everbank own their gold, it is their legal property.||The gold is held by third party repositories as determined at Everbank’s sole discretion.||No published audit of precious metals holdings.||No, see below||Clients can place buy and sell orders on business days.||Everbank is a regulated bank in the US.|
Premium/mark-up for buying and selling gold
The price for the customer is determined by Everbank each time the customer asks Everbank to buy gold from Everbank or sell gold to Everbank. According to Everbank, prices for purchasing metals to or from the customer, are within 1% of the wholesale prices.
Costs for storage and insurance
- 1.5% per year
Withdrawal fee for delivery of gold
The withdrawal fee rate is 1.0%. Delivery fees are calculated as a percentage of the Customer Price applicable to the precious metals on the date the customer makes its delivery request.
Last update: 01.03.2017