Gold Deposit Program by BMO
End of September 2011, the BMO Financial Group launched a Gold Deposit Program in Canada. The program provides Canadian residents with the possibility to purchase and hold physical gold bullion through BMO Nesbitt Burns, the investment firm of BMO Financial group, that has offices and investment advisors across Canada.
There is only limited information on the Gold Deposit Program available online. Some of the publicly available program details include:
- The gold is allocated and held on a segregated basis at an approved third-party storage facility in a custody account
- Minimum investment amount is 1 ounce of gold
- Purchases will be denominated in Canadian dollars and feature daily liquidity
- BMO does reportedly not charge storage or management fees
- Investors can take physical delivery of their gold
The information about fees is quite interesting. It is stated that “fees will apply if physical delivery is requested. BMO may earn revenues (or suffer losses) from the sale of gold bullion.”
We are currently trying to get hold of more information. We would appreciate any information about the terms and conditions of the Gold Deposit Program.
As soon as we will have learned more, we will provide more information at trustablegold.com.