BMO InvestorLine Monday announced the launch of its new gold deposit and delivery program, which offers a simple and cost effective way for BMO InvestorLine clients to buy and hold physical gold in their portfolios.
The program allows investors to purchase physical gold through BMO InvestorLine and either have it held in a custodial account operated by BMO Nesbitt Burns at an approved third-party storage facility or delivered to their home.
Clients of BMO InvestorLine purchase gold through the BMO InvestorLine call centre. Purchased gold is deposited in a custodial account operated by BMO Nesbitt Burns at an approved third-party storage facility. The facility is responsible for, and bears the risk or loss of and damage to, the gold bullion in its custody.
Investors pay no annual storage fees, no annual MER and the minimum purchase is one ounce.
The program offers daily liquidity and physical withdrawal and delivery options
“With recent markets being quite volatile, having the ability to own physical gold is an option many investors find appealing,” says Cesar Rainusso, vice president, BMO InvestorLine.
BMO Nesbitt Burns launched similar program for its clients in September.