The most important thing to understand about commodities, is that the price changes every second. Because of this, until I have actually received payment, the price can not be locked-in. Please read below for details of which payment method works best for you.
When paying in cash, because of the varying Spot Price, the exact price can not be determined or "Locked in" until you actually pay. If you wish to make a larger cash purchase, over $10k per day, I will require to record your driver's license information, along with your employment type, etc. To simplify the process, it's preferred that if you desire to make your purchase with cash, that you keep your purchases to less than $10k per day.
2. BANK WIRE
When paying with a bank wire, the final price will be "Locked in" once funds are received. When you're at your bank, you simply call to get the current prices and send the wire for that amount. A wire sent before 1pm usually shows up within 4 hours, and unless there is an extreme move in the SPOT prices, your purchase will be Locked-in. If there is a large move, you'll be contacted once funds are received, to see if you want to proceed with the purchase or not. Most banks will charge you about $30 to send the wire. In most cases, you'll then be able to take immediate possession of your items purchased.
3. Electronic Money Transfer
E-Transfers can be accepted, but keep in mind, most banks only allow transfers of up to $2500 per day and $10k per week. The advantage of paying with E-transfers, is that you can lock-in a price, which is especially helpful if you're from outside Saskatoon, or if you believe the prices may be going higher before you can arrange for pickup. If you're purchasing over $2500 worth of gold/silver, you may need to either split up your purchase over the course of a few days, or some banks will allow you to contact them to make a higher one-time only e-transfer. As e-transfers can take up to 3 hours to show up at our end, this option is only available to those who are pre-paying.
To speed up payments by EMT, if you have a spouse on the same bank account or have their own account, they can make an E-transfer as well, so then you would be making payments of up to $5000 per day.
"LOCKING IN" a Price
Silver and Gold prices change every minute, therefore if you want to "Lock In" your products at the current price, the only way to do that is to actually pay for you item(s). Locking in protects you from having to pay a higher price for your items, if the prices increased before you picked up your items. But it also means, that if the prices were to drop before you picked up your items, that the "Locked In" price is still what you have to pay. As you can see, it can go either way for you, so you'd only want to lock in a price if you want to protect yourself from what you believe to be an increase in prices in the short term. Locking-in is done either by paying in cash or through E-Transfers, or a Bank Wire. Once the first payment is received, the price can then be locked-in. And no matter where the SPOT price moves after that, you've entered into a contract that you will receive your items at the said price, and that you will pay the agreed upon amount. You then can take possession of your precious metals purchase.
Please keep in mind that once you "Lock-in" a price, you have committed to the purchase. Which means if you decide to back out of the deal, you're really now selling back the products. There's no problem in doing this, if that's what you decide to do, but please know that on silver purchases, it'll cost you about 10% of the purchase price, and about 5% on gold purchases. PLUS, if the SPOT price has dropped since you locked-in your purchase, you'll loose the difference between what the SPOT price was at the time of purchase, minus the current SPOT price. Understand that when this happens, I make nothing on the two transactions. The reason for the incurring costs, are that when you locked-in the price, I purchased replacement items from the mint at the above SPOT premium prices, and then when you sold, I then have to sell that metal back to the mint, at a price below the SPOT price. This is the way that any commodity dealings work, and it's the part that most people do not easily grasp, but you must understand before you lock-in a price.
The long and the short of it is, that if you LOCK-IN a price, you must pay that price no mater what, and if you back out before you take possession, it'll be quite costly for you. That's why precious metals are not a get rich quick thing, they're a Buy and Hold, long term investment.
All items are TAX FREE
Thank-you for taking the time to consider SILVERTIP as your precious metals dealer, and I look forward to answering any questions you may have about the business or Precious Metals in general. My hope is that I can be an integral part of providing others with a cost-saving alternative to the Banks, in your pursuit of obtaining high-grade investment products that will help to secure your family's wealth.