The most important thing to understand about commodities, is that the price changes every second. Because of this, the price is determined at the time you're actually paying and the price can be locked-in. Please read below for details of which payment method works best for you.
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1. Physical CASH Payment
When paying in cash, because of the varying Spot Price, the exact price can not be determined or "Locked in" until you are actually paying.
2. BANK WIRE
When paying with a Bank Wire, the final price will be "Locked in" when you've committed to a purchase, and you'll be at your bank within an hour to complete the bank wire. A wire sent before 1pm usually shows up at our end within 4 hours. Most banks will charge you about $30 to send the wire. Unless you are purchasing a pre-order item, 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 $3000 per day(once every 24 hours) to a maximum of $10k per week. Most Credit Unions allow up to three $3,000 e-transfers per day, but also have the weekly maximum of $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 $3000 worth of gold/silver, you will need to make multiple payments 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.
"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 could cost you as much as 30% of the purchase price, and about 10% on gold purchases. PLUS, if the SPOT price has dropped since you locked-in your purchase, you'll have to cover 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 transactions. The reason for the incurring costs, are that when you locked-in the price, I immediately place a Buy order on the system, but then would have to place a Sell order if you were to back out. The difference between the Buy and the Sell price, otherwise known as "the spread", is the percentages noted above. This is the way that any commodity dealings work, and it's the part that most people do not easily grasp, but you need to understand before you lock-in a price.
The long and the short of it is, that if you LOCK-IN a price, that means that you have committed to your agreed upon purchase, and if you back out, you'll be responsible to cover the associated costs. That's why it's critical to have a proper understanding that most often, precious metals are not a get rich quick program, but rather a Buy and Hold long term investment.
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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 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 Gold and Silver products.