Cache Metals Review
Cache Metals is one of Canada’s largest online retail bullion dealers. Founded in 2009 with a store in Toronto, the company expanded online a few years later and has grown significantly since. They sell gold, silver, platinum and palladium coins and bars. All their bullion comes from reputable mints such as the Royal Canadian Mint, the U.S. Mint or the Australian Mint. Cache guarantees the lowest price on gold and silver and will match any Canadian authorized dealer. Although their selection of gold and silver bullion is limited, they have a solid reputation for competitive pricing and low fees. They sell 1 oz Royal Canadian Mint gold and silver bars, 10 oz bars from Credit Suisse or Johnson Matthey and gold and silver coins such as American eagles and Canadian maple leafs.
Cache has an established relationships with Laurentian Bank Discount Brokerage (LBDB) and Brinks Canada so that Canadians can include gold and silver bullion in registered accounts such as RRSPs. If you buy from Cache for your retirement account, you will have to open an a registered self directed account at LBDB and you will deal with LBDB not Cache Metals. LBDB deals exclusively with Cache to trade gold and silver. They are the only alternative to investing in bullion in an RRSP through Questrade and one of their affiliate brokers.
Cache Metals Bullion in RRSP Accounts
If you would like to buy bullion through Cache for your RRSP, the first step is to set up your account with LBDB. Bullion trades are done over the phone by calling LBDB directly. There is a flat $25 commission fee for buying and selling gold and silver. This is different from the system that Questrade has in place with their affiliate dealers. With your Questrade RRSP, you call the bullion dealer directly not the broker (you also have the choice to call Questrade directly to make a bullion trade because they act as a bullion dealer). LBDB will buy your gold or silver from Cache metals and have it shipped to their storage facility at Brinks in Mississauga, Ontario. Brinks provides secure, IIROC approved storage and transportation at competitive prices.
Fees and Premiums
There is a $75 annual fee for RRSP accounts at LBDB but it is dropped for accounts over $25,000 (this is an incentive to consolidate your RRSP investments). Be prepared to make a large initial investment in gold or silver. Gold is sold in 10 oz tranches of maple leaf coins at the current U.S. spot rate plus 5%. This means that at USD $1,200/oz of gold, your minimum investment is USD $12,600. You must also convert cash to U.S. dollars and pay currency exchange fees (which depend on the amount exchanged), plus a $25 commission charge. You pay the commission and foreign exchange fees again when you sell your gold.
There is a little bit more flexibility with silver, the smallest unit being the 100 oz bar. You can buy the 100 oz silver bar or silver maple leaf coins in 500 oz tranches. The silver bar is sold with a USD $3/oz premium over the current spot price and the silver coins sell at spot price plus USD $3.75/oz. This means that at USD $15/oz of silver, your minimum investment is USD $1,800, plus taxes and fees. As with gold, there is a currency exchange fee and $25 commission for every buy and sell. The premiums are lost when you sell your silver.
Your precious metal is pooled with other LBDB clients and stored under a LBDB Brinks account. Storage and insurance costs are $.10/month for each ounce of gold and $.01/month for each ounce of silver. Unfortunately, there is no delivery option, meaning you cannot take physical possession of your gold. It must be sold back to Cache Metals directly through LBDB.
Cache Metals Rating & Complaints
BBB Rating: Not Rated (Details)
BBB Compaints: 0 Complaints in the past three years. (Details)
Yelp: Not Rated (Details)
Yellow Pages: Not Rated (Details)
Google+: Not Rated (Profile)
Facebook: (4.8 / 5) out of 6 Reviews (Profile)
TrustLink: Not Listed
SiteJabber: Not Rated (Profile)
Cache Metals Storage Information
Cache Metals offers secure vaulted precious metals Storage Accounts for your gold, silver, platinum and palladium bullion purchases. Their secure safe, vaulted and insured, is an option for those clients who do not wish to immediately handle their physical bullion purchase(s). It is also an option for those clients who make larger bullion purchases, or several precious metals purchases over time and wish to have their bullion shipped at a later date.
Cache Metals Shipping/Delivery Infromation
Cache Metals will ship but no further information on shipping is available on their website. You may also pick up purchases from their retail location in Toronto. Their address is located below.
Cache Metals Promotions, Discount Coupons, or Vouchers
There are no current known or posted promotions.
Cache Metals Founders & Management Team
President Thomas Green – No further information or picture found.
Chief Executive Officer Robert Rosenzweig – No further information or picture found.
Cache Metals Store/Branch Locations
Cache Metals Gold & Silver Store
215B Davenport Road
Toronto, Ontario, Canada M5R 1J3
Monday – Thursday: 9:00 AM – 5:00 PM EST
Friday: 9:00 AM – 4:00 PM EST
Saturday and Sunday: Closed
Cache Metals on the Web
Gold and Silver premiums over spot price are fixed.
Large initial investment requirements. No delivery option. No option for segregated storage.
Cache Metals is one of Canada's largest online retail gold, silver, platinum and palladium dealers. They have an established relationships with Laurentian Bank Discount Brokerage (LBDB) and Brinks Canada so that Canadians can include gold and silver bullion in registered accounts such as RRSPs. If you buy from Cache Metals for your RRSP, you will have to open an a registered self directed account at LBDB and you will deal with LBDB not Cache Metals. Cache Metals deals exclusively with LBDB to service registered accounts. They are the only alternative to investing in bullion in an RRSP through Questrade and one of their affiliate brokers.