Does the type of silver held in a Registered account matter? Yes. Investors wishing to hold physical silver in a registered account should have absolute confidence in the quality of silver bullion that is being stored in the vault facility. Eligible silver is a term used to define the quality and types of silver products acceptable for storage within an Registered Retirement Savings Plan.
For silver to be eligible to hold in your Registered account it must be LBMA approved. The London Bullion Market Association (LBMA) provides and regulates the benchmark for what precious metals products are acceptable for global trade. The standards put forth by the LBMA ensures that accredited refiners maintain high standards of quality for their bullion products.
Refiners whose products are accredited by the LBMA are published on the “Good Delivery List”. Refiners must meet strict assaying and bar quality criteria in order to satisfy the LBMA’s accreditation.
For investors that want to own and hold physical silver in their RRSP Guildhall Wealth Management Inc. offers products from LBMA’s accredited refiners. The two most popular refiners are the Royal Canadian Mint and Republic Metals Corporation. Any silver products offered by these two refiners are acceptable for use within a registered account including RRSP, TFSA, LIRA, RIF, LIF, and RESP.
Another hallmark of physical silver eligibility within an RRSP is where it is held. For physical silver to remain eligible within a Registered account it must remain in the IIROC (Investment Industry Regulatory Organization of Canada) approved vault. RRSP investors cannot store these products on their own or anywhere outside of the approved vault. Guildhall, through its custodian Questrade, utilizes an IIROC approved, independent vaulting facility, located in Toronto, Ontario. This facility meets the highest standards of security and clients do have access to personally audit their holdings.
To maintain the integrity of the silver products that are stored in a Registered account, investors purchase their precious metals through the custodian. When the physical silver is purchased within the Registered account, the physical bars are shipped directly from the refiner to each individual account. In this way, the chain of integrity is maintained, and the quality of the silver bars or coins is assured.
Investors will want to be aware of what bullion products are offered within a Registered account and should not accept anything less than LBMA approved products. This will ensure that the investor is holding bullion that is of the absolute highest quality and that the integrity of the product is well maintained.
Please contact your Guildhall representative about adding physical silver or gold bullion to your retirement plan today.