Last week I mentioned a WealthBriefing.com article that featured the new Sharps Pixley showroom/safe deposit box service in London, England. The other day I came across another piece about the operation on the Coin Update website (“Daily Coin Collecting News”). Michael Alexander recently interviewed Sharps Pixley CEO Ross Norman “to learn about the business’s new efforts to bring the benefits of bullion ownership to the ordinary consumer without involving an investment broker or paying out needless commissions.” During the discussion, the topic of the recently-launched safe deposit box service came up. From their exchange:
MA: Speaking of quantity, one of the services Sharps Pixley offers at this location is a depository for personal bullion holdings. How does this work? Are my holdings my own and in the form that I’ve purchased, or are they part of an overall greater deposit of bullion?
RN: We have both. You can rent a safe deposit box which is yours; it’s £250 a year for a small box that can hold up to £1 million in kilo-bars. Or we also offer vaulting for the larger investors which can include placing your holdings in custody in our vault. Or you can place your holdings at our offices in Switzerland, Germany, or even Singapore, so it is a myth that gold is expensive to store.
MA: An investor would be able to purchase from your offices and have their holdings in another country or take delivery outside the UK?
RN: Absolutely, and this isn’t “offshore banking,” this service simply offers the investor the option of holding or keeping an asset where they feel most comfortable. Our concept is that a safe haven isn’t just what you keep, but where you keep your holdings. In that regard, you have a choice in using our international offices, so you choose a location where you feel your investment would be safest.
Our new safe deposit box facility is rated as Class 10, which is the highest one can obtain. Alternatively, we can arrange to transfer your metal holdings to another overseas location in a matter of minutes by swapping bars in one location with another, saving you any shipping charges. All that changes are your bar numbers…
As I’ve mentioned before on this blog, Sharps Pixley’s parent company is Degussa, which also offers non-bank safe deposit box services (under the Degussa name) in Germany (Berlin, Cologne, Hamburg, Hanover, Munich, Nuremburg, and Stuttgart), Singapore, Spain (Madrid), and Switzerland (Geneva and Zurich). When Norman mentioned the transfer of holdings “to another overseas location,” I’m guessing he was referring to one (if not all) of these facilities.
By Christopher E. Hill
Offshore Safe Deposit Boxes (www.offshoresafedepositboxes.com)
(Editor’s note: The mention of entities marketing themselves as private vaults outside the U.S. offering safe deposit boxes/lockers at a minimum should not be construed as confirmation of services claimed to be provided or any sort of recommendation. A qualified professional should be consulted prior to making a financial decision based on material found in this weblog. If this recommended course of action is not pursued, then it must be understood that the decision is the reader’s and the reader’s alone. Christopher E. Hill, the creator/Editor of this blog, is not responsible for any personal liability, loss, or risk incurred as a consequence of the use and application, either directly or indirectly, of any information presented on the site.)