BMO launches silver deposit program

BMO Financial Group is expanding its Canadian precious metals deposit service.

It plans to offer the BMO Vaulted Physical Silver Deposit Program, a launch that follows the banks introduction of its Gold Deposit Program in September 2011.

“Since the launch of our Gold Deposit Program, there has been an overwhelming amount of demand for real physical precious metals products in the Canadian marketplace,” says Simon Carling, managing director of BMO Capital Markets.

Read: Silver at risk as China slows

He adds, “Physical silver offerings that completely avoid the use of derivatives, unallocated metal, or certificates are surprisingly difficult to find—which may explain why they are so highly sought after.”

BMO’s vault-based programs are designed to take the guesswork out of a physical precious metal investment, as all programs are backed on an ounce-for-ounce basis with real, physical bullion.

Read: Faceoff: Will silver keep its sheen?

Highlights of the program:

• All bullion is separated and identifiable at a secure and approved vault facility in Canada
• The bullion cannot be loaned, swapped or used for other purposes
• All bullion is unencumbered
• All bullion is segregated from the assets of BMO Financial Group
• No annual storage fees or MER, and withdrawal and delivery fees may apply
• Physical delivery is available upon request

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