ABOUT THE SAFE HOUSE
What is The Safe House SG?
The Safe House SG Pte Ltd is a subsidiary of Silver Bullion. The Safe House was built primarily to serve Silver Bullion’s storage customers.
How much bullion in terms of silver, gold and platinum can the entire facility store?
The entire facility can store 600 metric tonnes (600,000 kilograms, or 19.3 million troy ounces) of silver. The facility also houses a UL rated Class 2 modular vault that can store an additional 25 metric tonnes of gold (over 800,000 oz t).
Why did you build such a facility?
There is very little bullion storage capacity in Singapore that is not run by a subsidiary of an overseas company, implying direct or indirect exposure to European or US governmental regulations. Such exposure creates ambiguity if a Western nationalization were to re-occur, and is made evident in the Force Majeure clause of storage contracts, which typically indemnify the storage provider from “any governmental action by any government”.
If you go through the trouble of storing bullion in Singapore then you should not have to sign such an “any by any” clause as it negates the very reason to store bullion in Singapore in the first place. Furthermore, unless you are dealing with a storage provider directly, you would not know what Force Majeure clauses your dealers accepted in their respective contracts with the next middlemen or storage facility. Such storage counterparty chains cause further legal vagueness and uncertainty for your bullion.
Through The Safe House SG and Silver Bullion, we have created a one-stop solution for trading, testing and storage of bullion that provides full contractual transparency along the entire storage chain with no material Western regulatory exposure. This legal transparency is further strengthened through our unique parcel ownership system which makes you a legal title owner of bullion under Singapore law – as evidenced by your invoice listing specific parcels - as opposed to the unsecured creditor status which is typical of storage programs that deal in generic quantities of bullion.
Who guards the facility?
The operational security is handled by armed Auxiliary Police Officers.
What security features have you implemented to fortify The Safe House?
For more details about The Safe House’s security features, please click here.
Is the location nearby any police station?
There is a 24 hour police station within a 3 minute drive. Within a few kilometers’ radius, there are eight police stations and police centres, 10 minutes away or less. The Singapore Police Force and Auxiliary Police have confirmed that they can also conduct patrols during weekends and public holidays.
Do you store gold as well?
Yes, we have invested in a modular vault that can store 25 metric tonnes of gold.
How much bullion are you currently storing at The Safe House?
As of now, we are storing 1.1 million ounces of silver, as well as more than 600 kilograms of gold and platinum.
What is the insurance coverage?
USD 100 million all-risk insurance coverage that includes protection against mysterious disappearance, fidelity (omission by employees, or inside jobs) as well as fire and theft.
THIRD PARTY AUDIT
Does The Safe House execute a daily inventory check to ensure that the bullion you keep is there?
The Vault Operations team at The Safe House conducts a daily, end of the day audit, to ensure that your bullion parcels are present. This is reconciled with the list from Silver Bullion, which evidences that we do not sell the same piece of bullion multiple times, and that only you are sole owner of the allocated bullion.
Are you hiring any other third party entity to audit and verify that the bullion you claim to store are indeed stored there?
We will have a third party audit by Inspectorate (“Bureau Veritas”) once all the bullion has been transferred. We will engage them to check all the holdings on a quarterly basis.
Can I view my own holdings that I store with The Safe House?
As per our policy, we do not allow unscheduled visits to The Safe House. You have the option to take delivery of your bullion anytime, and the same allocated and reserved bullion parcel will be ready for collection in 1-2 business days.
THE SAFE HOUSE AND SILVER BULLION
Did Silver Bullion move its office premises to The Safe House as well?
Silver Bullion still maintains its office at Paya Lebar. Bullion for local orders will still have to be collected at Paya Lebar.
Does Silver Bullion also store its own precious metals holdings in there?
Silver Bullion owns 110,000 ounces of silver, and 800 ounces of gold and platinum. Silver Bullion also stores some of its own holdings at The Safe House. Most of these holdings are put up for sale.
Should I report my bullion holdings that are being stored at The Safe House?
Silver Bullion does not share customer specific information to external entities, which includes foreign financial regulatory authorities. Please consult your own tax attorney regarding reporting matters.
I own bullion through S.T.A.R. Storage Program, am I considered a direct customer of The Safe House?
You are considered a Silver Bullion customer. Silver Bullion engages The Safe House to store bullion on your behalf.
Will Silver Bullion still buy back bullion that I am keeping at The Safe House?
We will still buy back all the bullion that we currently store through STAR Storage.
How much does The Safe House charge for storage?
For storage charges, please refer to the third box on this page: https://www.silverbullion.com.sg/OrderOptions.aspx
I have bullion that I am currently storing elsewhere. Can I visit, bring my bullion and store directly with The Safe House?
Yes. The bullion will have to comply with our Transfer In Program. Please view this page for more information: https://www.silverbullion.com.sg/StorageTransfer.aspx
Can I bring my bullion to The Safe House for testing?
Yes you may. For more details about DUX Testing Program, please visit https://www.silverbullion.com.sg/DUX
Now that you run your own facility, can I walk in and store my taxable bullion with us, such as American Gold Eagle coins, Krugerrand coins, or generic no brand silver bars?
We will not accept such bullion types into our storage facility. We will only store tax free (Investment Precious Metals, or IPM) bullion.