I bought some gold and silver bars from KITCO in1999 as a hedge against Y2K. The orders were processed and delivered without any problems although I thought the delivery could have been a bit faster. Around 2018 I shipped 10 silver ounces back to KITCO from outside Canada to be put into a pool account. KITCO let me know that Canada customs was taxing the silver so instead of the 10 ounces going into my pool account they sold it to themselves at the bid price, paid the tax, and I was left with some cash in the pool account. That did not go as planned but lessons were learned.The silver price dropped a bit so I was able to buy back 9 ounces at the asking price. Time passes. Early September 2025 silver is up around $40 so I decide to sell and withdraw my money. With the buy/sell price spread plus transaction charges I estimate a round trip cost about 7 1/2% so the idea of making money by trading in a pool account seems impractical. An ETF would make more sense.I log into my pool account and the system makes me jump through several hoops to make sure it's really me. Fair enough. I'm using my tablet and I'm constantly irked by the tiny font size on my screen. It makes entering data and navigation quite tricky. Placing the sell order and proceeding through the checkout has another step and another step and another step. Finally it looks like I've reached the end of this checkout marathon. It tells me the proceeds of my sale will be available in 48 hours. I still don't understand why it should take so long when everything is being transacted on one system. While I'm waiting for the 48 hours to tick down I scour the KITCO web site looking for the "WITHDRAW FUNDS" icon without success. To be clear, the KITCO web site does not display any means whatsoever for an account holder to withdraw the funds from their account. This is astonishing!So I craft an email to KITCO indicating my intention to withdraw my money, preferably to my PayPal account or to an overseas bank account which bears my name. I soon get an email response indicating that I should contact KITCO customer service by phone to confirm my request. I call them and customer service has me provide my name, account number, year of birth, first pets name, and postal code. All this so that he can tell me my email request is no good and I will have to submit the withdrawal request using a DocuSign form. They send me an email with a link to the DocuSign web site. I complete the form, which is just the same wiring instructions that I put in my original email, and submit it. Form accepted! Hallelujah. Not so fast! I notice that the amount to be transferred was not on the form. Nothing is happening so at about 2.30 on a Friday afternoon, I call kitco customer service again. Customer service has me provide my name, account number, year of birth, first pets name, and postal code. Deja vu! He confirms with me that the DocuSign is in order. Then we agree that the amount of the transfer will be the balance in the account less U.S.$60 for the wire. It's a ripoff but I'm the hostage. Interestingly, although KITCO is perfectly happy to let you send them money by PayPal, they have no facility to send any money to your PayPal account which would be vastly cheaper for the customer! I ask him when I could expect to receive the funds. He says something about 24 business hours and mumbles something I can't understand. Repeating it doesn't help. Time to hang up.Monday morning no money in my account! About 3 p.m. my phone rings. It's customer service guy and he's wanting to confirm something I can't understand what he's saying. WTF! There just seems to be no end to this thing!I have provided my user ID, password, account number, year of birth, pets first name, postal code, telephone number and the full details of a bank account in my own name for the funds to be sent to. I have successfully completed the multi step procedure on their website to sell the silver ounces in my pool account. I have engaged with their customer service reps three times by telephone to reverify and reconfirm my sell order and my request for a withdrawal of funds to an account with my name. I have completed their DocuSign form providing banking details for the funds transfer. This has taken over a week of back and forth communications. And I still have not received any money from KITCO!It is apparent that kitco does not trust its own security systems in which case why should anyone else?
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Millions of precious metal investors trust Kitco as their #1 source for 24-hour precious metal price updates, industry news, and financial market insights. Kitco Metals both buys and sells physical bullion bars and coins made of investment grade precious metals. For decades we have safely sold and delivered millions of ounces of silver, gold, platinum, palladium, and rhodium bullion products to investors in North America and around the globe. We are also an active buyer of physical precious metal bullion products from our very own offices in Canada, Hong Kong, and the United States. For more details please refer to:See more
