Online Store Home > Frequently asked questions > Royal Canadian Mint Prestige Account

Royal Canadian Mint Prestige Account

Kitco Metals Inc. and the Royal Canadian Mint are proud to offer the Royal Canadian Mint Prestige Account (RCMPA). This enhanced product has been expressly designed to enable savvy investors to purchase and own unallocated ounces of gold held and safeguarded exclusively on their behalf at the Royal Canadian Mint, a Crown Corporation owned by the Government of Canada. The unique combination of safety, value, and control, makes the RCMPA a key asset for any experienced investor seeking ultimate peace of mind.

  1. How do I place a purchase transaction? (You must already have a RCMPA account)

    Purchase Transactions may be placed using our real-time prices:

    1. Telephone: 1- 877-775-4826 or 514-876-4202
      Monday through Friday, from 8.30 a.m. to 10.00 p.m. EST.
    2. Online - twenty-four (24) hours a day, seven (7) days a week.

    To place a purchase transaction online, please complete the following steps:

    Step 1: Account Sign In

    Please sign into your Royal Canadian Mint Account by clicking on the 'Sign In' link located on the top right hand corner of Kitco's RCMPA website.

    Step 2: Input your purchase transaction details - Transaction Pre-requisites:

    Minimum Purchase Amount: All purchase transactions must be at least $1000.00 (USD or CAD depending on the currency of your transaction). Orders placed in Euros or Sterling Pound must be the equivalent of US $1000.00, based on current exchange rates.

    Pre-payment for transactions larger than $50 000: Please note that depending on the amount of your transaction, the following will be required in order to lock in the price:

    • Transactions between $50 000 and $100 000 For all transactions between $50 000 and $100 000, you will be required to have at least 15% of the intended purchase price prior to ordering.
    • Transactions over $100 000 For all transactions over $100 000, customers are required to have at least 50% of the intended purchase price held prior to ordering.
      *If your transaction is under $50 000, you will only be required to provide a valid Visa or MasterCard in order to lock in a transaction purchase price. Please note that your credit card will not be used for the payment of the transaction. It is used as collateral to lock the price and it might be used to cover cancelation fees when applicable.

    After signing into your RCMPA account, you will be directed to the Royal Canadian Mint Prestige Account program's main page. At the bottom of the main page, you will find the RCMPA's ordering table where you will see Kitco's real time buy and sell prices for RCMPA unallocated gold ounces. In this table, you will be required to indicate the quantity, buy/sell selection, and currency of your choice.

    Transaction Fee: Please note that an applicable US $25.00 fee (or the equivalent in the currency of your transaction) will be added to all Royal Canadian Mint Prestige Account transaction totals.

    Once you have entered your purchase transaction's details on the RCMPA ordering table, please click on 'Next' to proceed.

    Step 3: Method of Payment & Credit Card Information

    You will be presented with a breakdown of your purchase transaction which will include the applicable US $25.00 transaction fee (or the equivalent in the currency of your transaction). After you have reviewed the details of your transaction, you will be required to select your preferred method of payment. The acceptable methods of payment for the Royal Canadian Mint Prestige Account program are:

    • Bank wire transfer: bank wire instructions will be provided at the end of the online ordering process, and through your online account transaction details.
    • FOA (Funds on Account): cleared funds held on your Kitco account.

    After indicating your preferred method of payment, you will also be required to provide a valid Visa or Master Card credit card number to lock in the price of the said transaction. Your credit card number is simply used as collateral to lock in the price, and it may be used to cover cancellation fees when applicable.

    Please click on ‘Next' to continue to the following step.

    Step 4: Acceptance of Terms and Conditions

    Carefully review your purchase transaction details and Kitco's Terms and Conditions which will be displayed in this section. You will be required to click a checkbox confirming that you have read and agreed to Kitco's Terms and Conditions.

    Click on ‘Submit Transaction' to complete the purchase process.

    Step 5: Acknowledgement Page

    An acknowledgement page will appear, verifying that your purchase transaction has been accepted by our online system.

    Transactions placed during Kitco's business hours (Monday through Friday, 8.30 a.m. to 10.00 p.m. EST) will be confirmed in the order in which they were submitted. Transactions initiated outside Kitco's business hours will be confirmed the following Business Day.

    Once a transaction has been confirmed, you will receive an e-mail outlining its status. Kitco encourages all customers to log into their Kitco Account within twelve (12) hours of initiating any purchase or sale transaction in order to verify the transaction and to review all relevant procedures.

    Once your payment is received and applied to your purchase transaction, the information will be submitted to the Royal Canadian Mint for your storage account to be credited with the quantity of ounces you purchased. You may also review your balance at the Royal Canadian Mint's RCMPA website.

    Royal Canadian Mint – RCMPA Portal

    How do I place a sale transaction? (You must already have a RCMPA account)

    Sale transactions may be placed using our real-time prices:

    By telephone: 1-877-775-4826 or 514-876-4202
    Monday through Friday, from 8.30 a.m. to 10.00 p.m. EST.
    Online: twenty-four (24) hours a day, seven (7) days a week.

    In order to place a sale transaction online, please complete the following steps:

    Step 1: Account sign in

    Please sign into your Royal Canadian Mint Account by clicking on the ‘Sign In’ link located on the top right hand corner of Kitco’s RCMPA website.

    Step 2: Input your sale transaction details

    After signing into your RCMPA account, you will be directed to the Royal Canadian Mint Prestige Account program’s main page. At the bottom of the main page, you will find the RCMPA’s ordering table where you will see Kitco’s real time buy and sell prices for RCMPA unallocated gold ounces. In this table, you will be required to indicate the quantity, buy/sell selection, and currency of your choice.

    Transaction Fee: Please note that an applicable US $25.00 fee or the equivalent in the currency of your transaction will be added to all Royal Canadian Mint Prestige Account transaction totals.

    Once you have entered your sale transaction’s details on the RCMPA ordering table, please click on 'Next' to proceed.

    Step 3: Order Breakdown & Method of Payment

    You will be presented with a breakdown of your sale transaction which will include the applicable US $25.00 transaction fee (or the equivalent in the currency of your transaction), as well as with a section where you will be required to select the method of payment by which you would wish to receive your funds:

    • Check by regular mail (CAD and USD transactions only) - no service fee
    • Check by FedEx (CAD and USD transactions only)- $30.00 service fee (CAD or USD depending on the currency of your transaction).
    • Bank draft by FedEx (GBP and Euro transactions only) – equivalent of US $45.00 service fee
    • Bank wire - $40.00 service fee (USD or CAD depending on the currency of your transaction). If your transaction is placed in EUR or GBP, the applicable service fee will be equivalent to US $60.00.
    • Funds on Account (you may leave the funds in your Kitco account as a cash balance to be used towards a future purchase).

    If you select bank wire transfer, you will be required to provide us with your wiring instructions:

    • At the end of the order process; or,
    • Later: you will be notified by e-mail.

    After reviewing your sale transaction details and selecting your preferred method of payment, please click on ‘Next’ to continue to the following step.

    Step 4: Credit Card Information

    You will be required to provide a valid VISA or Master Card credit card number to lock in the price of your sale transaction. Your credit card number is simply used as collateral to lock in the price, and it may be used to cover cancellation fees when applicable.

    After reviewing your sale transaction details and entering your credit card information, please click on ‘Next’ to continue to the following step.

    Step 5: Acceptance of Terms and Conditions

    Carefully review your sale transaction details and Kitco’s Terms and Conditions which will be displayed in this section. You will be required to click a checkbox confirming that you have read and agreed to Kitco’s Terms and Conditions.

    Click on ‘Submit Transaction’ to continue to the following step.

    Step 6: Authorization of sale transaction on the Royal Canadian Mint’s RCMPA web portal

    An acknowledgement page will appear, verifying your sale transaction has been accepted by our online system. Your transaction information will be immediately transmitted to the Royal Canadian Mint, and you will receive an e-mail directly from the Royal Canadian Mint. You will be asked to confirm the sale by clicking a link provided in the e-mail. By confirming the transaction, you will be authorizing the Royal Canadian Mint to release the precious metals held in your Royal Canadian Mint Prestige Account to Kitco.

    You may also log in directly to your RCMPA on the Royal Canadian Mint’s site to confirm your sale transaction rather than clicking on the link provided in the e-mail. In order to guarantee the booked price, you must confirm and authorize your sale transaction on the Royal Canadian Mint's within thirty (30) minutes. Failure to confirm your transaction within the thirty (30) minute allotted time period will result in an order cancellation. Cancellation fees will be applicable as described within our cancellation policy.

    Where is my gold stored?

    Your RCMPA holdings are stored in an unallocated form at the Royal Canadian Mint facility, located at 320 Sussex Drive in Ottawa, Canada. This state-of-the-art, secure facility is safeguarded 24 hours a day, seven days a week.

    How are my holdings protected?

    Acting as a custodian for your metals, the Royal Canadian Mint is responsible for and guarantees the physical security of your unallocated ounces of precious metals while in its care, custody and control. The metal is not insured; however, the Royal Canadian Mint is liable to the account holder for the quantity of physical material in their account. Neither the Royal Canadian Mint nor Kitco are liable for any change in value of the precious metals or consequential losses due to market fluctuations.

    What fees are associated with a Royal Canadian Mint Prestige Account?

    The applicable fees associated with a Royal Canadian Mint Prestige Account are as follows:

    • Annual Administration Fee: The Royal Canadian Mint Prestige Account program requires a non-refundable annual administration fee of US $60.00 plus taxes or the equivalent in any of the currencies that Kitco accepts. The initial annual administration fee will be pro-rated based on the month in which your account is opened, and charged to your credit card. Kitco will charge subsequent annual fees to your credit card on the first (1st) Business Day of January.
    • Transaction Fees: There is a US $25.00 fee (or equivalent in the currency of your transaction) per transaction.

    Is there a minimum purchase required?

    Yes. All purchase transactions must be at least $1000.00 (USD or CAD depending on the currency of your transaction). Orders placed in Euros or British Pounds must be the equivalent of US $1000.00, based on current exchange rates.

    Are your prices locked in when I place my transaction?

    Yes. The price at the time you place your transaction is final, even if fluctuations in the market occur after the transaction is placed. For further information and requirements regarding booking a price for a transaction, please refer to the ‘Placing a purchase transaction’ procedure by clicking on the link below:

    Placing a Purchase Transaction

    How do I pay for my purchase transaction?

    Kitco accepts the following methods of payment for RCMPA transactions:

    • Bank wire
    • Cleared funds held on a Kitco account

    Payment instructions will be provided at the end of the online ordering process, through your online account transaction details, and are also available by e-mail upon request.

    Bank wire transfers must be received within four (4) Business Days of transaction confirmation. Kitco reserves the right to cancel transactions in violation of the provided payment period, and cancellation fees may be applicable as explained in the below section.

    International Bank Wires

    When sending a bank wire internationally, your transfer may be subject to correspondent bank fees that are deducted while a wire is in transit. Please ask your financial institution to confirm and calculate all applicable fees before issuing payment to us, or kindly add US $25.00 (or approximately the equivalent in the currency of your transaction) to the amount owed to cover any fees deducted while your wire is in transit. Any unused balance will remain in your Kitco account as funds on account.

    How are cancellation fees calculated?

    When cancelling a transaction, cancellation fees may apply as a submitted transaction constitutes a binding agreement between Kitco and the customer. Depending on whether your transaction is a purchase or a sale, any applicable cancellation fees will be determined based on the following:

    Customer Purchase Transactions

    In the event of market loss, there will be a minimum cancellation fee of $50.00 (USD or CAD depending on the currency of your transaction. If your transaction is placed in EUR or GBP, the applicable cancellation fee will be equivalent to US $50.00). See Example 1 below.

    However, if at the moment of cancelling your purchase transaction, its total value decreases by more than the minimum cancellation fee stated below, the applicable cancellation fee will be exactly the amount of this decrease in value. See Example 2 below.

    In the event of market gain: no cancellation fee will be applicable. See Example 3 below.

     Unit price of your orderUnit price at cancellationQuantityPrice difference multiplied by quantityCancellation fee
    Example 1$1,000$9801 oz($1000-$980)*1=$20$50
    Example 2$1,000$98010 oz($1000-$980)*10=$200$200
    Example 3$1,000$105010 oz $0

    Customer Sale Transactions

    In the event of market gain, there will be a minimum cancellation fee of $50.00 (USD or CAD depending on the currency of your transaction. If your transaction is placed in EUR or GBP, the applicable cancellation fee will be equivalent to US $50.00). See Example 4 below
    However, if at the moment of cancelling your purchase transaction, its total value increases by more than the minimum cancellation fee stated below, the applicable cancellation fee will be exactly the amount of this increase in value. See Example 5 below.
    In the event of market loss: no cancellation fee will be applicable. See Example 6 below.

     Unit price of your orderUnit price at cancellationQuantityPrice difference multiplied by quantityCancellation fee
    Example 4$1,000$10201 oz($1000-$1020)*1=-$20$50
    Example 5$1,000$102010 oz($1000-$1020)*10=-$200$200
    Example 6$1,000$95010 oz $0

    Can I cancel my transaction?

    Yes, transactions may be cancelled at the customer’s request, provided payment has not been received in full. Should the customer request a cancellation, the above cancellation policy will be considered in effect. Fees will be calculated based on the time a cancellation request is submitted. Customers must submit all requests for cancellation by telephone only.

    Can I transfer my Kitco Pool Account to the Royal Canadian Mint Prestige Account?

    Yes. You may transfer any portion of an existing Kitco Pool Account for credit to your Royal Canadian Mint Prestige Account. Kitco will charge a conversion fee which will be based on the difference between the Royal Canadian Mint Prestige Account ‘Customer’s Purchasing Price’ (the price at which the RCMPA product is sold to the Customer) and the Spot price (Ask) for Gold per ounce at the time the conversion is initiated.

    Can I exchange my RCMPA holdings for physical precious metals?

    Yes. You may exchange your RCMPA holdings for physical bullion from Kitco in the form of any available type of bar or coin. When exchanging RCMPA holdings for physical metals, a small premium corresponding to the fabrication cost, plus shipping and handling charges, is applicable.

    You may also request physical outturn directly from the Royal Canadian Mint. However, the Mint is permitted a ten-day (10-day) period before providing physical metals to the customer. There are fabrication fees associated with this method (please refer to your contract for further details). Payment for fabrication fees and applicable taxes must be received before or at the time of pick up or the Mint will not release the material. Note that for any single transaction, payment can be made by only one method in addition to funds on account.

    Customers are required to coordinate their own arrangements for transportation and insurance for the physical goods at their own cost. For hassle-free delivery of finished product, we highly recommend that customers direct the sale of credits in exchange for physical metals through Kitco.

    What do I do if there is a discrepancy between my RCMPA balance on the Mint’s website and the balance on Kitco’s website?

    If you have recently made a purchase through Kitco’s website which has been fully paid for and processed, please note there may be a slight delay of up to 48 hours to reflect your RCMPA balance changes on the Royal Canadian Mint website. If the balance has not been updated after 48 hours, please contact Kitco for further assistance.

    Do you report my Royal Canadian Mint Prestige Account transactions to tax authorities in my jurisdiction?

    Neither Kitco nor the Royal Canadian Mint will report your transactions to tax authorities. However, you should consult your taxation advisor for specific taxation advice in your jurisdiction.

    If Kitco goes bankrupt, what happens to my precious metals holdings?

    As a Royal Canadian Mint Prestige Account holder, the Mint has the custodial responsibility for the credits in your account. This means that in the unlikely event that Kitco files for bankruptcy, any debt collectors cannot seize the credits from your RCMPA. Your precious metals will remain safeguarded within the Mint’s facilities in the event that Kitco goes out of business.

    If the Royal Canadian Mint goes bankrupt, what happens to my precious metal holdings?

    The Mint is a financially stable Crown corporation, in existence for more than 100 years. The Mint is owned by, and is an agent of, the federal Crown. Therefore, in the unlikely event that the Mint were to file for bankruptcy, the Government of Canada would be held accountable for the quantity of precious metals held in the Royal Canadian Mint Prestige Accounts.

    Does Kitco or the Royal Canadian Mint use my precious metals to hedge its own investments?

    No. Neither Kitco nor the Royal Canadian Mint will use any of its customers’ precious metals to hedge its own investments.

    Where can I find more information on the Royal Canadian Mint?

    The Royal Canadian Mint has an extensive website containing information on its history, products and services as well as informative news releases and annual reports. Click here to visit the Royal Canadian Mint's website.

    How do I close my Royal Canadian Mint Prestige Account?

    Please contact Kitco by telephone at 1 877 775 4826 or 514 876 4202 Monday through Friday, from 8.30 a.m. to 10.00 p.m. EST for assistance.

    I have funds on my Kitco Account, how can I request you to send it back to me?

    You may contact us by phone or email to have your funds sent back to you. You have the following options for receiving the funds.

    • Check by regular mail (CAD and USD transactions only) - no service fee.
    • Check by courier (CAD and USD transactions only)- $30.00 service fee (CAD or USD depending on the currency of your transaction).
    • Bank draft by FedEx (GBP and Euro transactions only) – equivalent of US $45.00 service fee.
    • Bank wire - $40.00 service fee (USD or CAD depending on the currency of your transaction). If your transaction is placed in EUR, a service fee of €60 will be applicable. For transactions in GBP, the applicable service fee will be £50.

    Due to new Anti-Money Laundering legislation in Canada and the Patriot Act in the United States, payments can only be sent to individuals listed in your Kitco Account.

THANK YOU FOR SUBSCRIBING!