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Six steps from signed Bond to allocated metal. Each step produces a named artifact you keep on file. Settlement is the part where words become weight.
Before settlement begins, the Written Bond is signed by both parties. The bond names the products, the per-unit cost, the dealer charge, the custodian charge, the depository, and the timeline. Nothing in settlement deviates from the bond.
Artifact: Signed Written Bond, countersigned by the dealer.
For Section 408(m) accounts, the IRS-approved custodian receives the rollover or transfer instruction. For direct ownership, this step is omitted and settlement proceeds to step 03.
Artifact: Custodian transfer authorization, on file.
Funds are wired to the dealer's settlement account against the Written Bond. The wire reference includes the Bond number for one-to-one reconciliation.
Artifact: Wire confirmation; settlement instruction with Bond reference.
Bullion is allocated at an IRS-approved depository in the client's name (direct ownership) or in the IRA's name (Section 408(m)). Allocation is segregated where the Bond specifies; otherwise commingled per the Bond.
Artifact: Depository allocation receipt, including serial numbers where applicable.
The transaction is recorded in the dealer's ledger and a settlement statement is issued. For IRA accounts, the custodian also records the holding to the account on file at the IRS.
Artifact: Settlement statement; custodian holding record (IRA only).
Within seven business days, the client receives a complete reconciliation packet: the Bond, the wire confirmation, the depository receipt, the settlement statement, and — for IRAs — the custodian acknowledgment. The packet is the canonical record.
Artifact: Reconciliation packet, hardcopy on request.
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