BY NICOLE SLIVER
New Zealand Vault established in 1931, has facilities in Auckland and Wellington. It is privately owned and operated and is independent of the banking sector and has no operations outside of New Zealand. They are subject only to New Zealand law.
New Zealand is a geographically remote, stable, and exceptionally safe country, making it the perfect location for storing precious metals. Holding metals in New Zealand also achieves the safety of geographic spread that many investors want.
The NZ Vault Treasury-Grade bullion depository is built to the highest standards and is fitted with the most sophisticated, multi-level security systems, which operate 24/7. Unlike most bullion depositories, they offer the additional security and control of storing metals in high-grade safes that sit within the 1,500 square-foot vault. Southpac has a dedicated safe for its clients. Bullion stored in the bullion depository is fully insured against theft and employee malfeasance.
The metal that has been purchased for your company or trust is immediately placed in a storage container labelled as the property of the company or trust. Then it is sealed with a serial-numbered, tamper-evident tape. Next, the sealed container is placed in safe. Lastly, the safe’s 1,600-pound door is closed and locked. The entire process of receiving, packaging, labelling, sealing and locking up a client’s metal is subject to video monitoring. All the steps are done in the presence of a representative of an international auditing firm, which has been retained by Southpac for that purpose. The independent auditor photographs the metal and delivers a copy of the photograph to the client. The vault is operated as a two-key safe. Both digital keys are needed to open it. One digital key is held exclusively by New Zealand Vault, and the other exclusively with the auditor, thus the safe can be opened only with the participation of both firms. The online transaction platform covers a broad range of gold, silver, and platinum bars and coins. When your trust or company is ready to buy a specific quantity of any metal, Southpac uses that platform to lock in the price. The metal is then acquired directly from a customary wholesale source unless there is sufficient inventory already held with NZ Vault.
If you already own precious metals that you wish to transfer to NZ Vault from another provider, Southpac will arrange for the metal to be picked up by one of our global transportation providers and have it delivered to the vault in Wellington. There the metals will be received into the vault area through a two-door man trap. Then they will be examined, photographed, packaged, labelled and sealed in exactly the same way as mentioned above, before being locked in the Southpac-dedicated safe. As with metals purchased through NZ Vault, the safe-storage process for metals you ship will take place under video monitoring and will be witnessed by Southpac’s auditor.
When it comes time for your company or trust to sell all or any part of its precious metals holdings, NZ Vault can arrange the transaction. Metals purchased through Southpac are the quickest and easiest to handle, usually by a sale back to the original wholesale source. For metals that you have shipped over, a price can be fixed as soon as NZ Vault receives a sell instruction from Southpac, but cash settlement may take 7 to10 days, since the metals may need to be examined or assayed.