Question

Why should I keep my gold on a Voima Account instead of withdrawing it?

Answer

For reasons of security, convenience and liquidity.

There are several reasons to keep your gold on your Voima Account instead of storing it at home. First of all, holding valuables can be stressful. You will have to invest in proper paraphernalia, such as a safe, or you will have to make sure to conceal the valuables in a way that evades detection. Furthermore, there can be numerous factors that a single individual might find difficult to take into consideration, such as accidents. Therefore you should obtain proper insurance, which can be costly and might include excess payments. Besides that, most insuring companies rule out investment grade gold products from their terms on property insurances for private individuals.

If you wished to sell your gold, you would have to find out the potential buyers and determine the price. The sale might require that the gold needs to be processed, which may take time or incur additional costs depending on the operator. You may also have to arrange logistics, which can ramp up the costs and thus complicate the price determination.

With Voima, you do not have to agonise over your valuables: in exchange for an affordable annual fee, you get security, verifications and peace of mind with regard to your gold. The stored gold is also fully insured, and it is fully owned by you, meaning that a potential bankruptcy of Voima would not compromise your gold assets.

Finally, gold on a Voima Account is better in terms of finance and liquidity. You can take credit against your gold, and you can exchange it for euros if need be.

Related questions

  • Do Voima's Customers own pure gold?

    Yes. The Customers' gold is investment grade, with a purity of at least 99.99%.

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  • Where does Voima store gold?

    The majority is stored in Helsinki and the rest is at Voima's gold accounts opened at its Swiss and British trading partners.

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  • I am concerned about the price of gold dropping. Should not gold store its value?

    Although its price can fluctuate in the short term, gold has been valued throughout millennia, thus outperforming many official currencies.

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  • How can I see the price of gold?

    By logging in to your Voima Account.

    Voima's price of gold is indicated in euros per gram. However, Voima accepts all currencies accepted by its primary banking partner, OP. Please note that since OP exchanges all the currencies for euros upon reception, additional conversion fees might apply.

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  • Can I sell gold to Voima?

    Yes. You can exchange the gold on your Voima Account for euros, which is equivalent to selling it to Voima.

    If you wish to sell your gold material, like bars or jewellery, you can bring it to Voima for a €100 fee. To do this, you need to book an appointment. The amount of pure gold in the batch will be analysed, after which the corresponding amount of gold is deposited into your Voima Account. You can then exchange it for euros.

    In terms of the delivered material, Voima accepts gold bars, plates, jewellery and other gold items.

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  • Are there any shipping options available?

    Yes. Within the Finnish borders, standard deliveries for 100-gram gold bars are available in exchange for a €70 fee per bar. This consists of a €20 withdrawal fee and a shipping fee of €50. If you want to arrange shipping outside Finland, please contact Voima’s Customer care.

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  • Is the gold stored by Voima audited?

    Yes. These are conducted by third parties, namely PricewaterhouseCoopers, ALS Inspection UK Ltd. and Hill Audit.

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  • Is the gold stored by Voima insured?

    Yes. The gold stored in Voima's vault is insured to its full market value by Liberty Mutual.

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  • Can Voima tell me how much should I allocate to gold?

    No. Voima does not give investment advice to anyone, and hence no personal recommendations can be offered.

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  • How does Voima source the gold?

    Voima's gold supply is divided into two categories:

    • Voima Miners and other Customers
    • Voima's trading and refinery partners

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