Sirwin
Sirwin
My experience with OWNx

My Own Experience With OWNx Precious Metals Ownership


OWNx is a precious metals dealer that allows you to buy precious metals online directly through your linked bank account. You can choose to take immediate delivery or keep your metals safely stored at one their highly secure locations or cash out anytime for instant liquidity. OWNx buys 1,000 ounce bars at a very low premium. This, in turn allows customers to own portions of these bars without all the markups presented by mints and retailers. In this sense, you maximize the ounces you own and your money goes to physical metals instead of premiums. See 'Lifetime Loyalty Program' below.

If, for example you purchased say, 50 ounces of silver in the last six months, then you own 50 ounces of a 1,000 bar without having to pay exorbitant markups. Large bars cost much less to manufacture that individual one ounce coins and bars and the savings are passed on to you. If you choose to take delivery, then there will be a surcharge to exchange these 50 ounce from the 1,000 ounce bar to individual coins or bars, a good example of which is the Silver Eagle. Instead of getting 50 individual ounces, the fee along with shipping costs + insurance are deducted from the total ounces. OWNx calls this 'exchange costs'. Don't worry too much, your silver will pay for these added costs which any retailer also charges.

It costs far more to manufacture individual coins and bars compared to a 1,000 ounce bar and manufacturers, along with retailers each have a mark up in order to turn a profit. OWNx has no choice but to pass on these added costs to you, should you choose to take physical delivery, which makes sense in my opinion. Imagine the cost of manufacturing 1,000 individual bars or coins. It's far higher that the cost of producing a single 1,000 ounce bar.

OWNx

I've been making regular monthly contributions of $50 USD to my OWNx account since about 2013, except for a brief pause in 2019. I was buying in when silver averaged $14 to $15 USD per ounce (Today it's in the $23 range). Since that time, I've been able to accumulate over 200 ounces of physical silver after taking delivery at least 5 times over the years.

OWNx has a 'Lifetime Loyalty Pricing' program as well. As you own more, your premiums go down. For the first $1,000 purchased, the fee is just 5.99% and drops to 4.69% once you surpass the $1,000 mark. Once you surpass $10,000 the fee drops to 3.99%. Surpass $25K to $100K and your fees drop to 3.49%. $100K to $1 Million, the fees drop to 2.99%. Beyond a million dollars in purchases and the fee drops to a minimun 1.99%.

At present, I am at $7,634 in the Lifetime Loyalty program and pay a 4.69% premium. In a couple of years, I will surpass $10,000 in purchases and my premium will drop to 3.99%. I may reach it sooner as I sometimes make one-time payments above my usual monthly contributions. 

There's yet another exciting way to accumulate precious metals on OWNx through their 'Rewards' program. Upon signing up, each client is given their own share code (link) that enables them to earn rewards when they tell their friends about OWNx. This is an excellent referral program. Every time one of your referrals makes a purchase, you are rewarded with fractional precious metals.

So far, I've successfully referred 8 new clients to OWNx and if and whenever they choose to make a purchase, I will receive a small reward. Over time, as you get more referrals, your rewards will begin to add up exponentially. While for me, it's nice to earn some rewards, I am more concerned with informing people of the true value of precious metals ownership. Inflation is creeping ever higher and one of the best inflation busters you'll find will be precious metals.

OWNx also deals with gold, platinum and palladium so you can mix, match in any way you like. You can take physical delivery or cash out anytime at next day's price and the money will go straight to your bank account.

If you are Canadian, be careful when choosing to take physical delivery. OWNx has put up a special notice for Canadian deliveries. The Canadian government may impose a Goods and Service Tax/Harmonized Sales Tax (GST/HST) on precious metals entering Canada which do not meet a minimum purity requirement.

  • Gold must be 99.99% pure and either government issued legal tender, or in bar form (this excludes Gold Eagles and Gold Krugerrands).
  • Silver must be 99.9% pure and either government issued legal tender, or in bar form (this excludes silver rounds and 90% silver coins).

OWNx has stated that they have no influence over Canadian government policy and therefore, cannot guarantee that you will avoid GST/HST. As a result, I recommend Canadians only take physical delivery of Silver Maples or 'junk silver'. Junk silver is a term used for the old silver dimes, quarters, half-dollars and silver dollars that were taken out of circulation in the 1960s and are definitely not 'junk silver'. These coins are still legal tender and GST / HST cannot be applied to them.

Back in 2018, I encountered my own situation when FedEx tried to impose a tax on 100 ounces I took delivery of. I successfully fought it but it was a sign that the governments on both sides of the border were clamping down and taxing precious metals. Some states and provinces are openly against taxing precious metals and rightly so. Gold and silver are money. If I buy an American dollar with a Canadian dollar, I am charged the exchange rate but there's no GST/HST applied. That's because I simply converted from one form of money to another. It should be no different with gold and silver as they have been 'money' for the last 5,000 years.

Nevertheless, keep this in mind when taking physical delivery to Canada from the USA, not just from OWNx but from any American precious metals retailer. I've mixed and matched over the years. I have a bit of junk silver, generic 1, 5 and 10 ounce bars and rounds (privately minted) and several silver maples. Junk silver comes in handy because it's a lot easier to pay for something with a tiny old silver dime or quarter in a SH$T HITS THE FAN situation so as to save the pure silver as a last resort.

I've purchased from other retailers and even from a booth at a flea market but I can honestly say that my own experience with OWNx has been extremely positive. I don't even notice the $50 USD taken out of my account every month but I do recommend getting started as soon as possible. Just a couple years ago, I could easily get 3 ounces or more with $50 but now it's averaging 1.86 to 2.01 ounces. In that sense, you can see inflation eating away at the purchasing power of our dollars and it's probably going to get worse.

Consider diversifying into precious metals to combat rising inflation. Of the 5 precious metals (rhodium being the fifth), silver shows the most promise. Everything's gone up in price except silver and that should be a hint that silver is grossly undervalued and presents an excellent buying opportunity. Click here  to get started or the logo below.

OWNx

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SweptOverNiagara
SweptOverNiagara

Name's Joe and I live in Ontario, Canada. I like writing on a wide variety of topics. I enjoy keeping track of markets, investing and commodities and the crypto sector. Also do some coding for web browsers.


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