The role of the gold custodians in providing the necessary supervision, safety and insurance cover for the clients is essential. These companies are also called Money Management Specialists (MMS) by financial institutions that are involved in gold investment. The role of a gold custodian is to safeguard the client’s asset portfolio by making use of the appropriate tools and means to ensure that the gold is being stored in the right place. There are many companies that operate under this service, and are qualified to do the job, but there are also some gold custodians who are online in this process, and are only concerned about the appearance of their customers’ assets in the market.
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A good example of an authentic custodian would be a full service broker. These firms will have their own depository where the client’s assets will be safe until they reach an agreed date when they will be transferred to the new custodian. Most banks also have their own depository, but these services vary from bank to bank. Other gold custodians, however, will only handle the transactions and accounts of the banks they are associated with, and these banks will be the one who would be transferring the funds and not the broker themselves.
Some of the other types of gold custodians are the self-directed custodians and the bridge or broker-bank agents. Self-directed custodians are firms or individuals who manage the account and assets of their clients; this is done on behalf of their clients, and it will be paid directly from the investor’s account. Broker banks, on the other hand, provide their clients with services similar to those of banks, but their fees are much lower, and they will not be paying any commission for their services. There are other types of alternative investments that can be handled by these gold custodians, and some investors may find that they need additional services, such as insurance of their assets. In this case, however, they can get the assistance of a depository along with some additional policies from the company itself.