Close Bulk Bullion refers to Bullion product held through PMI’s Bulk Bullion Custody Service and represents an unallocated, proportionate interest in Bulk Bullion Physical holdings. It is NOT pool product. It is NOT a certificate, grant or endowment convertible to Bullion. It is actual Physical Bullion. Stated differently, Bulk Bullion holdings comprise a mix of various Bullion holdings maintained at major institutions (please ask about our Depository Relationships). Customer holdings are fully covered in Physical Bullion at all times and can be traded in 1 ounce increments. PMI does not maintain short positions, does not trade futures, does not trade options, and does not lease Bullion. Customer protections include insurance coverage for Bullion held in our Depository Relationships’ vaults. Bulk Bullion Custody holdings offer customers a flexible, cost effective and secure way to invest in Precious Metals. Holding positions in Bulk Bullion form improves liquidity and provides fair pricing in all market conditions. Of course, upon payment of applicable differences in premiums, shipping and handling fees, customers can convert their Bulk Bullion holdings to specific types of Bars or Coins, and take delivery at any time.