Close Bulk Bullion refers to Bullion product held through PMI’s Bulk Bullion Custody Service and represents an interest in non-allocated Bulk Bullion holdings. It is NOT a certificate, grant or endowment convertible to Bullion. Bulk Bullion holdings comprise a mix of various Bullion holdings maintained at major institutions (please ask about our Depository Relationships). Customer holdings 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. Bulk Bullion Custody holdings offer customers a flexible and cost-effective 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 allocated specific types of Bars or Coins and take delivery at any time.