Business ProfileforKitco Metals Inc.

I have a unallocated silver account with Kitco which I have had for 15 years and about a year ago I wanted to move on to *************** in the U.S. where I would get some interest on my silver. Therefore, I asked Kitco if I could "transfer" my unallocated silver to *************** by a transaction where *************** would open an account with Kitco and Kitco would make an internal transfer from my account to *************** account. *************** would then give me the corresponding amount of silver in an account with them. However, Kitco rejected the proposed transaction saying "Kitco cannot transfer assets from one account to another on the basis that as a precious metals dealer, we are not licensed to transfer holdings from one entity to another". However, ******* said they do not regulate Kitco beyond the PCMLTFA which includes legal obligations such as keeping records, verifying client's identity and reporting certain types of financial transactions to ******* but that it is not within *******'s authority to regulate how business provide services to its customers including their decisions to transfer assets from one entity to another. In addition, in the second paragraph of the PCMLTFA ************************************************* it says "As a dealer in precious metals and precious stones, you are subject to PCMLTFA obligations once you engage in the purchase and sale of precious metals, precious stones or jewellery in the amount of $10,000 or more. In other words, you are not subject to these requirements if you only engage in purchases or sales of less than $10,000 per transaction." Therefore, Kitco should be able to make internal account transfers from one entity to another at least in transactions in the amount of less than $10,000 per transactions since they would not be subject to those PCMLTFA obligations. Therefore, it feels like Kitco is deliberately preventing me from “transfer-out” my account.