Bank of Montreal (TSX:BMO) is expanding its Canadian precious metals deposit service offering with the addition of the BMO Vaulted Physical Silver Deposit Program. BMO launched its Gold Deposit Program in September 2011.

“Since the launch of our Gold Deposit Program, there has been an overwhelming amount of demand for real physical precious metals products in the Canadian marketplace,” says Simon Carling, managing director, BMO Capital Markets. “Physical silver offerings that completely avoid the use of derivatives, unallocated metal, or certificates are surprisingly difficult to find — which may explain why they are so highly sought after.”

BMO’s vault-based programs are designed to take the guesswork out of a physical precious metal investment. All programs are backed on an ounce-for-ounce basis with real, physical bullion at all times.

All bullion is separated and identifiable at a secure and approved vault facility in Canada. The bullion cannot be loaned, swapped or used for other purposes

In addition, all bullion is unencumbered, and segregated from the assets of BMO Financial Group

Although the service charges no annual storage fees or MER, withdrawal and delivery fees may apply. Physical delivery is available upon request.