What does tenancy in common mean for physical metal?
Tenancy in common lets two or more people own stated shares of one holding without survivorship rights between them. The percentages may be equal or unequal, but they should be documented in the storage agreement, account records, and inventory.
Because bullion has no public title certificate, unclear paperwork can leave an executor or court reconstructing ownership later. The records should say both who owns the metal and in what shares.
Why does it differ from joint tenancy?
With tenancy in common, an owner's share generally passes under that owner's will, trust, or intestacy rules rather than directly to the other co-owner. That can preserve separate inheritance plans, but it can also bring an estate or new co-owner into the holding.
The result is not automatic merely because people contributed different amounts. The chosen form, provider records, and governing state law control, so counsel should confirm the intended structure.
How does tenancy in common show up in practice?
A custody statement might name two owners as tenants in common and specify each percentage. The owners should also agree in writing on storage costs, sale authority, withdrawal rights, and what happens if one owner wants to leave before the other.