Does IBGI or IB LLC add a mark up to physical gold transactions?

Overview

Who is IB Global Investments (IBGI)? …

When you fund your  Interactive Brokers LLC (IBLLC) account in JPY, please make arrangements to send an international wire transfer. Please be sure to include your IBKR account name and number on the wire…

IBGI is a wholly owned subsidiary of the IBKR Group that operates as a market maker, facilitating physical unallocated gold transactions on behalf of IBLLC for its clients. IBGI facilitates these transactions by taking delivery of gold warrants from exchange-listed futures contracts. Neither IBLLC nor IBGI engages in proprietary trading, and the inventory of warrants IBGI holds to facilitate client purchases are hedged with short futures contracts…

When you purchase unallocated gold, you own an undivided, fractional interest in the physical gold that IBGI has allocated to IBLLC. In other words, the warrants, which reference gold bars that are specifically identifiable by number, are held in the name of IBLLC who, in turn, records clients’ ownership interests on its books and records (similar to how stock is held in “street name”)…