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BullionVault is an internet gold bullion exchange and physical storage provider, founded in 2005 by Paul Tustain.1 It is owned by Galmarley Ltd.2 and based in London, United Kingdom. Purchased gold is held in personally allocated storage with Via Mat International in either London, New York or Zurich depending on the client's preference. BullionVault's commission charges range from 0.8% to 0.02%3, and its custody charge (or gold storage fee) is 0.12% per annum, with a $4 monthly minimum charge.
Clients of BullionVault hold their gold in vaults controlled by BullionVault, thereby creating a legal bailment. This is different from most other online gold facilities, which purport to create a digital gold currency.
BullionVault enables users to buy and sell their gold at prices set by them, ensuring an open and competitive 24/7 market. To prevent money laundering BullionVault asks new clients to provide proof of identity and address. Also unlike digital gold currency, they do not allow the direct transfer of gold units between user accounts unless they are sold via the exchange facility. This contrasts with digital gold currency which may act as electronic money. BullionVault also undertakes a daily audit to reconcile every client's holdings against the latest bar lists and bank statements.
As of 7th October 2008 and according to their website, BullionVault held 9,476 kg (304,656 troy ounces) of gold in storage. 4
See also
References
- ^ IX Investor Presentation
- ^ Galmarley Ltd web site
- ^ A more detailed breakdown of the charges, and a comparison with the charges of other gold investment sites is given in the associated Wiki entry Digital gold currency. BullionVaults charges are also available directly from the BullionVault website at: [1]
- ^ Daily Audit - Allocated Gold Bar Lists And Bank Statements - BullionVault.com
Wikipedia content modification information:
- This page was last modified on 23 November 2008, at 05:30.
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