BullionVault
From Wikipedia, the free encyclopedia
BullionVault is an internet gold bullion exchange and physical storage provider, founded in 2005 by Paul Tustain. It is owned by Galmarley Limited and based in London, United Kingdom. Purchased gold is held in personally allocated storage with Brink's Global Services, a division of Brink's Incorporated and a wholly owned subsidiary of The Brink's Company, in either London, New York or Zurich depending on the client's preference. BullionVault's commission charges range from 0.8% to 0.02%, and its custody charge (or gold storage fee) is 0.12% per annum, with a $4 monthly minimum charge.
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 between user accounts unless it is 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 January 2006, BullionVault had 661,639 grams of gold in storage, which is worth approximately $12 million. The firm also had just over $3 million worth of clients' cash on deposit, held in U.S dollars, euros and British pounds.
In the first half of 2006, BullionVault clients added 905,132 grams of gold bullion into its vaults - more than any other online gold service over the period.
