BullionVault Totally Explained

Everything about Bullionvault totally explained

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 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%, 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 don't allow the direct transfer of gold between user accounts unless it's 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 November 2007 and according to their website, BullionVault held 4,635 kg (149,000 ounces) of gold in storage (External Link

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