Anyone here got a BullionVault account?

[DimPrawn]

I have always traded gold using an ETF, but as the ETF is priced in USD there always seems to be a ripoff exchange rate involved.

BV say they trade GBP at the std exchange rate.

Anyone bought and sold physical gold via BV?

[Moscow Mule]

I have an account but never use it. So, no, not me.

[DiscoStu]

I'm currently the proud owner of two whole grammes of gold at BV. Haven't really done any trading so I'm not going to be much help, sorry!

[icarus]

I currently have about 2kg through BV. Seems like a pretty reliable service. Commission is fairly steep - you need the price to rise about 2% just to cover your costs. Plus I think it's about $4 a month in storage charges. But what would you rather have? A scarce store of value, or some pieces of paper that Gordon Brown is busily photocopying every day?

[TimberWolf]

I currently have about 2kg through BV. Seems like a pretty reliable service. Commission is fairly steep - you need the price to rise about 2% just to cover your costs. Plus I think it's about $4 a month in storage charges. But what would you rather have? A scarce store of value, or some pieces of paper that Gordon Brown is busily photocopying every day?

Are you covered if they go bust (due to the economy tanking, what you are insuring against) and they do a runner with your loot though? I'd rather store it in in my own vault.

[DimPrawn]

Are you covered if they go bust (due to the economy tanking, what you are insuring against) and they do a runner with your loot though? I'd rather store it in in my own vault.

You actually own the gold and if your store it in your own vault, you have to prove the gold is pure and untampered with, which is very costly, everytime your wish to sell some. Plus, smaller amounts of gold cost a lot more, so you end up having to buy a large bar at a time.

Do some research. I've got no issues with BullionVault, just whether a gold backed ETF is a better way of trading.

[icarus]

Are you covered if they go bust (due to the economy tanking, what you are insuring against) and they do a runner with your loot though? I'd rather store it in in my own vault.

This is what they say:

" Each working day, BullionVault will send an encrypted, electronic copy
of all client identities, public nicknames and their balances both to its
auditors (Albert Goodman) and to ViaMat, our professional vault operators.

Without the decryption key, neither our auditors nor ViaMat can interpret or
use this data to "unlock" the Daily Audit. The key is held by BullionVault's
lawyers, with a copy in both their London and New York offices.

Our lawyers are under instruction to release the decryption keys as follows:

1. Only to BullionVault on request, unless it is no longer operating; in which case
2. To our auditors, unless they are no longer operating; in which case
3. To a liquidator, unless one has not and will not be appointed; in which case
4. To ViaMat itself.

Such a chain-of-failure is highly unlikely, of course. But this new
procedure ensures that a full record of your property ownership would
survive BullionVault's annihilation."

[bobhope]

What's wrong with taking physical delivery in your Swindon stately home?

[DimPrawn]

What's wrong with taking physical delivery in your Swindon stately home?

Safes full of diamonds. No room for gold.

[PerlOfWisdom]

So you're swapping bits of paper promising to be worth £££££ with another bit of paper promising to look after a fraction of a block of gold.

What's the difference?