Anyone here got a BullionVault account? Anyone here got a BullionVault account?
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  1. #1

    Richer than sasguru

    DimPrawn is a fount of knowledge

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    Default Anyone here got a BullionVault account?

    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?
    I was miserable and depressed, but CUK turned it all around. Now I'm depressed and miserable.

  2. #2

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    Moscow Mule is too good to be a permie

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    I have an account but never use it. So, no, not me.
    ‎"See, you think I give a tulip. Wrong. In fact, while you talk, I'm thinking; How can I give less of a tulip? That's why I look interested."

  3. #3

    Dirty kapitalist spekulant

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    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!
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  4. #4

    Still gathering requirements...

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    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?

  5. #5

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    Quote Originally Posted by icarus View Post
    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.

  6. #6

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    Quote Originally Posted by TimberWolf View Post
    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.
    I was miserable and depressed, but CUK turned it all around. Now I'm depressed and miserable.

  7. #7

    Still gathering requirements...

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    Quote Originally Posted by TimberWolf View Post
    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."

  8. #8

    Fingers like lightning

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

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    Quote Originally Posted by bobhope View Post
    What's wrong with taking physical delivery in your Swindon stately home?
    Safes full of diamonds. No room for gold.
    I was miserable and depressed, but CUK turned it all around. Now I'm depressed and miserable.

  10. #10

    Fingers like lightning

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    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?

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