BullionVault - Does anyone ahve any thoughts about this website ??

Discussion in 'General Precious Metals Discussion' started by pacnum, May 21, 2012.

  1. pacnum

    pacnum New Member

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    Hi,

    Does anyone have any thoughts about this website ?? http://en.wikipedia.org/wiki/BullionVault

    Im keen on doing regular but small gold / silver purchases, and havn't been able to find anything suitable.

    This might be a goer, but keen on getting feedback.

    Cheers,
     
  2. silverwalla

    silverwalla Member

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    For what its worth, I can relay my own experience that I had with them about 18 months back:

    I was using bullionvault to purchase gold and silver over a 2 year period. Because they are overseas you have to factor bank fees and charges/ currency exchange rates everytime you want to top up your bullionvault account to purchase metals. I never went through the process of trying to take physical delivery of gold and silver from them, but you need to own a certain amount of ounces before they would release it to you. Otherwise you just own a part of a bar as a member of a conglomerate.

    What put me off most using them was when I decided that I wanted to only own physical gold and silver that I could hold in my hands. I liquidated the gold and silver I 'owned' with them (of course there are fees every time you buy and sell, along with monthly 'storage fees') and tried to withdraw the funds from my bullionvault account to my Australian bank account. After a week or so I hadn't received my funds so had to chase them up about it. Apparently the funds had been transferred via an intermediary bank (JP Morgan of course!) and JP Morgan had decided that the payment was a bit fishy (fushy for Nzer's) and held onto it for a couple of weeks before they deemed I was worthy to have my funds back.

    Of course by the time I finally received the funds the exchange rate had changed so I lost even more currency! So by using bullionvault you are still depending on the fiat banking shitstem, if you hold faith in that.

    I would suggest if your going to use bullionvault it is a good platform for exposure to metal prices for trading, but if you want the security of owning gold and silver, best to hold it in your own 2 hands. You know the saying "if you can't hold it you don't own it."

    Hope that helps you.

    regards,
    silverwalla
     
  3. thatguy

    thatguy Active Member

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  4. SilverScimitar

    SilverScimitar New Member

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    Personally I believe in the old cliche "If you don't hold it you don't own it", I think that quote was from Jim Sinclair. However, once you have a core holding in physical I see so harm in diversifying your portfolio and holding a little gold and silver with bullionvault or Goldmoney.
     

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