And because they have to stay in the vaults, the private customer can't get access to those vaults. So you're dis-intermediated from where the official gold is. So what we had to create was a way for people to share ownership of these bars.
You can take delivery. But if you take possession of these bars, then you're not going to be able to sell them back into the market, because they've no longer got the integrity of having been kept in a secure audited part of storage vaults.
So that's what we had to do. We had to arrange for the bullion to stay within the professional market. So when Bullion Vault is facing that way, looking at the market, we're just another professional bullion institution trading ounce bars. When we turn around and face this way, we're an internet marketing organization, which runs an exchange in privately owned, good delivery bullion across the internet.
So my customers deal directly with each other. They are, if you like, market makers in bullion themselves. So if you're a seller of gold, you will offer it at a price that you would accept.
If I'm a buyer, then I can pay that price. So that means people are cutting out the middleman, dealing directly with each other. And my only interest in this trade is a commission. So the commission starts at half a percent. The storage costs are down at 12 basis points per annum. So that's less than a third of the cost of the typically HAI: Right, very small.
So you're really on the front line, so to speak, of the individual small investor and their involvement in gold. Characterize how you see that market. We all know that gold investment has gone up — individuals' desire to own gold. We've seen the advent of exchange-traded gold funds like the GLD, which have brought a lot of individual investors into gold.
From your angle, how do you see the market? Is the interest still there? Is it growing? Has it come off a little bit? Paul Tustain: It's certainly cooled down a little bit. All over the world, gold is formally priced in US Dollars. The US Dollar is the strongest of the world currencies. Whether or not that's permanent, we don't really know. But at the moment, because the US Dollar is so strong, it makes it look as though the gold price is weak.
But of course in Japanese Yen terms, gold is making all-time highs, more or less, as we speak. In the Euro, again, gold has been very, very firm, and its top is not very long ago. In Sterling, its peak was back in September with the Dollar, but it hasn't come off like it has. So elsewhere in the world, people still look at it as a commodity that's priced in Dollars, but they're not being affected in the same way as the US investor.
One of the things that's always been characteristic of the gold buyer is, around the world, except in the United States, they buy a falling market. So it's very different. And I think it's indicative of the difference between gold investors and typical retail investors. HAI: So you're saying investors outside the US, foreign investors, they're more savvy; they buy when the price is going down.
We buy when the price is going up, kind of like the way we invest in stocks. Paul Tustain: It is a little bit like that. And that's what I see: I see that our volumes go up every time the price drops off the top. When the price is rising, we tend to see people selling. So it's almost the inverse of what you would expect from retail investors. Now, I don't know if I'm right about this, but my expectation is that still the retail investor in gold is probably more sophisticated in terms of buying low and selling high — which is the general idea — than the retail investor in, perhaps, equities.
The equity market in the US is very, very strong right now. That's obviously having an enormous impact. If you're a hedge fund manager, you've pretty much got to unload some of your gold in an ETF. HAI: We've seen this recently, actually. George Soros, I think, is selling out some of his position in gold.
I think John Paulson is still holding on. But some of the other larger hedge funds are starting to liquidate their position. How does this period differ, if it does, from past periods in gold where we saw big bull markets, like in the late '70s, for example?
Does it differ? Paul Tustain: I think they're all different, subtly different. What we've not seen before is a monetary environment anything like the one we currently have. I've seen you talk many times about quantitative easing. I don't think necessarily in the States people understand just how influential that's been elsewhere in the world. So, for example, Britain has undertaken more per capita quantitative easing than has been done here in the United States.
And it's far more likely to unwind in a bad way in Britain than it is to unwind in a bad way over here. I don't think the US will suffer in the same way, but I think what will happen is that when the policy itself is seen to fail in weaker economies, when you see Britain, or Japan, which is going through it in a big way now Once your deposit has gone through, you can buy and sell bars and coins. Skip to content. Disclosure: Your support helps keep Commodity. Learn more Pros Cons Bullion trades available in four currencies GPB, USD, JPY, and EUR Many fees, including potential questionable penalty charges though transparently listed Serviced by three LBMA accredited vault and storage operators Only three metals available gold, silver, and platinum as coins and bars Choice of five international secure storage locations The company is only insured until April Mobile application available Dated web platform Customer support via live chat, phone, and e-mail Very transparent website with ample information on the company, fees, and its services.
Feature Statistic Carats 22 Gross Weight 7. Daily audit totals of BullionVault storage locations. Potential Costs Min. Purchase Weight 1 gram of the chosen metal Min. Storage Costs Gold Storage Costs 0.
Silver Storage Costs 0. Platinum Storage Costs 0. Price alerts can be set based on metal type, currency, weight, and desired price. Shipping is calculated on checkout. Courier delivery available in Singapore. Many fees, including potential questionable penalty charges though transparently listed. Serviced by three LBMA accredited vault and storage operators. Only three metals available gold, silver, and platinum as coins and bars.
Choice of five international secure storage locations. The company is only insured until April Mobile application available. Dated web platform. London, United Kingdom. Gzira, Malta. Add Comparison. Request a free trial. BullionVault Competitors 9. BullionVault Executive Team 14 Update this profile. BullionVault Board Members 5.
BullionVault Signals. Growth Rate 0. Weekly Growth 0. Size Multiple x Median. Key Data Points Twitter Followers 5. Similarweb Unique Visitors Majestic Referring Domains BullionVault Investors 4. BullionVault Investments 1. Contact Us info pitchbook. Terms of Use Privacy Policy.
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