LONDON, May 30, 2007 – BullionVault.com Completes Transfer of $58m in Gold Bullion from US- to Swiss-Owned Storage Facilities
BullionVault.com - the low-cost gold ownership service for private investors - confirmed today that it has completed the transfer of its clients' gold bullion holdings from US-owned facilities to Swiss-run professional storage vaults.
"We continue to operate New York storage, alongside London and Zurich," said founder and director, Paul Tustain, today.
"But we have now left Brinks Inc. - the US-based security company - and gone to ViaMat International, the Swiss market leader for bullion transportation and vaulting."
Ahead of the move BullionVault's 18,000 clients have continued to grow their physical gold bullion holdings – up 4% in the last six weeks against a slide of 5% in the holdings of the major gold ETFs.
Adding more than 3,000 ounces from the start of April, BullionVault users now hold nearly 3 tonnes of bullion – worth about $58 million.
"Our clients have already chosen to hold nearly 27 times as much gold in Zurich as they do in New York," says Tustain. "So the switch to a Swiss-owned operator was a natural move.
"Working with ViaMat we have agreed even stronger terms for our clients. The benefits are already passing through in the form of still better-priced deals on our order board.
"The new long-term storage agreements we've now secured make the statement of our clients' property rights stronger than ever. The gold they own belongs to them - and them alone."
"BullionVault is fast establishing itself as the leader in security, accessibility and value for private gold buyers from all around the world."
Notes:
BullionVault (www.bullionvault.com) lets private customers buy gold in the "Good Delivery Bar" form accepted by professional bullion markets - whatever the preferred size of their purchase. This eliminates the loss of integrity and value associated with buying small gold bars for private custody.
BullionVault arranges all storage in formally recognised bullion vaults, in London, New York, and Zurich. It saves the customer significant dealing and holding costs through reduced trading spreads, the elimination of fabrication and delivery charges. Storage and insurance fees are just 0.12% per year.
More information: http://www.bullionvault.com
Contact:
Paul Tustain, Director
info AT BullionVault.com
+44 (0)208 6000 130
Gold bullion - Trade online at live spot gold prices.
