BullionVault claims to let you buy pure physical gold and silver at the lowest possible prices. Instead of selling coins and bars and shipping them to customers, BullionVault stores its customers’ gold and silver offsite. The firm takes care of approximately $2 billion worth of precious metals for more than 34,500 users, making it the world’s biggest online precious-metals investment service. Bars are stored in high-security vaults in Zurich, London, or New York. Customers can sell at any time, without penalty, and deposits are normally credited to accounts within one business day. Customers can also withdraw physical bars.
Setting up a BullionVault account is free. You can buy any quantity of physical bullion within as little as two hours of opening your account. There are different sell/buy (bid/ask) prices for New York, London, and Zurich. As of March 11, 2012, the New York sell price for gold was $2.50 over the spot bid price, and the New York buy price was $4.50 over the spot ask price. Silver can only be bought from and sold to the BullionVault’s London Vault.
BullionVault is based in the United Kingdom, and as a result, is not reviewed by the BBB. The website ResellerRatings.com, however, does have three user reviews for BullionVault, and two of them are quite unfavorable. One customer complains that BullionVault’s representatives were “extremely unprofessional” with him on the phone, and that bank wires – which should only take one business day – took five days all three times he wired money into his BullionVault account. “I strongly recommend you avoid this company at all costs,” says the reviewer. Another reviewer complained about transferring money into his account, too, saying that a large deposit was mishandled by BullionVault.
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