BullionVault is an internet peer-to-peer gold, silver, and platinum bullion exchange formed in 2005. Their headquarters are in London, United Kingdom.
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History
Founded by Paul Tustain in 2005, BullionVault is an operating business of its parent company, Galmarley Ltd. On 17 June 2010 the World Gold Council and Augmentum Capital each bought an 11.4% equity stake, investing a total of £12.5m (US$18.8m). Augmentum's first fund, Augmentum I LP, is backed solely by RIT Capital Partners, the FTSE-listed investment trust in which Lord Rothschild and the Rothschild family are substantial investors.
As of May 2017, more than 66,000 people had used BullionVault to buy, store and trade physical gold and silver. Between them, they owned $1.5 billion worth of gold bullion (£1.2bn, EUR1.4bn, ¥136bn) - more than is held by most of the world's central banks - plus a further $371m (£287m, EUR339m, ¥41bn) in physical silver and $5m (£4m, EUR5m, ¥0.6bn) in physical platinum.
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Exchange process
Clients of BullionVault hold their gold and silver in vaults controlled by BullionVault, thereby creating a legal bailment. Purchased gold and silver is held in allocated storage (with Via Mat International or with The Brink's Company) in either Zurich, London, New York City, Toronto or Singapore depending on the client's preference.
BullionVault's market order board enables users to buy and sell their gold at prices set by them. New clients are asked to provide proof of identity and address, and are required to nominate a single bank account for paying into and out of their BullionVault account. Unlike digital gold currency, BullionVault does not allow the direct transfer of gold units between user accounts. Users, however, may sell and buy gold from each other via the exchange facility. BullionVault undertakes a daily audit to reconcile every client's holdings against the latest bar lists and bank statements, demonstrating that all the bullion held by its users is secured within the vaults.
Daily price
In March 2013, BullionVault added an option to buy and sell vaulted gold (or silver) at a daily price equivalent to that set independently at the London gold fix (or at the LBMA Silver Price). This is offered on the website along with the BullionVault markets' live order board. Users can also set up a monthly bank payment to buy gold at the daily price.
Source of the article : Wikipedia
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