Comments on: How to buy and own pure gold with Bullion Vault http://monevator.com/2008/02/18/how-to-buy-and-own-pure-gold-with-bullion-vault/ Make more money, invest profitably, retire early Sat, 11 Feb 2012 01:13:50 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: The Investor http://monevator.com/2008/02/18/how-to-buy-and-own-pure-gold-with-bullion-vault/comment-page-1/#comment-8412 The Investor Tue, 18 Aug 2009 16:20:45 +0000 http://monevator.com/2008/02/18/how-to-buy-and-own-pure-gold-with-bullion-vault/#comment-8412 Thanks for the update jomlette. Thanks for the update jomlette.

]]> By: jomlette http://monevator.com/2008/02/18/how-to-buy-and-own-pure-gold-with-bullion-vault/comment-page-1/#comment-8402 jomlette Tue, 18 Aug 2009 13:34:38 +0000 http://monevator.com/2008/02/18/how-to-buy-and-own-pure-gold-with-bullion-vault/#comment-8402 Okay, so the misunderstanding of the routing number was rectified today and not dishonesty on their part at all, and I am seeing if the redeposit works. I will keep you posted. I do agree though with Laurence that "The gold prices are often quite out of line with ‘real’ gold prices." And I noticed that I lost what I think is quite a bit in the transfer. Sorry I am not being more exact but I didn't have time to work out the percentage. I just am not convinced that their fees are so much lower than others. More later if my money turns up in my account! I will retract what I said about it perhaps being a scam...it would just not be the service for me. Okay, so the misunderstanding of the routing number was rectified today and not dishonesty on their part at all, and I am seeing if the redeposit works. I will keep you posted. I do agree though with Laurence that “The gold prices are often quite out of line with ‘real’ gold prices.” And I noticed that I lost what I think is quite a bit in the transfer. Sorry I am not being more exact but I didn’t have time to work out the percentage. I just am not convinced that their fees are so much lower than others.

More later if my money turns up in my account! I will retract what I said about it perhaps being a scam…it would just not be the service for me.

]]> By: The Investor http://monevator.com/2008/02/18/how-to-buy-and-own-pure-gold-with-bullion-vault/comment-page-1/#comment-8378 The Investor Tue, 18 Aug 2009 07:35:21 +0000 http://monevator.com/2008/02/18/how-to-buy-and-own-pure-gold-with-bullion-vault/#comment-8378 Hi Jomlette, Sorry to hear about your problems -- I know how scary it can be when money doesn't show up where you expect it! I've never heard it suggested that Bullion Vault are a scam, though as I mentioned above I've never used the service and it's a case of buyer beware, as with everything on this blog / the internet. They are regularly featured in the UK media and claim to have more gold deposits than many central banks etc. Respectable newspapers such as the FT quote their research etc. I do hope you sort out your issue with them soon. Please let us know how you get on. Hi Jomlette,

Sorry to hear about your problems — I know how scary it can be when money doesn’t show up where you expect it!

I’ve never heard it suggested that Bullion Vault are a scam, though as I mentioned above I’ve never used the service and it’s a case of buyer beware, as with everything on this blog / the internet.

They are regularly featured in the UK media and claim to have more gold deposits than many central banks etc. Respectable newspapers such as the FT quote their research etc.

I do hope you sort out your issue with them soon. Please let us know how you get on.

]]> By: jomlette http://monevator.com/2008/02/18/how-to-buy-and-own-pure-gold-with-bullion-vault/comment-page-1/#comment-8361 jomlette Tue, 18 Aug 2009 03:33:26 +0000 http://monevator.com/2008/02/18/how-to-buy-and-own-pure-gold-with-bullion-vault/#comment-8361 Hi Laurence, Thanks so much for your feedback. I just became a client of Bullionvault and today I had a HUGE panic as they are refusing to validate my account, saying that the routing number is not correct! And if they don't have a valid routing number, they won't be able to redeposit my funds in my account. Surely, they should recognize a routing number from the States by now and surely, they should be able to see that it is clearly printed on my deposit slip!! So, I just started to think that they are just one big scam. The other thing is that I never did receive monthly statements as they said they sent. I have received nothing. I will call them tomorrow to see what they say and try and liquidate ASAP. Do you think they will actually continue to refuse to recognize my routing number or are the employees merely incompetent? I would love your further feedback as I am quite frankly, worried now. The bizarre thing is that before I invested with them, I googled and googled to see if there was any negative feedback and found NONE. How can this be? Also, I am an American client...maybe they can be more dishonest with us and get away with it?! jomlette Hi Laurence,

Thanks so much for your feedback. I just became a client of Bullionvault and today I had a HUGE panic as they are refusing to validate my account, saying that the routing number is not correct! And if they don’t have a valid routing number, they won’t be able to redeposit my funds in my account. Surely, they should recognize a routing number from the States by now and surely, they should be able to see that it is clearly printed on my deposit slip!!

So, I just started to think that they are just one big scam. The other thing is that I never did receive monthly statements as they said they sent. I have received nothing. I will call them tomorrow to see what they say and try and liquidate ASAP.

Do you think they will actually continue to refuse to recognize my routing number or are the employees merely incompetent? I would love your further feedback as I am quite frankly, worried now.

The bizarre thing is that before I invested with them, I googled and googled to see if there was any negative feedback and found NONE. How can this be?

Also, I am an American client…maybe they can be more dishonest with us and get away with it?!

jomlette

]]> By: 14th Carnival of Making REAL Money: February 24th, 2008 | InvestorBlogger http://monevator.com/2008/02/18/how-to-buy-and-own-pure-gold-with-bullion-vault/comment-page-1/#comment-4727 14th Carnival of Making REAL Money: February 24th, 2008 | InvestorBlogger Sun, 29 Mar 2009 04:01:10 +0000 http://monevator.com/2008/02/18/how-to-buy-and-own-pure-gold-with-bullion-vault/#comment-4727 [...] Investor presents How to buy and own pure gold with Bullion Vault posted at Monevator.com, saying, “Plenty of people are making money (or protecting their [...] [...] Investor presents How to buy and own pure gold with Bullion Vault posted at Monevator.com, saying, “Plenty of people are making money (or protecting their [...]

]]> By: The Investor http://monevator.com/2008/02/18/how-to-buy-and-own-pure-gold-with-bullion-vault/comment-page-1/#comment-4694 The Investor Fri, 27 Mar 2009 09:30:57 +0000 http://monevator.com/2008/02/18/how-to-buy-and-own-pure-gold-with-bullion-vault/#comment-4694 Hi Laurence Thanks for your feedback. Interesting to hear the global gold market claim is apparently 'nonsense' -> I took it from the company's own material. As I hope the article makes clear, I've not used the service myself but having seen it written up in the FT and elsewhere I thought it worth bringing to everyone's attention. As I conclude, definitely one to investigate a lot more closely before going in. Regarding gold ETCs, I they're certainly going to be useful in terms of capturing the spot price rise, but they're not of any use to the baked-beans and shotguns brigade. In a world where fiat currencies collapse, will ETFs really still retain their value? Look at how the market was affected by the collapse of investment bank backers earlier this year. best Hi Laurence

Thanks for your feedback.

Interesting to hear the global gold market claim is apparently ‘nonsense’ -> I took it from the company’s own material.

As I hope the article makes clear, I’ve not used the service myself but having seen it written up in the FT and elsewhere I thought it worth bringing to everyone’s attention. As I conclude, definitely one to investigate a lot more closely before going in.

Regarding gold ETCs, I they’re certainly going to be useful in terms of capturing the spot price rise, but they’re not of any use to the baked-beans and shotguns brigade.

In a world where fiat currencies collapse, will ETFs really still retain their value? Look at how the market was affected by the collapse of investment bank backers earlier this year.

best

]]> By: Lawrence Court http://monevator.com/2008/02/18/how-to-buy-and-own-pure-gold-with-bullion-vault/comment-page-1/#comment-4688 Lawrence Court Thu, 26 Mar 2009 21:56:55 +0000 http://monevator.com/2008/02/18/how-to-buy-and-own-pure-gold-with-bullion-vault/#comment-4688 I used Bullion Vault for several months. There were several problems that made me get out: 1. Lack of Liquidity It took *two days* to sell almost 1.5kg of gold on London vault using sterling, even though the price I wanted was below real market value. Contrast this to using ETFs etc where there is no lack of liquidity and you can buy and sell immediately at 'actual' gold prices. 2. You can only fund your account and make withdrawals in one currency. I funded my account in sterling and at one point sold gold for euros because I preferred to hold cash in euros. But I then found I couldn't use all those euros to buy gold because Bullion Vault withhold an extra 1% of the value of any purchase for commission even though, later, they only use 0.8%. So you are left with a few euros in your account and you cannot withdraw them. 3. I think their advertising may be a little misleading in claiming so many clients. When you sign up, even though you have not funded your account and may never do so, they give you a gram of gold free and then claim you're a customer! 4. The gold prices are often quite out of line with 'real' gold prices. 5. Also, I think they get a lot of business because of irrational hysteria about countries forcing their citizens to give up their gold holdings. If countries were to do that, they would also find a way to get at the gold held in Bullion Vault's vaults. Bullion Vault offers no more security than ETFs backed with physical gold. You claim that Bullion Vault gold "Is tradeable in the 24-hour global gold market." This is absolute nonsense. Bullion Vault gold is tradable only in the very small Bullion Vault community. This is the very problem of liquidity which I mentioned above. I've switched to using ETFs. I use 4GLD (Xetra-Frankfurt) [where the firm bid-offer prices in euros are for 1gm of gold], but there are many gold ETFs available, and at fees that are certainly no worse than Bullion Vault's. I used Bullion Vault for several months. There were several problems that made me get out:
1. Lack of Liquidity
It took *two days* to sell almost 1.5kg of gold on London vault using sterling, even though the price I wanted was below real market value. Contrast this to using ETFs etc where there is no lack of liquidity and you can buy and sell immediately at ‘actual’ gold prices.
2. You can only fund your account and make withdrawals in one currency. I funded my account in sterling and at one point sold gold for euros because I preferred to hold cash in euros. But I then found I couldn’t use all those euros to buy gold because Bullion Vault withhold an extra 1% of the value of any purchase for commission even though, later, they only use 0.8%. So you are left with a few euros in your account and you cannot withdraw them.
3. I think their advertising may be a little misleading in claiming so many clients. When you sign up, even though you have not funded your account and may never do so, they give you a gram of gold free and then claim you’re a customer!
4. The gold prices are often quite out of line with ‘real’ gold prices.
5. Also, I think they get a lot of business because of irrational hysteria about countries forcing their citizens to give up their gold holdings. If countries were to do that, they would also find a way to get at the gold held in Bullion Vault’s vaults. Bullion Vault offers no more security than ETFs backed with physical gold.

You claim that Bullion Vault gold “Is tradeable in the 24-hour global gold market.” This is absolute nonsense. Bullion Vault gold is tradable only in the very small Bullion Vault community. This is the very problem of liquidity which I mentioned above.

I’ve switched to using ETFs. I use 4GLD (Xetra-Frankfurt) [where the firm bid-offer prices in euros are for 1gm of gold], but there are many gold ETFs available, and at fees that are certainly no worse than Bullion Vault’s.

]]> By: 14th Carnival of Making REAL Money: February 24th, 2008 | Making REAL Money Blog http://monevator.com/2008/02/18/how-to-buy-and-own-pure-gold-with-bullion-vault/comment-page-1/#comment-49 14th Carnival of Making REAL Money: February 24th, 2008 | Making REAL Money Blog Sat, 23 Feb 2008 17:38:59 +0000 http://monevator.com/2008/02/18/how-to-buy-and-own-pure-gold-with-bullion-vault/#comment-49 [...] Investor presents How to buy and own pure gold with Bullion Vault posted at Monevator.com, saying, “Plenty of people are making money (or protecting their [...] [...] Investor presents How to buy and own pure gold with Bullion Vault posted at Monevator.com, saying, “Plenty of people are making money (or protecting their [...]

]]> By: InvestorBlogger http://monevator.com/2008/02/18/how-to-buy-and-own-pure-gold-with-bullion-vault/comment-page-1/#comment-48 InvestorBlogger Sat, 23 Feb 2008 16:58:14 +0000 http://monevator.com/2008/02/18/how-to-buy-and-own-pure-gold-with-bullion-vault/#comment-48 Useful article... but I wish I'd been buying Gordon's gold in 1999. That would be a nice asset price increase! Handsomely beating the stock market! Who said commodities didn't do well on occasion! Useful article… but I wish I’d been buying Gordon’s gold in 1999. That would be a nice asset price increase! Handsomely beating the stock market! Who said commodities didn’t do well on occasion!

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