Goldmoney vs Bullionvault Review
Once you have made the smart decision to buy precious metals through Goldmoney or Bullionvault there are a number of questions which will be at the forefront of your mind. Which precious metals are available? Which currency accounts? Can you switch holdings from one precious metal to another? In what jurisdictions are the bullion vaults located? Can you register physical bars in your own name? Can you take physical delivery of the bars?. The table below compares many of the key features of Goldmoney and Bullionvault.
GoldMoney, BullionVault or Both?
Some readers wonder how to choose between GoldMoney vs BullionVault. However, you may benefit from diversifying your holdings between both companies. This is the approach we have taken with our own holdings. We have spread bullion between both GoldMoney and BullionVault and to minimise any political risk we have tended to favour their vaults in Zurich and Hong Kong over those located in the UK or US. For the record, we have received excellent service throughout.
If you are unsure which company to choose or are unsure whether you will want to buy bullion in the future it may still be worth signing up for them now since there are no charges to pay for simply having an active account. Then, if at some point there is a sudden rush into precious metals, you will be in the position to buy bullion instantly with an account which is ready to go, rather than waiting for the identity checks to be approved and for your deposited funds to clear.
|Precious Metals||Gold, Silver, Platinum, Palladium||Gold, Silver|
|Currency Accounts||AUD, CAD, CHF, EUR, GBP, HKD, JPY, NZD, USD||EUR, GBP, USD|
|Account Opening||Free account sign-up takes a few minutes, no commitment, no minimum deposit||Free account sign-up takes a few minutes, no commitment, no minimum deposit|
|Special Offers/ Promotions||6 months FREE bullion storage for Goldmoney-Bullionvault.com readers. Simply click the "Free Sign-Up" button above, which includes the promotional code "goldmoney1". You will receive an email from Goldmoney confirming free bullion storage shortly after sign-up.||4 FREE grams of silver for Goldmoney-Bullionvault.com readers, plus $1, £1 and €1 to get your accounts started. Simply click the "Free Sign-Up" button above, which includes the promotional code "WHICHWAYHOME".|
|Goldmoney-Bullionvault.com rating of each website's usability (10 = excellent, 1= poor)||9 - intuitive and easy to use||7 - the trading platform is sometimes tricky for beginners|
|Customer Assets||US$1.9 billion of precious metals and currencies and over 20,000 customers as of 28 February 2013||US$2.2 billion of precious metals and currencies and over 40,000 customers as of 28 February 2013|
|Allocated Account?||Yes, meaning 100% customer ownership||Yes, meaning 100% customer ownership|
|What Are You Buying?||At Goldmoney you purchase pure, physical gold, silver, platinum or palladium bars. Ordinarily, customers part-own the bars with a number of other customers. If you purchase enough precious metals to constitute a whole bar, you are able to register it in your own name.||At Bullionvault you purchase pure, physical gold or silver bars. Ordinarily, customers part-own the bars with a number of other customers. If you purchase enough precious metals to constitute a whole bar, you are able to register it in your own name.|
|Vaults||Zurich, (Switzerland), London (United Kingdom), Hong Kong (Hong Kong), Canda, Singapore||Zurich, (Switzerland), London (United Kingdom), New York (U.S.A.)|
|Vault Suppliers||Goldmoney use VIA MAT, G4S, Brinks and Rhenus. VIA MAT International is one of Europe's largest and oldest armoured transport and storage companies. G4S is a leading international security group listed on the London Stock Exchange. Brink’s is one of America’s leading security companies. Rhenus is a well-respected German logistics business.
||Bullionvault uses VIA MAT International, part of Mat Securitas Express AG, of Switzerland, one of Europe's largest and oldest armoured transport and storage companies|
|Sales Tax||No - there is no Sales Tax or Value Added Tax (VAT) when you buy gold, silver, platinum or palladium with GoldMoney. Tax is only charged when the metals leave the wholesale vault and since the precious metals you buy remain in Goldmoney's vault, there is no tax to pay.||No - there is no Sales Tax or Value Added Tax (VAT) when you buy gold or silver with Bullionvault. Tax is only charged when the metals leave the wholesale vault and since the precious metals you buy remain in Bullionvault's vault, there is no tax to pay.|
|Transaction Counterparty||Transactions are made directly with Goldmoney||Transactions are directly with BullionVault or - if cheaper - directly with another BullionVault user. The gold and silver does not move, only the ownership changes. The BullionVault trading platform offers an exchange, which automatically matches your order to the cheapest seller when you are buying, and the highest bidder when you are selling. You can also quote your own dealing price to other users.
VIA MAT insures the vaults against risks such as theft so that your precious metals are protected. The evidence of insurance states coverage for "USD 500,000,000 any one loss for property in any one location". A “location” is a single secured facility, and there may be more than one secured facility in each city where GoldMoney stores precious metals (i.e., multiple vault locations spread out across a city). Should the total value of metal in any one location reach this amount, additional insurance coverage will be provided.
Documentary evidence of the VIA MAT cover is published on the Goldmoney website at Evidence of insurance certificate VIA MAT.
G4S insures its Hong Kong vault against risks such as theft so that your precious metals are protected. The evidence of insurance states coverage for "USD 200,000,000 any one loss for property in any one location". Should the total value of metal in any one location reach this amount, additional insurance coverage will be provided.
Documentary evidence of the G4S cover is published on the Goldmoney website at Evidence of insurance certificate G4S.
|BullionVault ensures that the cover maintained by VIA MAT is at least equivalent to the value of all the precious metals VIA MAT holds on behalf of Bullionvault Customers. BullionVault is entitled to demand cover up to 50% in excess of the prevailing market value of precious metal, and to have the cover in place within 24 hours. Documentary evidence of that cover is published on the BullionVault website at http://bullionvault.com/help/evidence_of_insurance.html.|
|Audit and Bar List||
At GoldMoney, the one-to-one ratio of physical metal in the vault with the metal recorded in their database is always maintained. This is ensured through three independent third party reports and audits which are performed on a quarterly basis:
Goldmoney publishes reports from the vault operators, VIA MAT and G4S, that show the number and weights of the gold, silver, platinum and palladium bars in each of the vaults.
Goldmoney publishes reports by Inspectorate, an independent third party company that counts all the bars and sample weighs them, thus verifying the accuracy of the vault reports.
Goldmoney publishes ISAE 3402 reports by one of the Big Four accounting firms that confirm that the amount of metal in the vaults is equal to the metal recorded in our database, thereby ensuring their one-to-one ratio and our customer's ownership of the metal. These reports are available to GoldMoney customers when they log into their verified Holding. Additionally, the auditor also reviews and reports on other important areas such as governance practices, order processing, operational procedures and IT security. There have been no exceptions reported by the auditor since the SAS 70 reviews began in 2006 and since Goldmoney implemented the new and more rigorous international standard ISAE 3402 in 2011.
BullionVault maintains the ownership records of the gold and silver, and publishes the daily register of owners on-line. All customers can see their private holding publicly listed against their alias - which of course only they know. Via Mat produces its own independent list which details the individual bars in the vault and their assayed gold content. The register's total matches Via Mat’s bar list total. Every business day Bullionvault publishes this bar list on the BullionVault website, and they also publish the custody lists daily.
Galmarley Ltd is audited annually by Albert Goodman.
|Ability to switch between metals||Switch between metals instantly||Switching to a different metal requires you to sell your current metal, wait for the sale to be executed (usually instantly), and use the available cash to buy-back a different metal|
|Ability to switch between vaults||Switch between vaults instantly||Switching to a different vault requires you to sell in your current vault, wait for the sale to be executed (usually instantly) and use the available cash to buy-back in a different vault|
|Ability to trade around the clock||24 hours a day, 7 days a week||24 hours a day, 7 days a week|
|Registered bars||"Registered 400 Ounce Gold Bar" facility enables you to register ownership of one or more of the gold bars stored in Goldmoney's vaults||"Reserved bars" facility enables you to register ownership of one or more of the gold or silver bars stored in Bullionvault's vaults|
Once a bar is registered in your name, you may arrange to take delivery of it at any time. Whether you transfer it to another vault, choose to store it at your home or with a financial institution, GoldMoney can arrange delivery of the bar to a location of your choice.
Customers can also redeem and take physical delivery of their gold in convenient units of 100 gram or one kilo (1,000 gram) gold bars. Through partnership with Baird & Co, one of the leading bullion merchants and refiners in the UK, conversion of goldgrams into physical gold bars for insured mailing or collection may be completed at any time.
|Once a bar is registered in your name, you may arrange to take physical delivery of your gold and silver at any time.|
|Corporate Structure||Goldmoney's offices are located at: Net Transactions Limited, 1st Floor, 32 Commercial Street, St Helier, Jersey. Net Transactions Limited is a registered company in Jersey. It is regulated by the Jersey Financial Services Commission (JFSC), the main supervisory body that oversees and regulates Jersey's financial services industry. GoldMoney is also registered and regulated by the JFSC as a Money Service Business and its regulated status can be confirmed by searching for "Net Transactions Limited" on the JFSC website's regulated entities search page.||BullionVault is owned and operated by Galmarley Ltd, a company registered in Great Britain (No. 4943684). Its address is BullionVault (Galmarley Ltd), Brook House (4th Floor), 229 Shepherds Bush Road, London, W6 7AN. You can see a list of their shareholders at Companies House. BullionVault is a full member of the professional trade body, the London Bullion Market Association (LBMA)|