The company BullionVault
is a property of Galmarley Limited, registered in Great Britain. It deals with transactions in gold bullion, as the name suggests. Gold bullion is usually at least 99.9 percent pure gold, smelted into either gold coins
or gold bars
. It is traded for investment purposes. Gold bullion is often used as a mechanism of protection against inflation and recession. It always maintains a relatively high value, notwithstanding the fact that it can be volatile and unstable, since it is a commodity. Bullion is not measured by its face value but by its purity and mass.
The company Bullion Vault provides services to clients by means of computer equipment and software in different places in Britain and the United States of America, which are managed from their offices in West London. They deal exclusively with gold bullion
Bullion Vault dates from 2003, when Galmarley invested £275,000 in its early development. Revenues from equity reached £3.5 m in just two years. The money was invested in currency and gold bars for the purpose of ensuring inventory for the establishment. The popularity of Bullion Vault surged quickly. Its revenues come from commission fees, custody fees, interest capital and the buy/ sell margin of gold. The business allocates funds to cover seven main expense categories: premises, banking, equipment, staff, advertising, vault and storage costs, and communication infrastructure.
At present, Bullion Vault has 18,500 active customers from almost 100 countries. Their assets are valued at around $835 million in bullion gold. This is equivalent to more than 20 tons of gold, which means that the company’s clients hold much bigger reserves than the majority of central banks worldwide. Current and prospective clients can buy gold from vaults of their choice, situated in New York, London, and Zurich. The highest commission customers pay is 0.8 percent for the first purchase or sale of gold worth $30,000. The commission for the next $30,000 stands at 0.4 percent while for the next $540,000, it is only 0.1 percent. The rates are the same for buying and selling, and clients can trade in Euros, dollars, and sterling. There is no floor on the trade size, but the increment has to be in whole grams.
It is very simple to open an account with Bullion Vault. Clients can just go to their main page and press the ‘register’ button, found on the top of the screen. The single registration page is to be filled and submitted. With the welcome offer code, the customer receives a free balance which is small but sufficient to test the system. An acknowledgement then appears on the screen, informing that the account has been opened. It comes with an invitation to log into the system. The customer is free to familiarize himself/ herself with how the system works. Using the free balance, he/ she can buy and sell small quantities of gold. Once one has become familiar with the system, he/ she can fund the account and set additional options.
Funding the account is easy. After logging in, the customer presses the account button, found in the main menu, and selects the deposit option. There are several payment options to deposit money, so that customers can choose a deposit mechanism that suits them best. Depositing is done by clicking on a payment choice and printing the final instruction.
Security is of paramount importance for the establishment, and it is operated in accordance with extremely cautious parameters. Client assets and property are completely separate from the company’s funds and gold. All the assets of Bullion Vault can be made available on 24 hours notice.
The director of Bullion Vault is Paul Tustain. He founded the company as a response to the increasing global financial risk. He finds that the risks are becoming higher and higher. Tustain’s co-founders are Alex Edwards and Kris Jenkins. All three of them are computer experts by trade. They own 64 percent of Galmarley, the company that owns and operates Bullion Vault.
The founders assure that the company’s records are always accessible for purposes of audit, should there be doubts that the business is not being run honestly and accurately.
Bullion Vault is in essence a combination of risk management, immobilised assets, gold, web-based exchange, and electronic settlement. It is transparent and provides, by a considerable margin, the most efficient method of buying bullion. The equity of the company is pinned to that of clients, so that any loss incurred by a customer reflects on the company itself.
Bullion Vault is a way to protect oneself from the financial irresponsibility of modern governments and the inevitable depreciation of modern currencies, shares, and other paper-based systems.
All complaints regarding criminal activity are dealt with by the London Metropolitan Police.
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