GoldMoney
This company is headquartered on the island of Jersey in the English Channel. GoldMoney is set up on a similar plan as BullionVault. Customers can purchase their gold, silver, platinum or palladium directly from GoldMoney, who stores it for them in vaults insured by Lloyd's of London and located in London, Zurich and Hong Kong. The primary advantage of GoldMoney is the option to take full physical delivery. Delivery options are 100 grams, 1,000 grams or 400-ounce 99.9 percent pure Good Delivery bars.
This holds tax implications for GoldMoney customers. Price increases of precious metals held in a GoldMoney account or "holding," when realized upon the sale of the metals, would constitute capital gains and therefore be subject to capital gains taxes. Taking physical delivery of the gold does not incur capital gains taxes on its own because physical delivery means merely transferring the storage location.
GoldMoney offers something different to BullionVault: A patented digital gold currency used to make payments to other GoldMoney customers. When customers purchase gold, they have the option of transferring their shares to other customers. This allows GoldMoney to function as an effective alternative banking system, however if you are just looking to store bullion safely, this feature is probably superfluous and of little interest to you.
Here are some of Goldmoney.com's particular strengths:
2. Can be used as a Digital Currency
3. Offshore storage in Switzerland and Hong Kong.
4. Buy Platinum, Palladium and Silver as Well as Gold.
For more information read this Goldmoney review.
BullionVault
A member of the London Bullion Market Association (LBMA), the oldest and most respected association of gold dealers in the world, BullionVault is based in London. The company allows customers to store gold and silver bullion in vaults in London, Zurich and New York. Customers can choose between these three locations to store their gold. They can buy and sell gold and silver online through the BullionVault website twenty-four hours a day, seven days a week. BullionVault only deals in London Good Delivery bars, the world standard for gold bullion bars, which are specially approved by the LBMA. Customers buy a share in a bar and get a receipt for their purchase in exchange.
The customer completely and legally owns his gold bars. They are kept off of BullionVault's balance sheet and held in bailment, which means creditors cannot seize them even in the event of bankruptcy. Multiple Good Delivery bars are purchased daily and the cost is split between all of the buyers. Overall, the cost of purchase is much lower than purchasing bars on an individual basis.
Here are some of Bullionvault.com's particular strengths:
1. Burglar alarm and single route exit to Bank Account
3. Offshore storage in Switzerland and USA.
4. 24 hours a day seven days a week interactive web dealing.
5. Daily audit for peace of mind.
For more information read this Bullionvault review.
Allocated gold involves multiple legal concepts that each company has a unique approach towards. Investors must be wary and practice the rule of "buyer beware."
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GOLDMONEY
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