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Using Bullion Vault

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Hi,

I'm looking at opening a bullionvault account and was wanted to find out a few things about it before I did. I tried a quick google search but couldn't find the answers I was looking for. So what I want to know is.

If I open a bullion account and get it validated etc with my bank then would I be charged for having the account even if I had no gold or silver?

I don't want to be in a situation where I have an account i'm not using but still being charged for it.

Second question is, I was looking at just starting off by buying and selling small amounts, i'm talking £20 here and there and hopefully building it up. How feasable is this or would be it be a waste of time?

Lastly I've not done anything like this before have been watching the commodities market for a while so if anyone has any tips or help they would like to give me it would be be appreciated.

Thanks in advance.

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Don't hold me to this but if you've got nothing to store in your account why would they need to charge you anything. Its in their FAQ on their site I think.

Thats what I was trying to clarify, I read the FAQ's where it tells you how much you are charged annually on what PM's you hold etc. I wasn't 100% on if they still charge you just for having an account even with nothing in it just cash.

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I have a bullionvault account and I'm charged 'storage' on my gold and Silver assets. At the rates on the FAQ's.

In terms of;

Second question is, I was looking at just starting off by buying and selling small amounts, i'm talking £20 here and there and hopefully building it up. How feasable is this or would be it be a waste of time?

£20 here and there would be a waste of time. Trading gold and silver short term is a mugs game! (I think it's called gambling :rolleyes:, you can do that at the bookies in town. )

I buy gold and silver as long term saving/asset insurance. I would recommend you do the same but only when you have got rid of any other debts you have. Like a mortgage for example!

Hope this helps.

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I have a bullionvault account and I'm charged 'storage' on my gold and Silver assets. At the rates on the FAQ's.

In terms of;

£20 here and there would be a waste of time. Trading gold and silver short term is a mugs game! (I think it's called gambling :rolleyes:, you can do that at the bookies in town. )

I buy gold and silver as long term saving/asset insurance. I would recommend you do the same but only when you have got rid of any other debts you have. Like a mortgage for example!

Hope this helps.

I was just going to try it for a bit of fun, just invest an initial £20 and see if I can make any money and then reinvest anything I make. I can afford to lose £20 so it wouldn't be a big deal if I did. But then I'm terrible at gambling so maybe I shouldn't :lol:

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It won't make you rich betting with £20 I promise you that.

Its was just a thought, I've never done anything like this before so figured it would be a good way to get my toes wet so to speak.

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In so far as they are honest, I would say they (Bullionvault) are among the most reliable you could ever have. The metal is allocated, so it should be there, and in view of the rumours in the rest of the market, I would say that they do have the metal, as it's one of their big selling points.

If you are concerned about confiscation, nothing beats holding it yourself, but you need to decide which country would be least likely to steal your Gold; as the US seems to have morphed into one of the most authoritarian, corrupt, illiberal countries on earth, (and have form in this area) I would say Switzerland or Shanghai would be the vault to choose. In the end, it's up to you.

Drip-feeding your account is not a bad idea, even a few pounds will be worth it in the sense that you savings in Gold will always be worth more than fiat in the long-term.

Edited by Old Nis

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Guest unfunded_liability

Does any one know if bullion value is still relatively safe? Is it still backed by the metal you buy?

I know it's not safe from confiscation, but apart from that?

Bullionvault like goldmoney seems to be an interesting hybrid of allocated (specific coins and bars exclusively owned by you, stored in a locked box with your name on it) and unallocated (paper claim on a general metal balance).

Your gold and silver grams are backed by good delivery bars (approx 400oz gold and 1000oz silver) so there is a physical backstop to your holding. But unless you own enough grams to claim a whole bar outright do you actually 'own' it? Will they cut a small piece off a good delivery bar and post it to you?

If there is a sudden an unexpected disconnect between the paper and physical price were will that leave you?

Goldmoney do allow you to take delivery of smallish gold bars (100g?) and 30kg silver bars but it's not cheap. Their business is trade and storage fees, not shipping physical.

Edited by unfunded_liability

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Not a member of bullion vault, but sometimes I can access their charts and at other times it appears to be blocked and comes out as script. Their interactive charts are undoubtedly the best pm charts around. If it is them putting the blocks on that is very short sighted, they are losing traffic, advertising revenue and most important potential new members.

Usually I don't even bother with them these days, because like today I am met with useless script, so I have to settle for second best at kitco.

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