LONDON, 30 August 2013 - Physical gold and silver exchange BullionVault has expanded its range of global locations for dealing and storage to Toronto, Canada, says international newswire and financial data providers Bloomberg today.
The move is in response to "demand from US clients to store the metals abroad," Bloomberg reports.
"The vault, with 2,077 ounces of gold, is expected to attract investors who want an alternative to storing bullion in the US while still being in North America."
"A large number of our customers are anxious about confiscation risk," Bloomberg quotes London-based head of research Adrian Ash. "They cite the example of 1933," he adds, pointing to the ban on private gold ownership imposed at the depths of the Great Depression.
Bloomberg notes that BullionVault, now with 48,000 users worldwide, currently stores gold bullion for customers worth $1.4 billion at current prices.
Some 75% is in the Zurich vault. "London is its second-biggest storage facility, followed by vaults in New York, Singapore and [now] Toronto," says the newswire. See the full report, also carried by BusinessWeek, here:
BullionVault offers storage at Toronto vault on demand from US
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