Client update

10:25 GMT Friday 20 March, 2020

Customer service: Exceptional volumes

We are currently experiencing exceptional volumes of customer service requests, because demand for physical precious metals is running high with new interest hitting record levels. While our staff continue working full-time to answer and resolve all client queries, you will understand that response times might not meet our usual speed.

Should you need to contact us please raise your enquiry via email rather than by telephone if at all possible. Thank you for your patience at this very busy time. Do also read founder Paul Tustain's message to clients here.

Bullion supplies tight, trading spreads wider

As you know, users of the BullionVault Order Board can only sell physical bullion which they already own inside the vault. That includes BullionVault itself, and amid exceptionally high demand, our inventory of precious metals in some locations is running low, most especially silver in the Zurich vault (see below).

We have several substantial deliveries scheduled, but please be aware that demand continues to run very strong. This means that offer prices – quoted by other users wanting to sell silver – can be unusually high compared to the prevailing spot price in the wholesale market, because some sellers may seek materially higher margins over spot than BullionVault ordinarily does.

To protect you from over-paying, the BullionVault Order Board always rejects any new bid or offer that is more than 10% away from the current spot price. (Older orders outside that 10% limit will continue to appear for a time because they were nearer to the spot price when placed. New buyers cannot match them however, unless the spot price rises sharply.)

As soon as BullionVault's new inventory is delivered into the vault, our trading robots will immediately make it available for you to buy. User-to-user trading continues as normal meantime, with new orders – if made within that 10% limit – matched as usual for instant settlement of physical bullion already delivered and insured inside the vault.

As a reminder, you can also buy the bullion you want at the daily global benchmark LBMA Gold, Silver or Platinum Price. Your deal will ordinarily be settled in 2 days' time.

Zurich silver: Free transfer from London

While Zurich now holds more silver for BullionVault users than does London, the UK capital remains centre of the world's wholesale market. That makes it easier for BullionVault to re-stock its silver inventory here, and that is currently reflected in London's tighter trading spread for the grey metal.

We can't of course say when the present crisis will subside, but if you opt to buy London silver over the next 7 days, BullionVault will in due course offer to ship it to Zurich for you, free of charge, if Zurich is your preferred location.

This offer will apply only to London silver bought between 00:00 GMT on Thursday 19 March and 23:59 GMT this coming Wednesday (25 March, 2020). If you buy during this period, then we will contact you to discuss the transfer to Zurich once more normal circumstances return.