Client update

17:05 GMT Tuesday 24 March, 2020                           

Spreads between buy & sell prices

Only BullionVault lets you name your own price for physical precious metals. All other dealers and platforms force you to pay or receive what they decide. BullionVault puts you in charge.

If you want to pay less than what the cheapest seller is asking on the Order Board, you can set your own bid instead. Use the Order Panel on the right of your screen.

You can put your buying price below what the cheapest seller is asking (the 'Best Offer'). If your bid is also above what the current highest buyer wants to pay (the 'Best Bid') then you will immediately become the most attractive deal to anyone wanting to sell.

Please note: Your new order must be made within 10% of the prevailing wholesale spot market price.

All of BullionVault's 80,000 users enjoy the same direct control over the prices they bid and ask. This open competition creates the very best prices in the world for private individuals wanting to buy or sell physical bullion.

Our prices are in fact tighter than many wholesale dealers and bullion banks are currently quoting. Their spreads on Tuesday hit $20 and even $50 per ounce for unallocated gold. Whereas on BullionVault's live Order Board, you only ever buy or sell fully allocated metal, inside the vault of your choice.

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.

Bank transfers: Situation normal

Bank transfers into BullionVault are operating normally. So too are withdrawals. There is no need to contact us for an update unless you genuinely believe there may be a problem.

Please make sure to include your username as the reference on your transfer and only send funds from your linked bank account. We shall, as always, email you the moment that your money arrives in your BullionVault account, ready for you to purchase precious metals.

As usual, we would expect your transfer into BullionVault’s client bank account to take between one hour and several days, depending on your method of transfer and where your bank is located. Please see this Help page for further information.

Customer service: Exceptional volumes

We continue to experience exceptional volumes of customer service requests. While our staff are working full-time to answer and resolve all queries, please understand that response times might not meet our usual speed.

Should you need to contact us we ask that you raise your enquiry via email rather than by telephone if at all possible. Please also read founder Paul Tustain's message to clients here.

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 say when the present crisis will subside, but if you opt to buy London silver before the end of Wednesday, 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 Thursday 19 March and 23:59 GMT Wednesday 25 March, 2020. If you have bought London silver during this period then we will contact you to discuss the transfer to Zurich once more normal circumstances return.