The run on Northern Rock served to highlight people's unease with the mountain of debt built up in the financial system today
London, England (PRWEB) October 4, 2007
BullionVault.com - the gold service that offers physical gold ownership at low cost and with the minimum of hassle - accelerated its growth in the third quarter as the global credit crunch sparked a move into bullion by cash savers.
Gold holdings by volume grew by more than one-fifth between July and October. BullionVault now looks after more than $102 million in gold and cash on behalf of private individuals based in 78 countries worldwide.
"The run on Northern Rock served to highlight people's unease with the mountain of debt built up in the financial system today," said Paul Tustain, director and founder, today.
"Many new clients we're speaking to see physical gold, owned outright and held securely in a professional gold vault, as a way of protecting their savings against the threat of further trouble ahead."
By the end of last week, the gold held by BullionVault's customers had increased by 83% from the end of September 2006.
"I like that BullionVault allows for gold holdings in three different jurisdictions," says one new customer, based in Germany. "I also like that it doesn't have any form of credit in the system."
BullionVault enables private customers to buy gold in the "Good Delivery Bar" form accepted by professional bullion markets, whatever their preferred size of purchase. This eliminates the loss of integrity and value associated with buying small gold bars for private custody.
BullionVault arranges all storage in professional, market-approved bullion vaults in London, New York, and Zurich. It saves the customer significant dealing and holding costs through reduced trading spreads, and the elimination of fabrication and delivery charges.