I just got word a few hours ago from a fellow blogger that GoldMoney has diversified its offering of available gold storage vaults. GoldMoney now give you the option of storing your gold in Zurich, Switzerland. So you now have two choices: London U.K, or Zurich Switzerland. This will provide account holders with the opportunity to diversify their holdings among different jurisdictions which is always a good idea because a wise investor never fully trusts his government. Heck, I don’t trust ANY government, but anyways, let’s leave the politics for another time.
Just as with the London storage vault, the one in Zurich is also insured by Llyod’s of London and operated by VIA MAT, which is one of the world’s most reputable bullion storage services provider.
While I like this added service, I think I’ll stick with BullionVault mainly due to costs. GoldMoney has the following to say about storage costs:
There is no storage fee for gold in the London vault; only a monthly account fee. A storage fee of 0.24% per annum (2 basis points per month) is charged for gold stored in the Zurich vault, with a minimum fee of 0.1 grams of gold per month.
0.1 grams of gold comes out to roughly $2.44 USD (@ 757.65/oz). BullionVault charges the wholesale rate of 0.12% pa ($4 per month minimum). But most importantly when you use BullionVault you are buying on an open market at the spot rate, not like GoldMoney which charges 0.98% to 3.74% above the prevailing spot gold price.
My personal preferences aside, I think GoldMoney users should seriously consider diversifying their gold holdings by storing a portion of them in GoldMoney’s Zurich vault.
If you wish to open up an account with GoldMoney, click here (don’t be silly, they don’t pay me to direct traffic to them or for referring you)
Cheers! Have a golden day 😉