BullionVault growth accelerates as credit crunch pushes savers into gold bullion
BullionVault.com has announded it has 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.
At the end of September 2007, the gold held by BullionVault's customers had increased by 83% from the end of September 2006.
"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. "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."
"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."
Related categories: Bullion coins and small bars e-gold Gold trading
