Now The Cheapest Gold Is Even Cheaper Yet
BullionVault, often touted as the very lowest cost place to buy and store gold, has just lowered commission rates on buying and selling gold and silver.
So now you can get even more gold or silver for your money.
One of the biggest drawbacks to buying gold for many people has been the idea of commissions and spreads. Many vendors of precious metals will actually try to hide or mask the costs you pay to buy or sell gold and silver; they are ashamed of how much they charge.
Not BullionVault. They are very upfront about what fees you pay to do business with them. Now, being British, they refer to this as “tariffs”. See their full schedule of costs here.
While low cost does not always make the decision for you, if you have narrowed it down to BullionVault versus another company, you might as well save some money and get more gold for your Dollar (or Pound or whatever) at BullionVault.
At the end of the day, it’s all about how many ounces of gold or silver you own (probably expressed in grams or kilograms). So the less you pay in commissions to buy and sell, the more wealth you preserve for yourself.
BullionVault Commissions and Fees
Now, since commissions and fees change (as noted by today’s fall in rates – yeah, prices going DOWN!) I would rather you follow the link above to know what commissions BullionVault is charging at a given time. But as of today, here is what it is:
- Dealing commission each time you buy or sell.0.5% maximum falling to a minimum of 0.05% depending on the amount of gold or silver bought or sold in the year. Discounts start at $75,000.
- Storage & insurance fee for as long as you hold.0.12% per year on gold, billed monthly and subject to monthly minimum of $4.
0.48% per year on silver, billed monthly and subject to monthly minimum of $8.
You do need to pay attention to minimums on the storage side. Just as with any vendor for buying and storing gold or other precious metals, minimums apply. If you buy $100 worth of gold or heaven forbid, silver, your fees will be outlandish as a percentage.
To actually get down to that 0.12% per year on gold, you need to be storing $40k in metal. That’s not to say that storage isn’t cheap for $10k, it is; it just isn’t as low as 0.12%.
The storage costs for silver are higher because the volume of metal to store, per dollar, is much higher (currently over 50 times more!).
Notice that there is no minimum commission, or tariff, on purchases and sales. The rate is that which is stated regardless of how small an amount – and the rate goes down if you have a large purchase or sale.
So if you are looking for the cheapest place to buy and store gold, offshore, outside the banking system, then you have found it in BullionVault.
The current promotion is that if you follow this link and open an account you will be given 4 free grams of Silver to begin trading (see terms and conditions on their site).
Listen to this post on AudioBoo