GoldMoney breakfast seminar guests were treated to a rare insider's presentation on not only how to buy gold and other precious metals, but what goes on behind the sealed doors of a vault.
GoldMoney's Head of European Business Development, Martyn White, hosted the seminar on September 24th, and started by explaining gold's advantage as a store of wealth, 'I think many people are genuinely surprised when they realise that you can still use the same amount of gold to buy a barrel of crude oil now as you could in the 1950s, you certainly can't say that about any of our world currencies. It is also important to understand that there are significant differences between physical gold and paper gold which can take various forms such as ETFs and futures contracts.'
The seminar gave practical advice aimed at empowering intermediaries and individuals looking to purchase and store precious metals. The attendance of a vault manager from Via Mat was unusual since security considerations usually mean that vault staff cannot appear at public events like this.
Via Mat is one of the leading non-bank vault partners used by GoldMoney. One of the questions posed from the floor was about how vault managers prove the integrity of gold bars. Guests learnt that not only are they weighed and checked against the London Bullion Market Association database, but GoldMoney insists on an extra integrity check for its customers, which is for all gold bars to be given an ultrasound scan to check for any internal anomalies. All stocks are then regularly audited whilst in storage.
Martyn White said that judging from feedback the seminar had been a big success, 'We wanted to ensure we are providing the information that customers and potential customers need, and it was pleasing to hear from those who attended that they felt it had been an interesting presentation.'