Mina frågor och svar i chatt med BullionVault...Delar i informativt syfte
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Mina frågor och svar i chatt med BullionVault…Delar i informativt syfte

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Hej vänner,

Här kommer transcripten i min chatt med BullionVault nu när det är så mycket frågor om Guld. Hoppas det är intressant för någon:

2019-06-18 Conversation Transcript

Jag:

(1) In the event of BV going bankrupt or shutting down its service for some reason….what happens to my gold? How can I sell it if
the trading platform is not longer available? In this event, will the liquidators get in touch with me or am I expected to seek contact with
the responsible liquidators and claim my bullions?

(2) In the terms I read this: ”You understand that BullionVault does not buy back bullion once withdrawn from the vault.” Are the 100
gram bars from this specific vault accepted anywhere else? Is there any other company in Europe to whom you can sell 100 gram
GOLD bars? Just curious.

Welcome. Your request has been directed to the Customer service in English department. Please wait a moment for an operator to answer your call.

BV:
Good evening,

JAG:
GE Joy!

BV:
Thank you very much for contacting us,

JAG:
Hope the questions are not too complicated

BV:
In the unlikely event, of BV going bankrupt, your Gold remains your property, also the cash balance is not a part of the company, it is dedicated client account with Lloyds, so it would not be affected

BV:
The clients would then have the choice between selling the bullion or having it delivered

JAG:
Selling it to whom? To the vault?

BV:
The liquidators would get in touch with you, with the contact details you provided on your BullionVault account

BV:
The bullion has the ’good delivery status’, it would be sold at the London Bullion Market

BV:
Regarding the second question,

BV:
The good delivery status guarantees the purity of the bullion, once it leaves the vault, the chain of integrity is broken – BullionVault can therefore not buy back the bullion once it has left the vault or any other provider who requires good delivery status

BV:
Not every shop requires this status, you could sell at a local gold trader, for instance

JAG:
Ok so coming back to the answer you gave me on what happens in the event of BV going bankrupt where your response was ”The clients would then have the choice between selling the bullion or having it delivered”. Does this mean I´m basically more or less forced
to sell it because once it leaves the vault it´s worthless if nobody wants to buy it back…and if BV seize to exist, the vault won´t offer me the possibility of keeping the gold in the vault?

BV:
It depends,

BV:
The gold is kept in large wholesale bars of 400 ounces or 1000 ounces for silver,

BV:
if you own an entire bar, you could then make an individual arrangement with the vault operator

BV:
But if you own less, it is not possible to cut out a portion of the metal and make an individual arrangement

JAG:
So where do the 100 gram bars come from?

JAG:
Are they not certified?

BV:
In that case it would be best to sell and use the funds to invest trough a different provider

BV:
The 100 gramm bars are sent directly from the refinery

JAG:
I´m just a little bit curious because if you buy austrian philharmony bars of 100 grams or HEREUS or similar…they come with a certificate and you can also send them back insured to the seller and they will buy it back….you´ll probably loose because of the spread but it´s still doable……so what´s the difference between austrian gold bars and the gold bars from the refinery?

BV:
To measure the purity of metal, it has to be melted – so once it leaves the refinery or the vault it would have to be melted again to determine if it is 100 % pure,

JAG:
So the refined 100 g bars if withdrawed through BV are not certified with purity certification?

BV:
The 100 gramm bars are certified

BV:
lets take a HEREUS bar as an example

BV:
It is certified and sent by the refinery

BV:
But once it has left the refinery and was shipped somewhere else, it is possible to carve out the inside and fill it with a different metal – the only way to see if it is 100 percent pure is to melt it again and run some chemical tests – this is why metal looses the ’good delivery status’ once it leaves the vault or refinery – because it cannot be guaranteed unless it is locked in a vault

BV:
So once the Heraus bar was delivered, it would loose this status, it could be traded on the professional market anymore but you could still sell it to a different provider

BV:
It only means it could not be sold at the professional market anymore, but you could till sell it to a local provider

JAG:
so in the event that BV goes bankrupt or similar and I need to sell it on the LONDON Market

JAG:
who buys them?

JAG:
is this market open for private investors

JAG:
or are they bought by countries exclusively?

BV:
Other players on the london Market, eg. Bullion Banks, or companies that require large quantities of pure Bullion, it could be central banks as well

JAG:
When centralbanks sell their gold….where do they trade this gold? Through that market you are referring to?

JAG:
Or can the e.g. the Russian Federation sell it´s gold to the SWISS VAULT and let private investors buy via BV?

BV:
Yes, central banks can sell through the London bullion market, sometimes the also sell directly to other central banks or make other arrangements it depends the bank

JAG:
Ok got it….Do you know the production cost of gold today (approximately) and how does it stand against the current gold price?

BV:
The market functions a bit like a stock market so there are professional traders which then execute the orders on the solicitors behalf

BV:
To be honest, I don’t know how the Russian Federation sells their gold

BV:
That is a good question,

BV:
I need to look it up,

BV:
one moment please

JAG:
When I google I find AISC numbers around 1000 USD / ounce….(1 kg = 35 ounces = 35 000 USD/kg?)….If this is true the gold is
overprized if new production is cheaper than existing gold?

BV:
I would have to get back with the answer tomorrow, I’m afraid

BV:
But in general mining is a less costly way of producing gold than recycling, it depends on how it is done

BV:
Do you have any other questions?

JAG:
Im also curious about how much gold that is already produced of the total world stock underground…are there any scientific
numbers on that?

BV:
Aprroximately 193,472 tonnes of gold have been mined so far

JAG:
and how much is there left not mined yet? Are there any estimations on that?

BV:
I think you find this page interesting: https://www.gold.org/about-gold/gold-supply/gold-mining/how-much-gold

BV:
im not sure how much gold is left, I need to research, but the mining production slightly decreases year by year

JAG:
Thanks I will read it…the gold market sounds interesting….but stocks are a bit easier to understand…they are shares of companies that generate a cash flow (negative or positive) and valued thereafter…..Gold is a speculative metal that doesn´t really produce any
cash flow….not sure about the industrialized use but sure there is something

BV:
Is there anything else I can assist you with?

JAG:
Not at this moment. Thank you for being helpful and taking your time to answer all of my wierd questions. I will read a little bit more
and try to get invested soon.

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