Gold Bullion International Review
What Gold Bullion International offers to gold investors
Gold Bullion International (GBI) offers institutional and private investors the purchase and sale of physical gold, silver, platinum or palladium which is stored in professional vaults. Private clients can trade precious metals directly through GBI or through cooperating financial advisors. Precious metals holdings are audited regularly and clients can request delivery of their holdings.
About Gold Bullion International
|Headquarters||New York, USA|
|Number of clients||Not published|
Gold Bullion International (GBI), LLC, a New York based limited liability company, started its physical precious metals service in 2010. It provides private clients and financial advisors with a means to buy, store and sell precious metals such as gold. Investors directly own their gold or other precious metals.
Gold Bullion International buys and sells only whole bars or bullion coins on behalf of its clients. See product details below for more information about the offered bullion products.
Gold Bullion International offers various storage options for gold bullion: New York (USA), Salt Lake City (USA), Zurich (Switzerland), London (United Kingdom) and near Melbourne (Australia). Clients can choose their preferred vault or several vaults and thereby diversify their gold holdings across different jurisdictions.
Direct customers of GBI must place their orders by telephone.
GBI has a high profile advisory board. Members of the advisory board are General Wesley Clark, a former four stars General of the U.S. Army and former NATO Supreme Allied Commander, Richard Gephardt, the former majority leader of the United States House of Representatives, Arthur Levitt, the former chairman of the Securities and Exchange Commission (SEC) and Sallie Krawcheck, who until September 2011 was president of Bank of America’s Global Wealth Management group.
Two former Goldman Sachs bankers, Steven M. Feldman and Eric S. Schwartz, serve as Chief Executive Officer and as Chairman of the Board.
|Precious metals||Gold, silver, platinum, palladium|
|Minimum investment||US Dollars 25,000.-|
|Delivery of gold||Optional, clients may request physical delivery of their gold. Clients have to cover any involved fees.|
|Vault locations||New York (USA), Salt Lake City (USA), Zurich (Switzerland), London (United Kingdom), Melbourne (Australia)|
|Additional features||Gold bullion is offered in the following forms:
GBI also offers gold IRA accounts.
Gold Bullion International claims to be “the safest and most reliable company that enables investors to buy and store precious metals”. GBI has various processes in place to provide high security and safety to its clients as described below.
Current vaulting partners of GBI are Via Mat and Brinks Global Servicing USA. Both are accredited with the London Bullion Market Association (LBMA), the market association for the professional bullion market in London.
Gold Bullion International is working with an independent audit company which confirms the precious metals holdings stored by GBI. Its current auditor is KPMG.
Precious metal holdings are audited on a daily basis by GBI’s vaulting partners, which send audit reports containing bar lists to GBI. The auditing firm audits all of the precious metal holdings on a quarterly basis. Each broker-dealer confirms their precious metal bar holdings with GBI on an aggregate basis and reports their individual holdings at the customer level through their existing platform.
Gold Bullion International is working with several financial services institutions such as Merrill Lynch, Wells Fargo, Barclays and Prudential.
Trustable Gold Safety Criteria
|Outright Ownership of 100% Gold||Insured, independent storage||Transparent, external audit||Price transparency||Liquidity||Regulation||Trusted Provider Seal|
|Clients of GBI own their gold, it is their legal property||The gold is insured with Lloyds of London; the gold is stored with independent vault operators||Quarterly audit of precious metals holdings by the independent accounting firm KPMG and a gold bar inspection company||No, see below||Business days: days in which the NYSE is open for business. GBI works with several precious metals dealers and aims to settle trades within two days after placing an order.||Gold Bullion International is independent of banks|
Costs for buying gold
GBI does not publish costs or fees.
Costs for storage and insurance
Gold Bullion International does not publish costs or fees.
Formerly published fees for storage and insurance were:
- US Dollars 1 – 249,000: 0.65%
- US Dollars 250,000 – 499,000: 0.55%
- More than US Dollars 500,000: 0.50%
Clients may request delivery of their precious metal holdings. All shipping and handling costs associated with the delivery are borne by the customer.
Last update: 01.08.2014
Investors can invest in gold either as direct customers of GBI or through financial institutions or financial advisors. The following process describes how a customer can directly deal with Gold Bullion International.
1. Complete and submit the account opening form
Fill in the account opening form and send it per mail, fax or by post to Gold Bullion International.
2. Order gold via telephone
Place your order by calling GBI’s telephone number internationally or toll-free within the US. Specify the investment in US Dollars or specific bar sizes including the desired vault.
3. Wire funds
GBI confirms the estimated settlement amount, including a buffer against market volatility, to be wired to GBI prior to order execution and confirms a real time receipt of wired funds.
4. Execute trade
GBI executes the precious metal order.