On March 5, 1933, in the depths of the banker engineered “Great Depression,” newly elected Franklin Roosevelt declared a “bank holiday” that forced banks closed for four days. Roosevelt then rammed the Emergency Banking Act through the legislature. Passed by Congress on March 9, the act granted FDR near dictatorial control over the dealings of banks. It also allowed the Secretary of the Treasury the power to compel every person and business in the country to relinquish their gold and accept paper currency in exchange. On March 10, Roosevelt issued Executive Order No. 6073, forbidding people from sending gold overseas and forbidding banks from paying out gold. A few weeks later, on April 5, Roosevelt issued Executive Order No. 6102 ordering Americans to deliver their gold and gold certificates to the Federal Reserve bank in exchange for paper fiat money.
Opinion on gold storage is extremely polarised. Almost exactly half of the world's gold buyers strongly prefer to store gold at home, because they trust domestic property rights, while the other half strongly prefer to store it abroad. Surprisingly this ratio is consistent regardless of which country people live in.
This is why - uniquely among retail gold providers - BullionVault provides a storage option in three separate jurisdictions: Britain, Switzerland and the USA. This gives European and American buyers a domestic storage option and everyone a choice of at least two foreign storage locations.
On BullionVault you can switch between vaults in a few seconds, by selling in one and buying in another [you can only do this where settlement is instantaneous, as it is on BullionVault]. And because all our vaults are operated by Via Mat you can also arrange for shipments of whole bars direct from vault to vault.
These are some of the ways in which BullionVault has been set up to give you the storage flexibility you need to stay secure.
At BullionVault we believe increasing economic imbalances pose a significant threat to personal wealth. It is for you to judge the threats to your wealth, the alternate strategies, and the potential benefits of gold, and to decide for yourself what to do. If you make the decision to buy gold we are here to provide exceptional value for both your purchase and your ongoing secure storage, and to see that it is you who benefits if your decision to own gold is a good one.
Shayne Heffernan oversees the management of funds for institutions and high net worth individuals.
Shayne Heffernan holds a Ph.D. in Economics and brings with him over 25 years of trading experience in Asia and hands on experience in Venture Capital, he has been involved in several start ups that have seen market capitalization over $500m and 1 that reached a peak market cap of $15b. He has managed and overseen start ups in Mining, Shipping, Technology and Financial Services.Read the Terms of Service