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Investor buys a record 500,000 of gold through an app

BullionVault recently claimed it had sold one individual 21kg of gold stored in its Zurich vaults for  £500,310.60 in August ? the highest value deal conducted via its app so far.

Launched in 2005, the company now has 57,000 users in 175 countries. Its app, which was launched in 2012, shows live gold and silver price charts in the worlds four major currencies  US Dollar, Euro, Sterling and Japanese Yen. Private investors can use the app to check their current holdings and cash balance, and place orders in London, New York, Singapore, Toronto or Zurich.

This enables private investors to buy and sell physical bullion inside professional vaults whenever they want, said Adrian Ash, head of research at BullionVault.

Unlike any other physical bullion market in the world, our live order board remains open 24/7,” he said. “This record-breaking purchase shows the appetite for 24-hour access to the gold market, and the convenience offered by our app.

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In 2014, customers used BullionVault to trade a monthly average of $100m ( £65.85m) in gold and $65m ( £42.80m) in silver. 

Although just eight per cent of the companys clients use the app to purchase gold or silver, BullionVault said it regularly saw orders placed for six-figure deals . The companys previous record set in February 2013 was when a customer bought 365,000-worth ? or 10.7kg ? of gold using an iPhone.

The record has now been broken, with a private investor having bought 500,000-worth of gold bullion through an app on their smartphone.

But while the method of purchase might have been innovative, the market remains as old fashioned. Ash suggested the gold had been purchased for 727 an ounce. The price on September 16 stood at 722. 

“Well, these things happen,” he added.

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