Everything that we have has some type of value placed on it. Some of these values are given based on how we feel about them. Other items are given values that have been assigned by others. This basing of values applies to old coins and the other coins that you will find coin collections. While many coin shops and coin dealers will know the old coin value for many coins, we may have no idea about this.
Galmarley’s name is a tribute to three writers. Professor John Kenneth Galbraith, Alexander Del Mar, and Robert Smitley, all sadly now dead. Between them they taught me enough about economics, gold and investing to set me on the road to creating BullionVault. I wrote most of the Galmarley site myself. I hope the information helps people get to grips with the whole gold picture.
(Q) Do you have any tax reporting requirements on a customers sale of gold….if tomorrow I sell a million dollars worth of BV gold, is that sale reported to the tax services?
BullionVault gold is fully allocated, and collected by our vault operators for separate storage exclusively for BullionVault clients before we offer it for sale. Normally for an allocated spot gold trade the buyer still has to pay for collection. With BullionVault your gold is already in the vault where you want it, so you don’t have that extra cost. The difference is fairly minimal, like about 20 cents an ounce, but it means BullionVault gold tends to hold a small premium over the spot price. I guess you can say BullionVault gold is spot gold inclusive of the cost of collection.
This is tangible property, and it is held directly by you, so it is not abstracted under some complex trust deed drawn up under British law (another advantage of the way we’re set up). So whatever a British government might wish to do to gold held by BullionVault customers in Zurich they cannot easily do much, any more than a British government could take possession of Swiss houses bought through a British real-estate agent.
You could end up losing the coin value of silver dollars or gold coin value to the interest on a credit card. Use a credit card only if you have to, and pay off the principle every month, if you do use one. Otherwise use a different way to purchase your coins.