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BullionVault adds silver to online exchange


Gold ownership service has added silver bullion to its online exchange.

The silver service aims to reduce the cost to private investors of physical dealing and ownership.
BullionVault already stores USD660m-worth of gold bars on behalf of 16,500 customers. 

Its online exchange enables private individuals to buy and sell ownership of that physical gold, setting their own price in open competition.
The company is offering new users a free ounce of physical silver stored securely in specialist market-approved vaults.
J. Mann of Berkshire, UK, an existing gold owner through BullionVault, says: "I think silver is probably the best investment in the world right now. It’s a very effective inflation hedge. I had wanted to invest in silver, but didn’t want to store it in the bank or at home. I bought it as soon as I learnt that BullionVault was offering it."
Precious metals analysts surveyed by the London Bullion Market Association recently forecast on average a 12 per cent rise in silver prices for 2010. Some experts said they expect a 77 per cent spike.
Currently trading around USD17 an ounce, world silver prices peaked above USD50 an ounce in 1980. Fears of rising inflation – plus the threat of a sovereign debt default – have once again seen a growing number of private investors turn to precious metals ownership.
BullionVault founder and chief executive Paul Tustain says: "Just as with gold, private investors have lacked a safe, low-cost route to physical silver dealing and ownership. Our customers wanted a similarly easy and secure way to buy, own and sell silver, without being charged high fees."

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