I have recommended Bullion Vault for years. My mother has her trust assets there.
It was always easier to use Bullion Vault than GoldMoney.
Now Bitgold has bought GoldMoney, which was losing money.
Here is a report from the CEO of Bullion Vault.
The company I run, BullionVault, publishes its audited results every year. GoldMoney never did, and it shows us once again why transparency is profoundly healthy.
At 00.41am on a Saturday morning UK time (after Toronto trading closed on Friday evening) GoldMoney’s recent trading history was quietly published by BitGold. It had to tell the stock-market what it had acquired. Those results made scary reading.
GoldMoney’s sales have collapsed – by 78.7% over three years.
It lost £9.4 million in just one year – 2014.
Its net assets fell from £25.4m in 2013 to £13.1m in 2015.
At its March 2015 year-end it is still posting losses.
The first thing we should understand is how GoldMoney lost so much money in 2014. The answer is presumably a combination of things but mainly that they bet their balance sheet on gold. Or, in the special language of company announcements:
“Profit (Loss) for the financial year includes certain gains and losses on unhedged metal inventories which is not a recurring business for BitGold.”
(For the rest of the story, click the link.)