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GoldHold specialises in bullion sales and management, offering physical gold investment products through a secure collective depository (vault) in Zurich, Switzerland. This vault is operated by ViaMAT International which stores billions of Euros worth of precious metals and is insured through Lloyds of London. Whether you are a prudent individual investor or an institutional client, you can benefit from our expertise, bulk purchasing power and wholesale storage. Client assets are held under contract with Europe’s largest and most trusted custodian in order to protect their wealth from currency debasement and the spiralling global debt crisis. Physical gold is a foundation asset that should form part of all balanced portfolios. It acts as the ultimate safe haven asset because: • There is no government associated with physical gold • There is no debt associated with physical gold • There are no hidden, underlying, risky derivatives associated with physical gold, • The supply of gold (unlike currencies) is limited and is becoming more difficult to locate and mine • Owners of physical gold are protected from rising inflation, economic turmoil, and financial crises
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Investment Rationale The history of gold as the global monetary anchor, combined with the current state of Western economies, forms a compelling case for savers and investors to allocate a portion of their wealth to this hard asset. Since the beginning of 2002, gold has delivered an average year on year return of 19% in US Dollar($) and 15% in Euro(â‚Ź) due to growth in demand from emerging economies, central banks and investors. Meanwhile, the supply of gold is limited by poor infrastructure, rising costs and a lack of new discoveries.
Price of Gold (US $ - Daily Average)
Source: St.Louis Federal Reserve Bank
Supply of Gold Estimates suggest that the total mass of gold ever mined throughout history, up to the end of 2011, is less than 170,000 tonnes, enough to form a cube with sides measuring just 21 meters. This represents a similar mass from just a few hours of global steel production. Gold is extremely scarce and the cost of extracting it is rising.
â€œOur IRR analysis of the major gold projects under construction globally reveals that the long-term gold price will need to be US$1,400/oz to justify capital cost. For greenfield projects, the gold price would need to be closer to US$2,000/oz to generate the minimum required return. Escalating costs of building gold mines could result in delays at many projects.â€? A definitive study of gold mine production 2011 to 2015, Standard Chartered, Metals and Mining Division, 14th June 2011.
Supply of Gold The gold market has two main sources of supply: mining and recycling. The chart below illustrates the two major trend shifts in gold supply during the past ten years. Firstly, central banks, whom for many years were net sellers of gold, are now net buyers. This reflects eroding confidence in the US$ and the Euro as emerging markets’ Central Bankers diversify to gold for safety. The second trend in the supply graph is the increasing amount of supply from recycling over the past ten
years. In 2002 the total supply from recycled gold was 835 tonnes or 23% of supply compared with 1,694 tonnes or 45% of supply in 2009. In 2011 it accounted for 40% of supply. As it is an unsustainable source of gold, a peak in the “Cash for Gold” industry will see a reduction in this source of gold supply to the market and will push prices higher. This is reinforced by the reduction in sales of jewellery on the demand chart on the following page.
“While the average gold content per tonne in 1950 was more than 8 grammes, it is now about 0.8 grammes per tonne”, ‘Special Report – Gold’, Erste Bank Austria, July 2011.
“In spite of expenditures being at a record high (in excess of US$5.3 Billion in 2010) the number of deposits and total amount of gold being found remains modest.” ‘Recent Trends in Gold Discovery’, NewGenGold Conference, Perth, Australia. 22-23 November 2011
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Demand For Gold There are five sources of demand for gold; jewellery, physical investment (bars and coins), fund investment, industrial and Central Banks. Industrial use of gold accounts for approximately 10% of demand and has increased slightly over the past ten years. In order to clearly illustrate the more important trends in the demand for gold, industrial demand has been omitted from the graph below.
Demand for physical investment (bars and coins) has increased in the last three years. More investors have become aware of third party risks associated with funds like ETFs (Exchange Traded Funds), because of their use of swaps, loans, futures and leverage in the derivatives markets. In the last three years, investors have moved towards outright ownership of physical gold through bullion services like that of GoldHold. This trend is evident as physical investment and fund
The graph outlines three trends that can be seen clearly in the demand graph: jewellery demand has subsided since 2005, investment demand has increased in the past ten years and central bankers are now net buyers (as discussed in the previous section).
investment diverge from 2009.
Emerging Markets’ Affinity for Gold
In recent years, emerging markets have been driving the gold market. China and India combined account for over 50% of global demand. The reasons for this include: • A growing middle class with rising incomes
gold to give the Renmimbi (the Chinese currency) full convertibility - each unit of currency is to be backed by a unit of gold.
• Strengthening currencies making gold more affordable
“China wants the Renminbi to be backed with a huge percentage of gold, thereby making the Renminbi the world’s best and most trusted currency.”
• Cultures of high saving rates
Richard Russell, Financial Historian.
• A legacy of distrust of paper money due to the Asian currency crisis in the late 90’s • A growing distrust of Western currencies and sovereign bonds (debt)
“While the gold affinity in China is substantial, annual consumption per capita is still only 0.4 grammes. Given the savings ratio of almost 35% and the rising wealth, gold consumption has to increase by default. We believe that the growing relevance of the Chinese middle class for the gold market is not fully appreciated” Special Report – Gold, Erste Group Research, Austria, July 2011
China’s plan for a more dominant position in the global economy is also driving gold demand. As part of this plan, the Chinese currency plays a crucial role. Many gold analysts believe that China plans to buy enough
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“I believe with 100% certainty that the Chinese are now clearly on a path to accumulate so much gold that one day soon they will be able to restore the convertibility of their currency into a precious metal”. Porter Stansbury, Stansbury & Associates.
Chinese citizens had been banned from owning gold until 2002. Now the Chinese government is actively encouraging its people to accumulate physical gold through state sponsored advertising and by opening state sponsored bullion retail units across the country. The Chinese made available the first yuan-denominated spot gold contract called the Renminbi Kilobar Gold. Dow Jones Marketwatch reports that analysts see it as “a step toward making the yuan a global reserve currency.”
Is Gold in a Bubble? There are several indicators that would suggest that the gold bull market is far from over. The first indicator is the value of gold reserves and gold related equities combined and expressed as a percentage of global assets. In 2009, Erste Group Research produced the comparative chart below showing how this percentage is still low in historical terms. In 2011 they calculated investable gold to be worth just 1% of global assets. On a historic basis it seems that gold is undervalued and that a peak in the price is not in place. Secondly, media coverage is concerned mainly with selling gold to ‘Cash for Gold’ operations and not with investing in gold. A comparison to the peak in prices in 1980, when people queued on the streets to buy gold, bares no resemblance – indicating that a bubble is not evident. The bull market is also supported by a study published in November 2011 by Steinbeis University in Berlin that analysed gold holdings of retail investors in Germany and found that, on average, Germans have allocated only 2.8% of their total private wealth to gold. This is a
surprising outcome given that the German people are considered to be amongst the largest private investors in gold across Europe. Further support is derived from the fact that gold currently trades close to its 200 day moving average (March 2012). Typically, the end of a bull market is characterised by a deviation from the average trading range, known as a parabolic phase or a blow-off top.
“Gold’s apparent underinvestment also applies to gold equity financing since 2000. According to our sources, gold companies raised approximately $78 billion of equity capital in new financings over the past 11 years. To put this amount in perspective, this is equivalent to the total amount of equity raised by technology companies in the first three months of 2000… The fact is, despite all this talk about the gold bubble, the capital flows into gold vis-à-vis other financial assets have simply not been large enough to indicate any speculative mania. Investors can rest assured that they are not participating in any speculative bubble by owning gold. They are merely protecting their wealth.” Eric Sprott, Sprott Asset Management, 2011.
Why is Gold such an important financial asset? Gold has been a part of the global financial system for thousands of years. As far back as 3000 BC, it was used by ancient pharaohs in Egypt. When trade was developing in the Middle East, primarily by the Babylonians around 800 BC, gold was the ideal choice as both a store of wealth and a medium of exchange. The Lydians developed the first gold coins around 635 BC which enabled trade in the region to flourish as the reliable money system allowed traders to transact with ease and trust. The first monopoly by the state on the issuance of coins was instigated at approximately the same time and from this point onwards, gold has been tied to the global monetary system. In more recent history, gold has acted as the monetary anchor for the financial system by relating each unit of printed money to a fixed amount of gold. This restricted government’s ability to increase the money supply and, as such, also restricted the amount of inflation during the ‘gold standard’ period. In fact during the period 1800 to 1944, one pound (or one dollar) would have bought the same basket of goods at the start as it did at the end of the period. In 1944, at the Bretton Woods Conference, a global pseudo gold standard was designed in order to facilitate international trade. This new system linked all participating currencies to the US dollar which was, in turn, linked to gold. Under the system, Central Banks could convert their US dollar reserves to gold. The price of gold was set at $35 per Troy Ounce in 1944 and this official exchange rate remained in place until 1971. However, from the mid 1950s, the cost of the Korean War and the Vietnam War caused an expansion of the US money supply. This expansion was not matched by a change in exchange rate with gold.
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Other nations began to suspect US monetary expansion and started to convert their US dollars to gold.
As US gold reserves began to dwindle, President Richard Nixon shocked the world in a television broadcast on August 15th 1971 by closing the ‘Gold Window’ and ceasing convertibility of the dollar to gold, leaving global Central Banks with US dollars in reserve.
There were two major outcomes from the actions of Nixon on that day: global Central Banks ended up with US dollars in reserve making it the global reserve currency and the world was no longer on the gold standard – governments, from this point onwards, were free to expand the money supply to meet obligations. The global ‘Fiat Currency Experiment’ had begun.
Source: St.Louis Federal Reserve Bank
High price inflation took hold in the 1970’s as the monetary base expanded and savings and purchasing power were decimated. The price of gold soared as it tried to keep up, reaching a high of $825 per Troy Ounce in 1980. Inflation became public enemy number one and government policy throughout the 80’s and 90’s was dedicated to tackling it. Gold declined in value during this period as the Federal Reserve Chairman Paul Volcker’s tighter control of the money supply took effect. The second half of the 1990s was characterized by well-publicized Initial Public Offerings of High-tech and ‘dot-com’ companies and by 2000 it was evident a bubble in stock valuations had occurred, such that beginning in March 2000, the market would give back some 50% to 75% of the growth of the 1990s. The economy worsened in 2001 with unemployment and business failures rising substantially, and triggered a recession that is often blamed on the September 11 attacks.
The inflation graph shows that inflationary periods, prior to the breakdown of the Bretton Woods Agreement, were associated only with war and were short lived. However, once the link to gold was severed in 1971, governments were free to expand money supply, engage in deficit spending, increase national debts and commit to ever increasing unfunded liabilities. This marked a key turning point for gold as Western nations, led by Alan Greenspan in the US, drove down interest rates and began to expand the monetary base at an accelerated rate, in order to stimulate their economies, particularly after the financial crisis of 2008. Gold is, once again, trying to catch up with global money supply with the additional pressure of emerging market demand and supply constraints.
“Through the many economic debacles in human history runs one common thread: those who financially survive do so because they own gold.” Michael J Kosares, The ABCs of Investing in Gold
Gold Catching Up
Nixon television broadcast: US$ convertibility to gold suspended Most major countries adopt floating exchange rate regime.
Temporary rise in gold prices allows US reserves to match the monetary base
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With Money Supply
Portugal Bailout Fed: â€œOperation Twistâ€? ECB LTRO Commences with $500 billion
Ireland Bailout QE2 commences, Greece Bailout
On September 15th, 2006, Lehman Brothers filed for Chapter 11 bankruptcy - the largest in U.S. hostory, QE1 commences Low in Gold Prices. Jim Sinclair publicaly announces re-entering the gold market and that a low is in place
Eurozone currencies exchange rates locked
Source: St.Louis Federal Reserve Bank, Measuringwww.gold-hold.com Worth, World Gold Council.
Inflation It is widely known that gold is the ultimate hedge against high price inflation. Price inflation is the general rise in prices of goods and services in an economy over time. It can be said to be driven by three factors: demand, cost and money supply. By analysing each of these drivers of inflation, investors may form a view of what to expect in the future in order to aid decision making. The power of inflation: Margaret Thatcher makes her famous demonstration of the erosion of purchasing power in 1979.
Global population growth
Source: Population bureau
Predicted % of Global Middle Class
Source: Brookings Institute For Development
Demand Demand for goods and services globally, despite the recession in western economies, is likely to continue to rise. This is due to the growing global population and, in particular, the expanding middle class in emerging economies who aspire to lead a consumptive lifestyle like that of their western counterparts.
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“Developing countries now account for almost 1/2 of global crude oil demand. …all of the net increase in global oil demand over the past 5 years has come from developing countries… In 2009, China overtook the OECD as the world’s largest metal consumer, now consuming more than 40 percent of global metal supplies”. World Bank
Costs It appears that the cost of raw materials, labour, and energy will push prices higher. Oil prices continue to rise as global production plateaus. Labour costs in emerging economies are rapidly increasing.
In China’s five-year plan for 2011-15, the government said that minimum wages should be raised by at least 13 per cent annually… The biggest increase of 2012 so far has been in Sichuan province, where the government announced that minimum wages would be lifted by 23.4 per cent on average. Financial Times, January 4th, 2012.
Salary increases in India are projected to be 11.9% (for 2012). The Economic Times, February 21st 2012.
Money Supply All major Western Central Banks (ECB, Federal Reserve, Bank of England, Swiss National Bank and Bank of Japan) have been expanding their balance sheets through a mechanism called quantitative easing (QE).This is a process of expanding the money supply. Although QE has, to this point in time, offset the effects of deleveraging of loans and hence a contraction of money supply, continued money printing may have a detrimental effect on the purchasing power of currencies. Debasing a currency by printing more of it may help an economy become more competitive but it also destroys the wealth of prudent savers and pushes up prices of imported goods.
“Inflation can be the great equalizer. You can be wealthy in notional terms… but lose it in real terms if you are not ready. Inflation can wind up destroying great fortunes, even as it is doing grave damage to the poor and the middle class…When the printing presses are being run, the money has to go somewhere and it will often go into commodity and asset price inflation.” Robert D. Arnott. Award Winning Journalist
“Since there is no practical means of draining the quantitative easing as it is an international occurrence across many forms of debt, there is no practical means of avoiding currency related cost-push inflation… This cost-push inflation is a currency related phenomena, which historically occurs as a result of QE when confidence in the currency of the practitioner nation begins to lose value at an accelerating rate.” Jim Sinclair, fund manager, investor and mining entrepreneur who called the peak in gold in 1980 and called the bottom in gold in 1999.
“The case [for gold] is essentially nothing more complicated than money debasement, i.e. negative real rates and, more powerfully, money creation. In contrast to rapid supply growth of $, EUROs and GB£s in recent years, the supply growth of gold has been limited and slow. As such and because of limited supply, the price of gold has risen rapidly relative to the price of $, EUROs & GB£ - i.e. basic supply and demand fundamentals… Since the start of this crisis the Fed’s Balance Sheet has almost tripled while the ECB’s has increased by approx 2.5x (in US$ terms).” Chris Watling, Longview Economics, February 2012.
How does GoldHold work?
The form in which physical gold is purchased is of critical importance to the investor. At GoldHold we have structured the legal title of the physical metal so that the investor is the outright owner. Investor’s gold is held in the ViaMat International high security vault in Zurich, Switzerland, which holds billions of Euros worth of precious metals. Clients’ gold is held with an agreement that passes legal title from GoldHold to the clients. Clients’ assets are held in an allocated account, managed by GoldHold, which is physically separated from other accounts in the vault and can be inspected by clients upon request.
Further Safeguards In addition to protecting clients’ assets through legal title, we have engaged the professional services of international auditors KPMG and international commodities experts, Inspectorate Ltd. GoldHold arrange, on behalf of clients, regular independent audits of both physical stock in the Swiss vault and the accounts of our client holdings. Audits of the physical holdings are carried out by Inspectorate Ltd. During this process the gold bars in the ViaMat Swiss vault are inspected and weighed and serial numbers and manufacturers stamps are noted. Client accounts are audited by KPMG in order to verify the amount of gold that GoldHold states it’s clients own. Both audits occur simultaneously to establish that the amount of gold owned by our clients matches the amount of gold held in the vault. The results of both of these audits are published on the GoldHold client website and are available upon request to clients.
Originally formed in 1885, Inspectorate Ltd. is an international company specialising in testing and inspection of physical commodities including precious metals. They periodically visit the ViaMat International vault in Zurich, Switzerland to weigh and inspect the gold held in the GoldHold account. Inspectorate Ltd. are committed to the delivery of the highest level of compliance, integrity and ethical behaviour in the provision of its services, issuance of its reports and every aspect of its business interactions.
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KPMG is a leading international provider of professional services. They periodically visit the GoldHold administrative offices in Galway, Ireland, on behalf of clients, to review our client accounts and physical gold holdings. The audit report is published on the GoldHold client website for clients to review or may be posted to clients directly. KPMG currently oversee the integrity of the Irish National Lottery and have won many awards globally for auditing, risk management and other professional services.
GoldHold stock and client holdings are held in a high security vault operated by ViaMat International in Zurich, Switzerland. The vault and its contents are fully insured with Lloyds of London. When clients purchase gold through the GoldHold system their gold is already in this vault and title of this gold is transferred to the client as soon as the transaction has been confirmed.
Why Switzerland ?
ViaMat is an internationally renowned company originally founded in 1945 and is globally recognised and trusted as vault operators for safe storage of precious metals and other items of high value such as gemstones, fine art and museum artifacts. The Goldhold collective depository is located in the ViaMat high security vault in Zurich, Switzerland. Crucially, this gold is stored outside the banking and financial system and is therefore not exposed to potential banking failure, ac-
Switzerland is considered by many to be the safest country for gold storage, much of that opinion is derived from a look into Switzerlandâ€™s history. The first Swiss confederation was formed in 1353 and nearly 300 years later in 1648, Switzerland gained complete independence. From that year to this Switzerland has remained neutral and has not been engaged in any foreign conflicts. Swiss politics is that of stable consensus with a coalition government in place since 1959. It is no surprise then that this country has a very low crime rate and is famed for its respect of individual
counting fraud or risky trading activities.
privacy and property rights.
Protecting your assets... The clients gold cannot be used by GoldHold or ViaMat as collateral for lending monies. In the event that either GoldHold or the custodian, ViaMat, were to go into liquidation, the liquidator is obliged to treat the gold as assets of clients and not of the companies and is therefore protected from claims of creditors. We have made every effort to ensure that clientsâ€™ assets are protected from every eventuality. If you have concerns or questions about the security of client assets please contact our office for further information.
The Benefits of GoldHold
Reduced cost As one of Ireland’s largest buyers of gold bullion our clients benefit from our bulk purchasing power and from our wholesale storage rates. The initial cost of purchasing gold is further reduced by cutting out transport, manufacture, handling and insurance costs that are normally associated with purchasing (and selling) physical assets.
Convenience and Security GoldHold offers the most convenient and cost effective ways to own physical gold is stored with Europe’s oldest and most trusted custodian, without having to satisfy the Swiss authorities with arduous paperwork. At time of print (March 2012) there was a two month waiting period to open an account with ViaMat International in Zurich. Opening an account with GoldHold takes just 5 minutes.
High Liquidity Owning gold through GoldHold makes your asset highly liquid as selling is simple and executed instantaneously. Withdrawal of client deposits is executed within 5 working days (maximum) of request. These advantages are considerable when compared with delivered gold (taking possession in your home or business). Delivered gold may lead to delays in arranging transport to a buyer which may result in considerable losses due to market fluctuations and due to your ability to attain a fair market price. Once gold bars and coins are removed from the chain of integrity (delivered to retail customers), they require rigorous testing and assaying. Bullion dealers often offer prices considerably lower than market spot prices when purchasing from their clients. Purchasing and selling through GoldHold keeps your bullion within the chain of integrity, allowing clients to sell at the right price and the right time.
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Audit and Inspection GoldHold Clients are reassured by independent audits and inspections carried out on their behalf by international experts KPMG and Inspectorate Ltd.
Start With Just €1,000 At GoldHold we understand that, for the majority of our clients, this may be the first time that they have considered investing in precious metals and may wish to start slowly. For this reason clients can start with an initial deposit of just €1,000.
Fees and Charges Physical Premium
Unlike buying stocks and shares or options and futures (paper assets), GoldHold supplies physical metal that has costs associated with it that paper assets do not. We offer physical gold delivered to the vault at spot price (see below) plus the physical premium. The physical premium depends on the amount of gold purchased. It includes refining and manufacturing cost, handling, delivery, packaging and insurance costs.
We charge a wholesale annual storage fee of 0.95% An allocated storage account with a major custodian would generally cost around 1.6% annually so this represents a large saving for investors. As GoldHold grows it’s client base, storage costs will inevitably be
There are no additional upfront fees
When investors eventually decide to sell their gold, GoldHold purchases back from clients at just 1% below spot price.
For purchases over €500,000 please call our trading desk.
reduced and these savings will be passed on to clients.
Selling Back To GoldHold
Spot Price The spot price for gold, and indeed for all physical commodities, is the quoted price on the international commodity exchanges. It represents the midpoint between the buy and sell price at any one time. The spot price fluctuates throughout the day as traders buy and sell contracts and it represents a price that reflects the overall sentiment in the market for a notional Troy Ounce of gold. The spot price does not include costs such as delivery, manufacture, packaging, handling and insurance.
Regulation - Physical versus Paper Together with the whole of the bullion market, GoldHold’s regulatory status is markedly different from the financial services industry. Modern financial services businesses throughout Europe and America tend to be companies which deal in paper based instruments generally called ‘securities’, and these are subject to increasing legal sophistication and regulation. GoldHold offers a debt-free environment, and because it deals in the absolute ownership of physical metal, and not paper based contractual rights, it falls under the defined scope of formal property law and regulation, as does the rest of the physical bullion industry.
We believe this offers a clearer and better enforced regulatory environment. In GoldHold you own bullion, and not a piece of paper evidencing an entitlement under a trust. The property right this gives you is much simpler, better established, and less subject to change than modern securities law. Solid Gold Commodities Limited, the owner and operator of GoldHold, is an Irish Limited Company regulated by Irish Law which covers well established Western principles of statutory property rights and statutory company law. Regulatory responsibility rests on three mutually independent arms of law enforcement: (i) the investigating authority, (ii) the prosecuting authority and (iii) the Criminal Courts.
How to Proceed: Step 1: Opening an Account Opening an account with GoldHold is easy. There are two ways to apply for an account: online or by traditional post. Simply fill out our online application form giving the appropriate details and uploading the appropriate scanned documents – it takes just 5 minutes after which you will be ready to deposit funds and start buying gold. Alternatively you can download and print a PDF form, fill in the form, attach the appropriate documents and send it to GoldHold via the postal service.
Step 2: Deposit Funds When you have completed the application form we will send you details of how to remit funds to your GoldHold account. We accept funds only by electronic bank transfer or by cheque. As soon as your funds are cleared your account will be updated and you are ready to buy gold bullion. We will contact you either by email or telephone (according to your preference) to inform you of this.
Step 3: Buying Gold When you have deposited funds (and your account has been activated) you are in a position to purchase gold. GoldHold clients may carry out transactions during normal business hours by logging into their online GoldHold account or by phoning our trading desk. Clients can use all of their holdings in one transaction or just a fraction of their holdings – there is a minimum limit of only 0.1 TOz (Troy Ounces) to both purchase and sale amounts. When the transaction is confirmed, legal title of the physical gold is transferred to the client and the money is transferred from the client account. This ensures protection of the clients asset as outright ownership is given to the client.
Step 4: Store Securely Within minutes you will receive confirmation from us via email of your purchase and confirmation that the gold has been allocated to you in the ViaMat vault in Zurich, Switzerland. The gold is held under a contract with ViaMat that recognises that the client is the outright owner of the physical gold. All of GoldHold’s Clients’ gold is held in an allocated account that is managed by GoldHold. In order to ensure that GoldHold supply gold to the vault, independent auditors periodically inspect the vault on clients’ behalf.
Step 5: Selling and Withdrawing Selling your gold with GoldHold is simple and quick. During normal business hours, log onto the online GoldHold system or phone our trading desk. Clients can sell all of their holdings in one transaction or just a fraction of their holdings – there is a minimum transaction limit of only 0.1 TOz. Legal title of the asset reverts to GoldHold when the transaction has been confirmed and the money is placed into the client account. When a client’s account has been updated they are in a position to withdraw their currency holdings. Withdrawal requests may be implemented online 24/7 or via telephone during normal business hours. Requests are fulfilled within 5 working days (maximum).
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GoldHold is owned and operated by Solid Gold Commodities Ltd. an international precious metals dealer and trading house since 2009. Originally the business traded gold, silver and platinum with Argor Hereaus, one of Europe’s largest refiners and producers of high quality bullion products. Since then the company has expanded to include palladium and copper and now deals with most of the world’s best known refiners and custodians. GoldHold provides for individual, institutional and corporate investors through a cost effective and convenient supply and storage mechanism in the ViaMat International high security vault in Zurich, Switzerland.
GoldHold Mission GoldHold’s mission is to provide the most cost effective and convenient way to own physical precious metals. We provide a service that eliminates the costs and risks of taking delivery while still offering the benefits of owning physical metal and eliminating third party risk.
Call our reception now on 01 554 78 76 to speak to one of our experienced traders.
26 Estoria House Nile Lodge, Lower Salthill Galway Tel: +353 (0) 91 39 63 63 Fax: +353 (0) 91 39 63 60
International Corporate Centre 92-93 St Stephen’s Green Dublin 2 Tel: +353 (0)1 554 78 76
(Compliance, AML & Administration)
Terms and conditions apply to the products and services introduced in this document. Please read and understand the terms and conditions in advance of an application to open an account with GoldHold. Solid Gold Commodities Ltd. is the owner and operator of GoldHold. Registered offices are located at 26 Estoria House, Nile Lodge, Lower Salthill, Galway, Ireland. Directors: Dr. Greg Heaslip and Mr. Francis O’Flaherty. Company Registration no. 471957. Warning: Any person acting on the information contained in this document does so at their own risk. Recommendations in this document may not be suitable for all investors. Individual circumstances should be considered before a decision to invest is taken. Investors should note the following: past performance is not necessarily a guide to future performance. The value of investments may fall or rise against investors’ interests. Disclaimer: The information in this document has been obtained from sources, which we believe to be reliable. We cannot guarantee its accuracy or completeness.
THE MOST COST EFFECTIVE AND CONVENIENT W AY T O O W N G O L D
G O L D H O L D 26 Estoria House, Nile Lodge, Lower Salthill, Galway, Ireland Tel: +353(0) 91 39 63 63 Fax: +353(0) 91 39 63 60 Email: email@example.com
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Published on Oct 18, 2012
The GoldHold brochure has two parts. The first part describes the rationale for investing in gold. The second part describes the structure o...