The gold price
The Truth About $1,000 Gold - 13 March 2008
The world's very first $1,000 an ounce gold-sale by a private investor just happened at BullionVault...
AMID THURSDAY's confusion over front-month gold futures and (possibly phantom) wholesale offers at $1,000 per ounce, one individual using the BullionVault service really did achieve a sale at the magic four-figure price.
It was the first time ever that a private investor sold gold at $1,000 an ounce, and it only happened at BullionVault.
The BullionVault user, who lives in Toronto, Canada, advertised his $1,000 price on our live online order board – just as any BullionVault user can – early Thursday morning.
He offered five ounces of gold for sale in our New York vault, and his offer was accepted by another customer, an investment company based in Hong Kong, at 07:05 New York time.
As ever, the transaction between these two private gold traders was done entirely online. Settlement – in full, for cash – was instant. Ownership changed hands, but the physical gold bullion itself remained immobilized in the highly secure, market-approved New York vault, where it's stored as part of a 100-oz Comex-approved "good delivery" bar.
That saved both sides the cost and hassle of arranging delivery. And it was only BullionVault's live online order board that enabled our Canadian user to achieve the world's first-ever $1,000 private gold sale, quoting his price and earning – rather than paying – the dealing spread.
Want to learn more – and claim a gram of Free Gold in our Zurich vault – today? Click through to BullionVault now...
Adrian Ash runs the research desk at BullionVault, the physical gold and silver market for private investors online. Formerly head of editorial at London's top publisher of private-investment advice, he was City correspondent for The Daily Reckoning from 2003 to 2008, and is now a regular contributor to many leading analysis sites including Forbes and a regular guest on BBC national and international radio and television news. Adrian's views on the gold market have been sought by the Financial Times and Economist magazine in London; CNBC, Bloomberg and TheStreet.com in New York; Germany's Der Stern and FT Deutschland; Italy's Il Sole 24 Ore, and many other respected finance publications.
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