LONDON, Mar 01, 2011 (Dow Jones Commodities News via Comtex) — Gold holdings at online gold dealer BullionVault are now valued at over $1 billion, up 49% from a year earlier, the company said Tuesday.
The steep increase is a reflection of “continued demand” for gold as a store of wealth, BullionVault said.
“Despite a recent dip in prices below their all time high of $1,430 a troy ounce in early December, our $1 billion milestone indicates that demand for the traditional inflation hedge remains strong due to the ongoing threat of currency devaluation,” said Adrian Ash, head of research at BullionVault.
By volume, BullionVault customers now own more than 22 metric tons of physical gold, the equivalent to total gold holdings in Morocco and 4.5 tons more than in Sri Lanka. The dealer’s silver holdings now stand at more than 150 tons.
BullionVault has over 21,000 customers in 97 countries, with an average holding of $48,000.
-By Francesca Freeman, Dow Jones Newswires; +44 (0)20 7842 9412; email@example.com
(END) Dow Jones Newswires