BMG offers global storage diversification with additional vaults in Hong Kong and New York City
BMG clients can now elect to store bullion on an allocated basis in secure vaults located in Asia, the US or Canada
Toronto, Canada – July 13, 2011 – Bullion Custodial Services Inc. (NYSE:BCS), a wholly owned subsidiary of Bullion Management Group Inc. (BMG), is pleased to announce the addition of two storage facilities in Hong Kong and New York City for the custodial storage of its BMG BullionBars products. These new facilities complement the company’s present storage facility in Toronto, Canada and provide clients with more storage locations worldwide.
“The move to offer bullion storage to our BMG BullionBars clients in three global money centres is in response to client demand for local and diversified vault locations,” says Nick Barisheff, President and CEO of Bullion Management Group Inc. “In a period where global financial contagion and central bank defaults are being discussed openly in mainstream financial media, the option for storage of BMG BullionBars in local or multiple vaults holds immediate appeal for high net worth investors.”
The BMG BullionBars program enables investors to purchase bars through BCS and BMG Authorized Bullion Dealers, and store certified, investment-grade, good delivery standard bars of gold, silver and platinum on an allocated and insured basis in the form of gold in 1-kilogram, 100-ounce and 400-ounce bars, silver in 1,000-ounce bars and platinum in 50-ounce bars. With each bullion bar purchase, title of the bar is passed to the purchaser and evidenced with a unique, registered Bullion Deed showing the owner’s name, bar weight, assayer, purity and bar serial number. Further, the BCS Custody Agreement provides for allocated and insured storage.
In the event of bankruptcy or insolvency of the custodian, the holders of unallocated precious metals bullion rank as unsecured creditors. In contrast, the BMG BullionBars purchase and storage process ensures that title and undisputed ownership of the allocated bars is held by the purchaser. Bars in allocated storage do not form part of the custodian’s assets and may not be leased into the market or used in any way. In the event of bankruptcy or insolvency, BMG BullionBars held in allocated storage are not subject to third-party claims.
The BMG BullionBars program meets the needs of investors seeking to purchase and hold individual bars of investment-grade good delivery gold, silver and platinum bullion.