Gold Bullion to Go: A New Way to Buy Physical Gold

Source: Forbes, Abram Brown (6/8/12)

"GBI is essentially an exchange for gold, silver, platinum and palladium. It says it wants to hack away at the hefty premium investors often pay above spot prices. This can amount to between 5% and 10% for gold."

Forbes, Abram Brown

On a rainy afternoon in Inwood, N.Y., Savneet Singh, 28, president of Gold Bullion International, steps out of a black town car and walks into the entrance of a 10,000-square-foot brown warehouse.

There are no signs on the door, so if not for the barbwire fence encircling the building and an armored car in the parking lot you might never know the site houses several vaults holding hundreds of millions of dollars in gold, silver, palladium and platinum.

This vault is one of three in the New York City area leased by Singh's GBI, a startup trying to make buying and storing gold and other precious metals easy for anyone with $10,000 to invest.

Inside the vault, accompanied by an armed guard, Singh takes a 100-ounce bar of gold shaped like a Nestlé Crunch bar (but worth $160,000) and hands it to an associate. "I always love doing this," he says. "Even a caveman would know that this is worth something". . .View Full Article

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