Three very different routes to physical gold: dealer vaulting, an allocated trading platform and third-party custody. APX examines what UHNW buyers should compare.
Executive Summary
Buying physical gold at UHNW scale can mean very different things depending on the provider. A London dealer such as Sharps Pixley, an online allocated-bullion market such as BullionVault, and a specialist precious-metals firm such as GoldCore can all provide exposure to physical metal, but the ownership, custody, dealing and jurisdictional architecture differs.
The correct question is therefore not “who has the cheapest gold?” It is: what exactly do I legally own, where is it held, can I identify or reserve specific bars, who is the custodian, how is insurance arranged, what happens if the dealer fails, and how quickly can I sell or move the metal?
Key Takeaways
- Sharps Pixley offers London dealing and states that certain stored gold is held allocated and segregated in its high-security London vaulting facilities.
- BullionVault operates a marketplace for fully allocated physical bullion and offers professional vault locations including London, Zurich, New York, Toronto and Singapore.
- GoldCore uses external specialist custodians including Loomis and Brink’s across multiple jurisdictions, emphasising segregated and allocated storage.
- Ownership structure matters more than brand marketing: allocated, segregated, pooled and unallocated metal carry different legal and counterparty characteristics.
- Large buyers should separate dealer risk from custodian risk and understand audit, insurance, bar lists, withdrawal and resale mechanics before committing capital.
Route One: Dealer Plus Vault — Sharps Pixley
Sharps Pixley is a long-established London bullion name with dealing and vaulting under the same commercial umbrella. Its published FAQ describes high-security Central London storage and, for pension gold, 100% allocated and segregated holdings with insurance arranged through a Lloyd’s-market broker.
The attraction is physical access and a familiar dealer relationship. The due-diligence question is whether the specific product being purchased is individually allocated, how title is documented, whether the metal is held on the dealer balance sheet at any point, and how quickly it can be transferred to another custodian.
Route Two: Online Allocated Market — BullionVault
BullionVault’s model is closer to a trading venue plus custody network. It says client bullion is outright legal property, fully allocated and held in insured professional vaults. Clients can choose among major jurisdictions and, for whole Good Delivery bars, reserve a specific serial-numbered bar.
That structure can be attractive for investors who want liquid dealing without taking home delivery. The trade-off is that ownership and access are mediated through a platform, so account security, legal terms, audit processes and withdrawal rules remain important.
Route Three: Specialist Dealer with External Custody — GoldCore
GoldCore’s published model emphasises allocated and segregated ownership with third-party storage through specialist firms such as Loomis and Brink’s. That separation between dealer and custodian can appeal to clients who do not want their metal sitting in a dealer-operated vault.
However, investors should still read the custody agreement carefully. The critical details are whose name appears on the custody record, whether holdings are individually segregated, what insurance covers, and how metal can be moved or sold if the dealer relationship ends.
APX Perspective
For UHNW buyers, physical bullion is less about finding the lowest headline premium and more about building a defensible chain of title and custody. A robust structure should make it possible to answer four questions instantly: what do I own, where is it, who controls it, and how do I get it back? Providers such as Sharps Pixley, BullionVault and GoldCore illustrate different ways to solve that problem; none removes the need to inspect the legal structure underneath the marketing.
Frequently Asked Questions
What does allocated gold mean?
Allocated gold is identified as belonging to the client rather than representing a general unsecured claim on a pool of metal. The precise legal structure still depends on the provider and custody agreement.
Is segregated storage better than pooled allocated storage?
It can reduce ambiguity because specific metal is held separately for the client, but it may cost more. The key issue is clear legal title and independent reconciliation.
Should a family store all its bullion in one country?
Large holders often consider jurisdictional diversification, but moving bullion creates cost, insurance, tax and operational issues that should be assessed carefully.
Related APX Intelligence
Sources & Further Reading
APX Intelligence is provided for general information only and does not constitute investment, legal, tax, financial or custody advice. Private banking, commodities, gemstones and alternative assets involve jurisdictional, liquidity, valuation, counterparty and regulatory risks. Independent professional advice and due diligence are essential.
