A new Douglas-based gold bullion depository and trading company is now officially open for business. IMGold is the trading name of Isle of Man Bullion Ltd which can buy, sell and store gold and silver bullion. Based in Victoria Street, it has offices and below ground vaults which are electronically protected and monitored by G4S with security systems equalling or exceeding industry standards. In an era in which confidence in banks, the stock market, and even entire national economies has been shaken by crises and scandals, the business is responding to renewed worldwide interest in gold and other precious metals. Ed Pearce, IMGold Managing Director, said:
IMGold is unique as we offer depository facilities to both small and larger-scale bullion owners. Our clients can actually visit us and withdraw, deposit, or purchase bullion for their holding at any time. Customers are able to buy, store and sell bullion, in amounts from as little as 500g. The bullion our customers purchase is never a portion of a bar owned by somebody else. Each bar customers buy belongs to them, and remains their property until they decide to sell. As faith in the safety of banks and currencies seems to be diminishing across the world there is a growing demand to own a tangible asset such as bullion.
IMGold also offers an online platform which allows customers to purchase bullion securely from wherever they are. IMGold customers can take physical possession of their bullion at any time with just 24 hours’ notice. Organising secure storage in vaults with the necessary security and insurance arrangements required for storing precious metals is costly and time consuming. The financial and logistical considerations make secure storage an impractical solution for most individuals and businesses. Therefore, IMGold provides these facilities to its customers in return for a cost-effective fee. Mr Pearce added:
The bullion business is seeing people who have not previously thought of it, now buying gold and other precious metals as part of a strategy to protect their private wealth. IMGold was founded to meet this demand and to make the buying, selling and storage of gold and precious metals as simple and straightforward as possible. While we can provide the latest market data to clients, we do not provide investment advice. The feedback we have from our first customers is they appreciate that we do not try to ‘sell’ them the idea of investing in precious metals. When customers visit us, there’s no sales pitch. We just give straightforward answers to their questions about owning precious metals based on our extensive expertise and experience in this field.
Tony Barber, IMGold Chairman, is the head of a very experienced executive team. For nine years he was a Commissioner with the Isle of Man Financial Supervision Commission, a role following a successful career with the Royal Bank of Scotland Group during which he became a director of RBS International. Ed Pearce has held senior operational positions in a diverse sector of industries, including a role as Head of Operations for one of the UK’s first independent Payment Gateways. He returned to his home in the Isle of Man, and a career in wealth management, after successfully assisting the sale of Protx to a FTSE100 business.