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I think we looked at that quite recently and there is no real evidence of a difference between the two this year

all these things are circumstantial. I do not think anything;

how is it that BullionVault is different from this crowd? Or, do you think these concerns are overblown?

It is. Yeah. And it is an ugly way that some things can work out. The question is, you could pay for something in full and leave it there in support of your account, in which case you have transferred ownership to the futures company. But, of course, nobody knows that when they do it, and how the law will treat that. If the law does not find a clear document which says this property is under the safekeeping of the custodian and a fee is being paid, then there is a risk that that property will be grabbed by a liquidator in a liquidation. That is what you have to avoid. So you need to look at the documentation that makes it absolutely clear it is the property of you, the person who placed it under the care of the company involved and you want to make sure you pay that fee as well. It does not have to be a very big one and if it is a BullionVault, it is about a third of the price of an ETF. We charge 12 base points a year. But you have to have that fee because it is very important in the courts, showing that this was not a transfer of property to another organization, in the nature of a business transaction. What it shows is that the transaction such as it was, was placing into the custody of a safekeeper your own property.

ETFs are, you have a debt instrument. You do not own gold but you own a debt instrument which is reliability backed by physical gold