4 April 2006
NEW YORK (Reuters) - Online exchange service GoldMoney.com said on Tuesday its customers have purchased more than 1 million ounces of silver since it began offering the metal on its Web site at the start of 2006.
By the end of the first quarter, GoldMoney's customers owned 1.3 million ounces of silver bullion valued at $15.4 million and 4.9 tonnes of gold worth $91 million, it said.
The company's online platform allows investors and consumers to buy the two precious metals and 'digitize' their holdings into currency.
'Customer feedback indicates that they like the ease with which they can purchase any amount of silver, which we then store for them in allocated storage, said James Turk, GoldMoney's founder.
Silver and gold prices have reached 22-year and 25-year highs, respectively, as investors turned to metals and other commodities on expectations that they would outperform stocks and bonds.
GoldMoney offers silver buy and sell rates in the same four currencies available to customers already transacting in gold -- the U.S. dollar, Canadian dollar, Euro and British pound.
The firm's gold and silver is stored in a specialized bullion vault near London, England, and is insured through a policy underwritten at Lloyd's of London.
GoldMoney bills itself as the first, largest and fastest-growing digital gold currency, which can be used as a way to invest in the metal and as a solution for online commerce.