DJ Ex-Merrill Lynch Executive Launches Physical Bullion Service – Tradingmarkets.com
By Rhiannon Hoyle
June 26, 2010
Former Merrill Lynch & Co. Inc. (MER) executive Colbert Narcisse on Friday launched Gold Bullion International, a New York-based physical precious metals service, to take advantage of growing demand for physical gold bullion, as well as silver, platinum and palladium.
Narcisse said demand for physical gold ownership had “exploded.”
GBI can be used by investors to acquire and store physical precious metals.
The company purchases precious metals from a global network of London Bullion Market Association dealers, which it will then store for its customers in secured vaults around the globe.
Narcisse–who spent 17 years at Merrill Lynch, where he held several executive positions including chief operating officer for investment banking Americas–will lead the new company as chief executive officer.
Narcisse will be supported by an advisory board that includes Tocqueville Gold Fund Portfolio Manager John Hathaway and former Securities and Exchange Commission chairman Arthur Levitt.
Tocqueville Asset Management is among the new company’s main financial backers.
“There will always be a need for allocation to physical assets, and with its long-term intrinsic value gold offers investors an important core component for portfolio diversification,” Hathaway said.
At 1518 GMT, spot gold was trading at $1,254 a troy ounce, up $10 on Thursday’s close.
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