New York Private Bank & Trust (NYPB&T) has signed an agreement to invest in Gold Bullion International (GBI), an electronic platform for the purchase, sale and storage of precious metals.
The investment will allow GBI to continue its growth including the build-out of its internet-based software offerings for use by sovereign mints, wealth managers, investment firms, high net worth investors, as well as for digital currencies.
Under the partnership, NYPB&T’s wealth management and banking clients will receive access to physical precious metals through GBI’s platform.
Also, NYPB&T and its affiliate companies will also join the GBI platform.
Steven Feldman, co-founder and CEO of GBI, said: "The visionary thinking that Howard Milstein and New York Private Bank & Trust are known for will be a very valuable asset to GBI as it further expands its existing platforms and enables its sophisticated precious metals business to be utilized by far more market participants."
Howard Milstein, president and CEO, New York Private Bank & Trust Chairman, said: "We believe our relationship with GBI will enable our clients to have a robust opportunity to invest in gold and other precious metals. As inflation, geopolitical and sovereign debt risks move to the forefront of investor minds, gold will become an effective hedging component in the portfolios of small and large investors alike.
"GBI provides the most cost effective and advanced trading platform for investors to purchase and store precious metals, given its ability to offer consumers transparent and razor-sharp pricing through unprecedented access to the largest network of dealers," he added.