Vaulted gold denotes gold bullion, which is stored in professional bank vaults. By acquiring vaulted gold, institutional or private investors obtain outright ownership of physical gold. In contrast to the traditional purchase of gold bars or gold coins, an investor who buys vaulted gold also acquires physical gold ownership, but does not hold the gold in his or her own hands. Vaulted gold comes with withdrawal or delivery options, i.e., investors can request delivery of their holdings or pick up holdings directly from the vault. Providers of vaulted gold may charge fees for withdrawal or delivery.