What were the reasons for you wanting to join LBMA and what do you see as the key benefits of membership?
We are keen to be recognised as one of Germany’s leading precious metal dealers. LBMA membership represents an important milestone towards achieving this goal.
Trust is definitely the key benefit. Those familiar with LBMA will put more trust in us with the membership logo on our website. LBMA membership will strengthen our reputation when we expand globally, especially with new clients and business associates.
Then there are the exclusive LBMA events. The networking and the knowledge passed on at these events are worth their weight in gold. Trading ‘Loco London’ also means a lot.
We have long relied on LBMA gold prices to assure our clients of a fair, transparent price. By becoming LBMA members, we want to underline this assurance.
Could you tell us about your company’s role in the precious metals market?
Our extensive portfolio strengthens our position as a leading precious metals dealer in Germany. We offer different client groups a broad spectrum of precious metals investments through our various brands. Our omnichannel service comprises a precious metals savings plan and opportunities to purchase physical gold, silver, platinum and palladium ingots and coins. We cater for everyone from small investors purchasing gold anonymously for up to €2,000, to investors putting six-figure sums or more into precious metals. We sell our products through banks, through GoldSilberShop.de, in more than 120 over-the-counter transactions throughout Germany and our two shops.
Please tell us the background and history of the company.
Our company began as a typical start-up. In 2001, Tim Schieferstein founded VSP Financial Services with two schoolfriends, Thomas Hellener and Robert Vitye.
Back then, the office was in Tim’s granny’s backyard, with just two laptops and a phone.
Initially working as fund-brokers, we started concentrating on precious metals in the wake of the 2008 financial crisis.
Numerous subsidiaries and brands followed.
The greatest milestones include the launch of our B2C brand GoldSilberShop.de in July 2012 and the SOLIT value funds in 2017. We now employ more than 140 staff.
Tim Schieferstein
How has the COVID-19 pandemic changed your business and what lasting impacts to you think it will have on the market?
The pandemic prompted a sense of insecurity that significantly increased the demand for precious metals, something clearly reflected in our financial statements. However, the greater demand, along with the lockdown in spring 2020, meant that some clients had to wait longer than usual for their precious metals. The long-term effects remain to be seen. Whatever happens, the general population is far more aware of the advantages of precious metals investment, and this knowledge will endure.
What are your future plans for the business in the coming years?
We want to continue our growth trajectory towards becoming Germany’s leading precious metals dealer. Our international focus and exploitation of more markets will help us, with LBMA membership playing an important role.
