BullionVault, the internet-based precious metal exchange for private investors, has hired Steve Kowal as its new head of global business development as it moves to expand its offering to advisors and platforms.

Kowal joins the firm, which is owned by UK-registered Galmarley, from Skandia Investment Group, where he was head of open architecture and managed commercial relationships with third-party providers. He has also worked for Fidelity FundsNetwork, where he was director of strategic alliance, and for Fidelity International, as director of international business development.

BullionVault’s expansion plans come as the price of gold continues to ride high, with commentators predicting that the yellow metal's price is likely to increase further throughout the year.

In related news, the firm’s chief executive, Paul Tustain, argued in March that gold is undervalued, and its true potential as a hedge against inflation underestimated by many.