Ownership of your gold and silver in Budget Gold is outright.  Budget Gold bullion is not subject to a trust deed, and it is not anyone's liability.  It is - quite simply - your outright property from the instant you buy it to the instant you sell it.

In accepting the Budget Gold Terms of Business you have engaged Budget Gold as a custodian of your bullion.  Budget Gold has subcontracted the physical custody of your bullion to the vault operators.  Budget Gold has retained responsibility for administration and record keeping.