Yeah it sounds like the igniton switch. Somewhere the signal is not getting to the starter which allows the starter to activate. If you hear a "Click" thats the starter motor switch activating. So somewhere from the starter to the ignition switch there is a problem. A way to tell, I know it is hard but is to get to the starter and give it a shot with a hammer. Rattling the starter may put the internal plunger in a different position, allowing contact and the starter to spin.
But before getting that far, check you battery. Make sure your connections are secure. Sometimes a loose terminal will give those symptoms. My '01 4.4 does that every once in a while.

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2011 E70 50i M Sport