Goldmoney - The best way to buy Au, Ag ,Pt, & Pd

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Re: Goldmoney - The best way to buy Au, Ag ,Pt, & Pd

Postby Ziknik » Wed Feb 23, 2011 9:52 am

I spoke to Christina at GM this morning. She confirms the point I made earlier I correct.

Ziknik wrote:The ‘inheriting a GM account’ research has led me to a brick wall.

1. I can’t leave the Goldmoney account to my Child in my Will because he cannot hold an account in his own name till he is 18 (He can only be a joint owner with another adult).

My Childs new Guardian / Trustee cannot join the GM account on my death without actually owning part (half?) of the PM/currency in the account.
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Re: Goldmoney - The best way to buy Au, Ag ,Pt, & Pd

Postby Pixel8r » Wed Apr 06, 2011 2:51 pm

GoldMoney completes “GoldMoney Standard” testing

29 March 2011 – GoldMoney, one of the world’s largest providers of physical bullion for investors, has completed testing of all the gold bars stored for customers in London, Zurich and Hong Kong. This marks the advent of the GoldMoney Standard, which now offers every customer added safety assurances.

Since October 2010, GoldMoney has utilised ultrasound technology to check the quality of customers’ precious metals for the GoldMoney Standard. If the scan shows that the bullion bar might contain foreign material, at GoldMoney’s expense the bar is melted down, assessed and recast. Only ten of the 1,377 stored gold bars failed the ultrasound test and were recast. Therefore, with the GoldMoney Standard, the company has once again taken the lead in establishing the highest quality standards for customers.

Geoff Turk, CEO of GoldMoney, said: “GoldMoney is an innovative company whose objective is to offer the best service to its customers. The quality of the precious metals bought by and stored for our customers is a top priority. By introducing this ultrasound test, we have included yet another independent check to make sure our chain of integrity is efficient and safe. We value the trust our customers place in us, and are therefore pleased to add these new security measures in the GoldMoney Standard to ensure we meet our customers’ high expectations.”

More information and a video on ultrasound testing are available at http://www.goldmoney.com.
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Re: Goldmoney - The best way to buy Au, Ag ,Pt, & Pd

Postby Pixel8r » Tue Sep 06, 2011 1:38 pm

5 September 2011 - New storage facility for gold and silver in Hong Kong

GoldMoney has today introduced an additional storage facility in Hong Kong.

The new Hong Kong vault is owned and operated by the company G4S, an international security solutions group. All metals stored at G4S Hong Kong are insured by a policy underwritten by Marsh Ltd.

The storage fees are the same as for the VIA MAT Hong Kong storage facility. You can select the new vault for the storage of your metals when placing a buy order in your Holding, and you can also transfer your metals from the current storage location within GoldMoney to the new vault in Hong Kong by initiating a Metal-to-Metal exchange within your Full Holding.
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Re: Goldmoney - The best way to buy Au, Ag ,Pt, & Pd

Postby Does Commute Abit » Tue Sep 06, 2011 1:54 pm

It's looking increasing like I'm about to switch employers, and I am seriously considering moving my pension pot to a Goldmoney pension. Anyone done this? Answers on or off list appreciated.
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Re: Goldmoney - The best way to buy Au, Ag ,Pt, & Pd

Postby Pixel8r » Tue Sep 06, 2011 2:03 pm

Diet Cola Addict wrote:It's looking increasing like I'm about to switch employers, and I am seriously considering moving my pension pot to a Goldmoney pension. Anyone done this? Answers on or off list appreciated.

A business associate has just done it and is happy with how it has gone, you can only buy gold within your SIPP though.
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Re: Goldmoney - The best way to buy Au, Ag ,Pt, & Pd

Postby Does Commute Abit » Tue Sep 06, 2011 3:22 pm

Thx, Pix. Will report back as/when/if it happens
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Re: Goldmoney - The best way to buy Au, Ag ,Pt, & Pd

Postby d2thdr » Fri Oct 28, 2011 10:21 pm

Blogger Gary said...

I finally took delivery of my first physical gold on Wednesday, an exciting day. Do/did any of you guys have your gold tested for authenticity?

Mine was from a reputable dealer that only uses LBMA supply. The weight (1 ounce ingots) felt right. I wasn't planning to get it tested.

I have decided to store mine in a privately owned vault, handy to the UK, but offshore.

I mentioned to the vault owner that I'd considered BullionVault and GoldMoney, but had decided to go for 'my own gold' stored where I choose.

He told me a story about a guy he knows who had some very large gold holdings with Bullion Vault, and had a lot of trouble when he tried to withdraw the actual gold. They tried very hard to get him to take cash, and when he insisted, he didn't receive the bars he expected (based on his holdings) he instead had to wait 6 weeks for a newly minted larger bar.

I have no way to confirm the truth or otherwise of this story, but that doubt kept me away from BV and Goldmoney.

Do they really have all of their gold, or are they just a slicker version of the ETFs?

Who knows, maybe one day we will find out though.


:pray:
In the world today there are only three assets, gold, oil and currencies. The paper currencies, so long admired and accepted are now in a war of self destruction. They will consume each other in an end battle of "I'm the last man standing but have lost all use as a unit of value".
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Re: Goldmoney - The best way to buy Au, Ag ,Pt, & Pd

Postby Laura » Sat Oct 29, 2011 7:58 am

Be careful d2. Shooting the messenger is still the predominant approach :wave:
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Re: Goldmoney - The best way to buy Au, Ag ,Pt, & Pd

Postby Pixel8r » Sat Oct 29, 2011 9:16 am

Of course a private vault owner is going to be spreading those sort of stories as he realises that BV and GM are doing him out of business, it obviously worked on that guy. I wonder how much premium he paid over spot for his 1oz bars, storage fees & will pay in exit fees.

I would prefer to trust the official audits and the fact that you can have bars delivered very easily if you wish. I also very much like the ability to swap between physical metals at extremely cheap prices, this is not a service you can get anywhere else and has increased my number of ounces substantially.

James Turks Goldmoney manages $1.9 billion at last count.
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Re: Goldmoney - The best way to buy Au, Ag ,Pt, & Pd

Postby Pixel8r » Mon Dec 05, 2011 9:56 am

double post;

fitkid wrote:Can someone please confirm YET that they have succesfully DRAWN down physical metal from any of the above PROXY holding/storage vehicles.
Whith all of the various issues and CLEAR misunderstanding of the ACTUAL workings of the administrative issues of the above vehicles as more than CLEARLY highlighted on this GEI thread http://www.greenenergyinvestors.com/ind ... 15646&st=0 ,i would have thought that any SENSIBLE advocate of this means of storage would have at least by now actually put in place the administrative process to actually test the system at the VERY LEAST. :wtf:

What administrative process are you talking about fk? Once you have a goldmoney account setup all you need to do to 'take delivery' is to go to the site and say you want a 100gram or 1 kilo bar. The appropriate amount of metal is then removed from you account and a bar is then sent to you.

Just to test this process I have today arranged for a 100 gram bar to be delivered to me. For this I was charged;

Bar Delivery = 100.00 Gram
Fabrication Fee = 4.00 Gram
Delivery Cost = 0.698 Gram

Total Cost = 104.698 Gram

I will post a picture of the bar when it arrives on this thread. Hopefully this will put an end to the continued fear of using goldmoney for peoples holdings. I have maximum faith in their service and think the metal will arrive during the next week, we will see if I am correct in this assumption.
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Re: Goldmoney - The best way to buy Au, Ag ,Pt, & Pd

Postby Pixel8r » Mon Dec 05, 2011 10:35 am

Further to the above to describe the process;

To arrange this delivery all I did was log on to my account via the website and click 'Bar delivery'. I then selected the size and amount of bars I would like delivered. The cost was explained to me and I was offered the choice of insured delivery or collection from Baird & Co in London. I was then sent a PIN number via txt to confirm that I had placed the order.
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Re: Goldmoney - The best way to buy Au, Ag ,Pt, & Pd

Postby Does Commute Abit » Mon Dec 05, 2011 11:38 am

Just a quick tip.....

Always keep your GM gold stocks in units of 104g (that means buying 107.2g, plus a touch more for storage depreciation) so this 'paperless' delivery method remains a viable option
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Re: Goldmoney - The best way to buy Au, Ag ,Pt, & Pd

Postby Schaublin » Mon Dec 05, 2011 1:10 pm

As of today, it is still possible to obtain small quantities of gold from many different sources. This is not remarkable.
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Re: Goldmoney - The best way to buy Au, Ag ,Pt, & Pd

Postby Pixel8r » Mon Dec 05, 2011 1:25 pm

Schaublin wrote:As of today, it is still possible to obtain small quantities of gold from many different sources. This is not remarkable.

If you have gold in a vault managed by GM, why would it ever not be possible to always have it sent to you? Why don't you to post some facts to back up your assumptions that it won't be possible at some point?
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Re: Goldmoney - The best way to buy Au, Ag ,Pt, & Pd

Postby d2thdr » Mon Dec 05, 2011 1:39 pm

Pixel8r wrote:double post;


Just to test this process I have today arranged for a 100 gram bar to be delivered to me. For this I was charged;

Bar Delivery = 100.00 Gram
Fabrication Fee = 4.00 Gram
Delivery Cost = 0.698 Gram

Total Cost = 104.698 Gram

I will post a picture of the bar when it arrives on this thread. Hopefully this will put an end to the continued fear of using goldmoney for peoples holdings. I have maximum faith in their service and think the metal will arrive during the next week, we will see if I am correct in this assumption.


Does this mean the delivery cost and fabrication fee was £ 167.30 based on the current spot price?
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Re: Goldmoney - The best way to buy Au, Ag ,Pt, & Pd

Postby d2thdr » Mon Dec 05, 2011 1:40 pm

Pixel8r wrote:
Schaublin wrote:As of today, it is still possible to obtain small quantities of gold from many different sources. This is not remarkable.

If you have gold in a vault managed by GM, why would it ever not be possible to always have it sent to you? Why don't you to post some facts to back up your assumptions that it won't be possible at some point?


Will the fabrication and delivery cost go up as gold becomes more dear in fiat?
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Re: Goldmoney - The best way to buy Au, Ag ,Pt, & Pd

Postby Schaublin » Mon Dec 05, 2011 1:53 pm

Pixel8r wrote:
Schaublin wrote:As of today, it is still possible to obtain small quantities of gold from many different sources. This is not remarkable.

1. If you have gold in a vault managed by GM, why would it ever not be possible to always have it sent to you? 2. Why don't you to post some facts to back up your assumptions that it won't be possible at some point?


1. I do not know what the future holds.

2. I cannot post facts or prove that I don't know what the future holds (that is rather unreasonable) but I can look back at what has happened in the past.
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Re: Goldmoney - The best way to buy Au, Ag ,Pt, & Pd

Postby Pixel8r » Mon Dec 05, 2011 2:32 pm

d2thdr wrote:
Pixel8r wrote:
Schaublin wrote:As of today, it is still possible to obtain small quantities of gold from many different sources. This is not remarkable.

If you have gold in a vault managed by GM, why would it ever not be possible to always have it sent to you? Why don't you to post some facts to back up your assumptions that it won't be possible at some point?


Will the fabrication and delivery cost go up as gold becomes more dear in fiat?

Fabrication costs are currently;

4% for 100 Gram bars, so for each 100 gram bar 104 goldgrams are deducted from your account.
2.75% for 1 Kilo bars, so for each 1 kilo bar 1027.5 goldgrams are dedicated from your account.

I would imagine if the price of gold goes up massively the fabrication costs will be reduced, but who knows. Maybe that is a question I will put to James next time we chat.

Insured delivery costs are flexible and will be charged at the going rate converted into goldgrams deducted from your holding.
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Re: Goldmoney - The best way to buy Au, Ag ,Pt, & Pd

Postby Pixel8r » Mon Dec 05, 2011 2:34 pm

d2thdr wrote:Does this mean the delivery cost and fabrication fee was £ 167.30 based on the current spot price?

Yes, an expensive exercise to test the system wasn't it.
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Re: Goldmoney - The best way to buy Au, Ag ,Pt, & Pd

Postby Does Commute Abit » Mon Dec 05, 2011 3:10 pm

For future reference : if fees+postage of 100g costs 104.689g, and buying costs are 2.49%, then a single unit for 100g delivery actually costs Y:
(1-0.0249) x Y = 104.698
Y = 107.373 grammes

Therefore buy gold in 107.373 gram units (add 1.2 grams per year of storage)


This calculation assumes modest buying volumes. For substancial purchases, you should seek to register whole 1000g bars
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