Pending times becoming longer and longer over the 24 hours.....

SUPERFLY9898SUPERFLY9898 Posts: 38 Copper ✭✭
Made a deposit on Friday May 12th to buy gold from London vault. 11:46am. Only stopped being pending Monday evening. Yet I had made another deposit on Friday May 12th same vault larger amount at 11:09am (37 minutes earlier) yet it is still pending on Tuesday 12:00 midday. So a deposit I made is still pending 89 hours later. Is Goldmoney selling gold they do not have? I'd rather if I want to buy gold off certain vaults a message would display if no gold is available so I could buy off a different vault.

Answers

  • AlienMeAlienMe Posts: 53 Copper ✭✭
    Don't know where you are but if not in Europe you should take into account the time difference since I don't think this is a 24/7 operation. As for the larger deposit, maybe some extra verification required? If Goldmoney was selling gold they don't have they would have executed the order immediately, the fact that you have to wait would indicate just the opposite.
  • SUPERFLY9898SUPERFLY9898 Posts: 38 Copper ✭✭
    I'm in UK. So not sure why the longer times. Wasn't always like this.
  • Mr_Troy_OzMr_Troy_Oz Posts: 56 Copper ✭✭
    edited May 16
    Not sure why either but agree wait times for gold purchases to complete have now gone well beyond the 'advertised' 2 to 4 days, whether they be by Debit Card (near instant??), or by verified bank acct.
    I have two purchases going, one on May 8th, another on May 10th, which are now 'clocking in' at 8 and 10 days.. still "Pending???"

    It seems it's becoming the 'new norm' when buying gold via Goldmoney. But really.. WHY?, (and I mean other than the brush off you get with the stock canned email responses when inquiring).
  • tomartotomarto Posts: 97 Copper ✭✭
    edited May 16
    The pressure to get delivery of physicall gold is up because very big players are buying ....
    Stanley Druckenmiller... David Einhorn ....Ray Dalio....John Paulson
    Russia, India, and Turkey...China ,,,BUY ULTRA BIG.!
    The wait time is going to get longer...month ..2months...
    The reasons are on my thred >>>>>
    http://community.goldmoney.com/discussion/3598/gold-soars-on-a-caldera-of-debt-a-fiscal-bloodbath-are-you-missing-march-15th-2017#latest
  • Marco_1983Marco_1983 Posts: 152 Bronze ✭✭✭
    I've made two deposit a few weeks ago, one in Zurich vault one in Toronto vault, and both went into confirmed status in a matter of seconds. I made a deposit in the Singapore vault last week, roughly same amount, and it is still pending. Wonder if it's because the Singapore vault is the most popular in the East and since Eastern countries are buying like crazy, they may be using that vault more than others?
  • GoldIsCurrencyGoldIsCurrency Posts: 1,724 Gold ✭✭✭✭✭
    I buy a small amount of gold every day using the recurring deposit. More often than not the transaction goes into confirmed status near immediately. If it goes into pending status it is most likely the Brinks Vault is very busy.

    Below is the main reason why a purchase of gold can go into pending status.

    All gold bought on this platform is 100% fully allocated to the client.

    As we all know the gold is stored in Brinks Vaults. Within Brinks vaults there are different lockers/cages for each Brinks customer. So when we as a Goldmoney client make a purchase of gold if there isn't enough unallocated gold currently in the Goldmoney locker more gold bars need to be moved from a sellers locker over to the Goldmoney locker. So on occasion a new purchase of gold by a Goldmoney client can go into "Pending" status and will remain in Pending status until Brinks has confirmed that a new bar/bars of gold have been moved into the Goldmoney locker. The Goldmoney platform works on 100% transparency so the status will not go into "Confirmed" status until that gold is in the locker via electronic confirmation from Brinks. On occasion the above process can take a few days as Brinks has times were they can get really busy moving bars around and also there could be some delays with limited Brinks staff working during weekends and holidays.

    Please also take note that an outsider Auditor KPMG (known as one of the big 4 worldwide auditors) physically audits the Goldmoney locker holdings within the Brinks Vaults. All bars are serialized and accounted for. 100% transparency.

    Hopefully knowing the above will alleviate some of your concerns. This is the benefit of owning gold on the Goldmoney platform versus other choices in the world that are not fully allocated and do not have the utmost highest level of transparency that Goldmoney provides to their clients.
  • Mr_Troy_OzMr_Troy_Oz Posts: 56 Copper ✭✭
    @MARCO_1983.. "Singapore". You could be right, and I wonder if that's it!!
    That's where my 2 most resent deposits were destined to go.. but now over a week ..going on 9 and 11 days?!!

    I also have to wonder, If there so much pressure to get delivery of physical gold, why is the price of gold (and silver) not rising to reflect the demand?
    Is it perhaps because of the gaming of the gold price by the Paper Comex Fraudsters? LBMA? etc..
  • Marco_1983Marco_1983 Posts: 152 Bronze ✭✭✭
    @Mr_Troy_Oz , 9 and 11 days pending is quite a lot, but, as @GoldIsCurrency stated above, this means GoldMoney confirms the status only if the gold is actually physically there. So, even though it could be frustrating some times, that is also a good thing. It means it is 100% fully allocated.

    As for the price of the metals, we all know there is massive manipulation, so the prices are still low even though there is a lot of pressure to get delivery of physical, as you said.
  • AlienMeAlienMe Posts: 53 Copper ✭✭
    Toronto vault, deposit from bank account, got email that it would take up to 24 hours but still pending 5.5 hours later. Normally I would just wait but just went through waiting for over a week for acct setup and it turned out not to have worked and had to be redone so not taking any chances on this. @GoldIsCurrency , thanks for the info. I wish there was some way to find out what is normal these days, as there is no way of telling whether the delay is valid or something went wrong with the deposit.
  • AlienMeAlienMe Posts: 53 Copper ✭✭
    Update: the money was withdrawn from the bank account overnight but deposit still pending in Goldmoney. We're probably looking at 48 hours minimum for a deposit in Toronto.
  • JMartJMart Posts: 3 Tin ✭
    Made my deposit on May 15th. Still waiting for my status to change over to "confirmed". It has normally taken 3 business days.
  • DeOmnibusDubitandumDeOmnibusDubitandum Posts: 48 Copper ✭✭
    Current credit card deposit confirmation times are rather frustrating. I am a new user and only my 1st credit card deposit was confirmed instantly. The 2nd one already took 5 days (3 working days) and the current ones are also still pending.

    To which vault did you deposit? Mine were all to Brink's vault in Zurich. However, I noticed on the real time audit page that ALL vault inventories have been mostly unchanged for the last couple of days. I understand that physically moving gold to the vault and having it confirmed by the custodian is quite an effort, but waiting this long worries me a bit. Maybe there is a problem with restocking new gold or the way Brink's works in general.

    In any case it would be really good to know the actual reasons for this.
  • AlienMeAlienMe Posts: 53 Copper ✭✭
    Used to be much quicker: deposit made on May 18th, email confirming deposit and stating confirmation will take up to 24 hrs received May 18th, funds withdrawn from bank on May 19th, goldmoney acct still shows pending as of May 23rd.
  • AlienMeAlienMe Posts: 53 Copper ✭✭
    Finally confirmed in Toronto. Total elapsed time to confirm: 1 week or 4 business days not counting the day deposit was made
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