todays investment

BillybetaBillybeta Posts: 29 Tin ✭
anybody know the amount paid for Mene??

seems a little bizarre and although im sure there is no comparison i cant help but think of the tesla/solar city deal....ugh

Comments

  • powslayerpowslayer Posts: 65 Copper ✭✭
    Well cant say that was the huge news I was hoping for... Revival of Bitgold as a crypto was something I thought would be cool. As a shareholder Ithinkl my wait for a profit just got much longer.
  • GoldIsCurrencyGoldIsCurrency Posts: 1,671 Gold ✭✭✭✭✭
    Overall I like the direction that this addition will take on.

    I think opening GM brick and mortar locations should take precedent. It was a great idea, somewhat lost as to why it is taking so long. Maybe it is regulatory delay? Any which way I think investors should be updated on progress or whether the idea was scrapped. It has been a year of waiting after all. I think an update is overdue.
  • BillybetaBillybeta Posts: 29 Tin ✭
    @GoldIsCurrency @powslayer Yes I think the branches would be a good way to get the name out and provide a more hands on experience. a jewelry company seems like what peter lynch would call De-worse-ification. Maybe it'll be good who knows thats just my two grams
  • paddy10tellyspaddy10tellys Posts: 182 Bronze ✭✭✭
    @powslayer as another shareholder watching his shares drifting towards oblivion I couldn't agree more...
  • AmsterdamDanAmsterdamDan Posts: 5 Tin ✭
    Obviously we don't know too much about this investment yet, but on the surface it seems like a Goldmoney owner ego boost more than taking care of shareholders or current customers. I imagine the prestige of being in the same social circles as a Picasso was hard to deny but I personally didn't invest in a jewelry company. Who knows, maybe I'm wrong but if it doesn't make money soon then what's the point. Lets hope it was a decision that provides real profits.
  • ike11ikeike11ike Posts: 142 Bronze ✭✭✭
    Core competencies...know them...stick to them
  • SecretsSecrets Posts: 17 Tin ✭
    edited June 15
    Between this and the lending company it feels like Goldmoney Directors are using the company to finance their personal ventures. Could this not have been done with Picasso as an employee and Goldmoney as full owner rather than GM putting up all the cash when its still not generating profits?
    Roy said $30m on twitter. That's half the cash, so I hope that is not all upfront.. I also hope they knock the next earnings out of the park to arrest the share slide.
  • PowerlunchmoneyPowerlunchmoney Posts: 214 Bronze ✭✭✭
    I could see this working really well in NYC if they open a brick and mortar. That said, I'll also echo the concerns of other shareholders here. Show me the money. Hopefully the quarterly results are good.
  • GoldIsCurrencyGoldIsCurrency Posts: 1,671 Gold ✭✭✭✭✭
    edited June 16
    @Secrets I find it highly doubtful that type of money has been invested upfront in a venture of this nature. I saw the tweet you mention but think it is out of context and also the range mentioned was 20-30 and that could be a mere guesstimate of potential investment over a longer duration of time. I do find it a little odd that the total amount invested by Goldmoney was not mentioned in the release nor what percentage is owned by Goldmoney. These two aspects should be clear and I expect that will be further clarified.

    I see the news rubbed a few people. My outlook, I am glad Goldmoney is getting a piece of this action versus this new venture be just a personal project of Roy or a collaboration just among the founders. No complaints on my end, thanks for including Goldmoney!

    At surface level to some it may appear to be a completely different tangent but I just see it as being an additional component to the overall mothership of gold. The way they are gearing MENE is the way the EAST has always dealt in gold and still does. Only in North America do we buy gold jewelry and not know the weight and pay ridiculous prices for design and not for the actual quantity of gold being procured. The East understands that jewelry is a gold investment you can wear so it should be priced roughly around what the price of gold is currently worth. In the West we see it as a piece of jewelry that is gold and pay absurd prices. There is a significant difference in mindset on the consumer's side.

    This could be highly disruptive to the current way the West deals in gold jewelry. Lastly, who better to partner up with then Picasso's grand daughter who currently resides in New York City which most view as the fashion capital and has a whole lot of who's who of people which could get things moving quickly. Lastly, I looked up the principal location of MENE in Paris and I like the location. Right in the same building as Dior, Chanel & other companies that would be considered top shelf.

    "Here's your chance to finally own a Picasso." ~ Extremely catchy words.
  • BigMouseBigMouse Posts: 67 Copper ✭✭
    i cannot figure out why GM investing in jewelry company. perhaps they could invest this money in customer service. look at recent post in community: deposit pending forever, cannot buy gold with bitcoin/ether, no customer support, no communication... what's going on with GM? The lending company GM bought was founded by James turk who is in gm board, the Mene was partly owned by Roy. looks like lot of accounting gymnastic going on...
  • TexTex Posts: 136 Bronze ✭✭✭
    If you look at one of Goldmoney's competitors, Goldsilver.com (Mike Maloney's company), you'll see he too offers bullion jewelry. So to me it looks like another great gold product to offer to customers. Lets face it, most ladies aren't into coins and bars but jewelry, that is something they can get into. It also gives Goldmoney the ability to better fulfill their Eastern customers investment preference. We'll see over the next couple quarters if it pays off.
  • TexTex Posts: 136 Bronze ✭✭✭
    As far as customer service issues, it seems to me that those issues have been fixed. I had a issue with my business account and I heard back from customer service within hours. When I was helping my mother in law setup an account (that shows you how much faith I have in this company) we ran into an issue and she received a response from customer service within 1 business day. With the exception of the crypto vault issues customer service seems to be running faster than when I first opened an account.


  • BigMouseBigMouse Posts: 67 Copper ✭✭
    edited June 16
    ok, i feel much better after reading Roy's response http://community.goldmoney.com/discussion/4078/open-letter-to-the-goldmoney-management-team
    Maybe I will get one of those jewelry for my wife. When I first came to NorthAmerica 20 years ago. I could not figure out why local jewelry store does not sell 24K gold ring/earing... It is must have item in chinese jewelry store. Will see how it goes.
  • GoldIsCurrencyGoldIsCurrency Posts: 1,671 Gold ✭✭✭✭✭

    Overall I like the direction that this addition will take on.

    I think opening GM brick and mortar locations should take precedent. It was a great idea, somewhat lost as to why it is taking so long. Maybe it is regulatory delay? Any which way I think investors should be updated on progress or whether the idea was scrapped. It has been a year of waiting after all. I think an update is overdue.

    It looks like this is getting closer. I see hours of operation listed for two locations. It would be great to know when these brick and mortar branches will be opening. The suspense is killing me.

    Goldmoney Branch Locations
    While Goldmoney is primarily an online service, we operate several global branches where existing and potential clients can visit us in person. At these branches we offer full customer service as well as physical redemption of precious metals. Every Goldmoney branch also includes a library of books for sale, the latest Goldmoney Insights research, Goldmoney gear and brochures.

    https://www.goldmoney.com/corporate/branches
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