New User Questions On Getting Physical Gold In Hand

Hello friends and shiny metal adorers, I have a question, based on a potential scenario.

This may have been answer in some form or another, so forgive my ignorance/ repetitiveness.

Many of us fear a dollar crash/ currency crash in the near future. In which case many people will all want their gold in hand or perhaps security that it is secure. If there is such an event such as a gold run, or everyone wanting their gold in a short period of time, how will GoldMoney as a company react/ provided for such a demand? Long delays, possible outages... dare I say a "crash"?

Thanks for your time and responses,

Mr Newbie Noob
Tagged:

Comments

  • paddy10tellyspaddy10tellys Posts: 231 Bronze ✭✭✭
    edited January 31
    @jwoody106 it concerns me that all physical redemptions come from just one vault in the USA via Schiff gold. It's an obvious choke point...
  • Lone_StarrLone_Starr Posts: 72 Bronze ✭✭✭
    @jwoody106

    Since you are new you must have a holding account. If you click on that 3 line thing around the top left of your dashboard and then scroll down you'll see: Bar Delivery & Registration

    You can select from three different weights of gold bars from 8 different vaults around the world.

    I would assume if there is a world wide rush for physical expect extremely long delays. Buy your physical now.

    @paddy10tellys I believe physical redemptions for the old personal accounts is still being fullfilled by Dillion Cage in Texas. As far as I know Schiff Gold has not been merged with the Goldmoney platform in any form or fashion like Mene.
  • GoldNRollGoldNRoll Posts: 71 Copper ✭✭
    @paddy10tellys @Lone_Starr @Goldmatters

    A way to solve the problem of redeeming gold rapidly in case of need, from anywhere, is for Goldmoney to partner with trusted gold dealers in every US state and European country/region.
    In case of a rush and for any redemption in general, an account holder could redeem gold from the local partner of Goldomoney. The dealer will then clear its accounts with Goldmoney.

    There are several advantages of this approach:
    - Externalize the assay of physical gold to dealers;
    - Make easy to fund Goldmoney accounts with physical gold;
    - Reach a much larger audience, as local dealers will advertise Goldmoney;
    - Increase trust, as dealers fill the gap between that faraway depository that Goldmoney is, and the client.
    Goldmoney represents those big vaults in Toronto, Zurich etc and the online platform, while local dealers have the function of proximity service for anything that touches physical gold.

    Basically, collaborate closely with dozens of Schiff Gold all over the world :smile:

    This model is under implementation by the future Texas Bullion Depository:
    https://texasbulliondepository.gov/information-for-depository-agents/
  • paddy10tellyspaddy10tellys Posts: 231 Bronze ✭✭✭
    edited February 1
    @Lone_Starr thank you! Having a holding rather than a personal account has many advantages that I was not fully cognizant of ... I'm glad I made the effort to upgrade.

    This community is a boon!
  • paddy10tellyspaddy10tellys Posts: 231 Bronze ✭✭✭
    @GoldNRoll agreed. Sounds good to me!
  • Lone_StarrLone_Starr Posts: 72 Bronze ✭✭✭
    @GoldNRoll Thats a great idea! We'll see what the future holds for the Schiff Gold arm of Goldmoney.
  • RocketDogRocketDog Posts: 474 Bronze ✭✭✭
    I would agree with the people who said to buy your physical gold in advance. I think people tend to forget that if the world is in "crash" mode you will have many more problems to contend with than just the "Goldmoney Policy". You will have desperate people and a rise in crime. You will have rising costs for transportation and an increasing lack of security. You may not want your gold being shipped in those circumstances or may not be able to afford to insure its safe delivery. I will leave my gold in GoldMoney vaults and hope for continued solvency/operation of this company, as a secure means to transact digitally in gold in times of crisis (and non-crisis).
Sign In or Register to comment.