Redemption fees and shipping

GoldBullGoldBull Posts: 1 Tin ✭
Hello everyone, I recently funded my BitGold account with just a few grams of gold so I could see what BitGold was all about. It turns out the redemption fee and shipping costs are much more than my account is even worth. How is this system better than my local coin shop? Also will the redemption fee and shipping increase with inflation? If so, what is the point of having the gold "securely" stored if the fees and shipping costs exceed the value of the gold?

Comments

  • GrandpaBrianGrandpaBrian Posts: 679 Silver ✭✭✭✭
    I'm thinking you didn't quite "see what it's all about". The platform was never designed to buy and take delivery of a gram or two of gold. It is a savings and transactions platform in gold. Yes, physical redemption of a minimum cube of 10 grams at the posted fees is offered for those who prefer to take physical delivery but as you say it is expensive for such small quantities.

    There is more economic benefit in saving your gold and spending it via the Goldmoney Prepaid Mastercard. Or only take physical gold for 4 or more cubes.
  • 79Au19779Au197 Posts: 4,047 Gold ✭✭✭✭✭
    @GoldBull "what @GrandpaBrian said" If you are looking for ultra low cost physical gold shipped to your door, BitGold Goldmoney may not be your best bet.

    But what happens when you want to sell that physical gold. You have to find a buyer. That buyer will pay you a hell of a lot less than 1% below spot. It really depends on whether you are hoarding gold for the end of the world as we know it or actually want it to be usable. B)
  • PinkdogPinkdog Posts: 511 Silver ✭✭✭✭
    Yep. I think you are missing the point about this amazing service. A few grams of gold is not economical to redeem and have shipped to your house. Why would you want to do this? Keep saving an buy a kilo, better yet 10 kilos.
  • GoldmattersGoldmatters Posts: 4,019 Admin
    @GoldBull What if you don't want to secure everything at your house? Do you have access to vault security and armed guards? Is the vaulting service insured, and not to mention free?
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