Please explain the lesser value "Vault Amount" ($1332.) on a deposit of $1350.00

rjmrjm Posts: 8 Tin ✭
Please explain the lesser value "Vault Amount" ($1332.) on a deposit of $1350.00

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Answers

  • UvasUvas Posts: 678 Silver ✭✭✭✭
    edited July 2016
    You pay a 1% service charge when you purchase some gold.

    (Also, the value of your account in dollars will fluctuate with the current price of gold, which is updated every 30 seconds or so)

    You can see the weight of gold in your account does not change, it is actually the value of the dollar (or whichever fiat currency you use) that changes.
  • rohanibuang61rohanibuang61 Posts: 2,379 Gold ✭✭✭✭✭
    Hi @rjm if you deposit 1,350 adter deduction of 1% is 13.50 leaving balance of 1,336.50. Whereby your account having balance of 1,332 and there is another different of the US$4.50 is possibly as per @Uvas answered due to fluctuation in USD.
  • rjmrjm Posts: 8 Tin ✭
    Since the Spot Price of Gold didn't change between the time of purchase and the time of post to account (minutes), I can only conclude that I was charged .01324. Not .01. $1350. x .01324 = 17.874. 1350.-17.874=1332.126
  • UvasUvas Posts: 678 Silver ✭✭✭✭
    edited July 2016
    if you click on the deposit that shows on your front page, it will show the price at which you acquired your gold. Take that and multiply it against your gold weight. It should be pretty exactly what you deposited.

    It may be a few pennies off, as the gold price you see on the website is the average across all vaults. Each vault has a very very slightly different price, so depending which vault you chose, that was the price you got.
  • rjmrjm Posts: 8 Tin ✭
    The stated price per gram on your website at the time of purchase was $43.50 per gram.
    I was charged $44.09 per gram.
    How can I know what the exact price will be on future deposits.
  • rjmrjm Posts: 8 Tin ✭
    BitGold provides a price guarantee for any transactions executed from Sunday from 6:30 PM EST to Friday at 5:00 PM EST. This price guarantee maintains that the fee added to the BBO will be one percent (1%) or less. Given that gold trades on a 24/5 schedule, BitGold can only provide a price guarantee during those days. For transactions occurring from Friday at 5:01 PM EST to Sunday at 6:29 PM, the Aurum prices will reflect the internal liquidity provided by the BitGold market making operations.
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