Value of the GoldMoney?

WackadoodleWackadoodle Posts: 8 Tin ✭
edited August 2016 in About Goldmoney
It seems that I got a notice that stated that even though one purchased gold at a low price and then the price went up, Gold money would only sell it at the low price. So what's the point? What if a robbery occurs at the vault? What then? Looks like I am SOL. How do I know that Goldmoney will not abscond with my money?

Comments

  • GoldmattersGoldmatters Posts: 4,069 Admin
    Can you clarify your question? Are you asking about Goldmoney the stock?
  • GoldIsCurrencyGoldIsCurrency Posts: 1,818 Gold ✭✭✭✭✭
    @Wackadoodle I am not quite sure what notice you would be talking about.

    When you buy gold it will be at the current spot price plus 1% and if you decide to redeem/sell your gold it will be at the current spot price plus 1%. The main point with Goldmoney is that gold is the best performing currency in the world. By holding gold instead of paper currency you can preserve your wealth.
  • GrandpaBrianGrandpaBrian Posts: 679 Silver ✭✭✭✭
    Let me put it another way to you, @Wackadoodle . How do you know that your bank won't steal your funds? Or if you park your car in a parking garage that they won't drive off with it? It comes down to trust, don't you think? Goldmoney is a public company listed on the Toronto Stock Exchange, well funded, and audited by one of the top audit firms. Why on earth do you think the managers and directors would risk going to jail by stealing your gold?

    And do you really think that somebody in a ski mask is going to be successful driving up to the Brinks vault in a place like downtown Toronto and take the gold by force? This isn't one of those fanciful Hollywood movies. But keep in mind that even Lloyds of London insures the gold on top of that.

    Read the information fully provided on the website and elsewhere and proceed from there in confidence.
  • Rj838Rj838 Posts: 217 Bronze ✭✭✭
    @GoldMatters @GoldIsCurrency , @GrandpaBrian , nicely put fellas , it couldn't be explained better than that ...


    @Wackadoodle , chill, and be assured that the gold you purchase will be sold with the current spot value at time of sale.

    The rest is all just over paranoia , relax and read more about the company , that will take care of your worry.
  • MajesMajes Posts: 41 Copper ✭✭
    :o

    I dunno, Spiderman hasn't been heard from in some time and everyone knows he now has those weaponized laser pointers... I'm sure he could get in and cut a hole in the Brinks vault and abscond a few kilograms before anyone knew he was there.....
  • 79Au19779Au197 Posts: 4,047 Gold ✭✭✭✭✭
    @Majes what's a few kilograms plus or minus? >:)

    Then again there is is the motto of Chillcoot Charlie's - a bar in Anchorage - "we cheat the other guy and pass the savings on to you."

    All kidding aside storing your wealth (no matter how small or large) with Goldmoney is the safest, most liquid way to save.
  • MajesMajes Posts: 41 Copper ✭✭
    @79Au197 Agreed, in these times when the banks where we hold our checking accounts start referring to us as "retail investors", I'd say Goldmoney makes very good sense... :)
  • WackadoodleWackadoodle Posts: 8 Tin ✭
    OK,there were a few good replies. Well, I do want my money out of the bank in prep for the coming crash and more than likely "Bail-In" by banks. Plus, I would like to get some of my money out of the USA in something other than USD. My bank USAA Fed has a reserve of four times the required and did well during the last crash. My Vanguard accounts were safe as well. Saying that, What is the physical address of the Goldmoney Depository? Does Goldmoney have a fiduciary responsibility like Vanguard and Banks? I'd like to see a picture of the depository as well. Have any of you posters been to the depository? TX
  • WackadoodleWackadoodle Posts: 8 Tin ✭
    edited August 2016
    OK, that helped me feel more secure knowing that there is insurance covering my deposit. At least, that's the way I read it. Still, where are the corp offices and Brinks address for Toronto? Where can I assign a beneficiary? I can't seem to fin the location? TX
  • GoldIsCurrencyGoldIsCurrency Posts: 1,818 Gold ✭✭✭✭✭
    @Wackadoodle You may want to peruse the Frequently Asked Questions link. https://wealth.goldmoney.com/faq

    Goldmoney Head Office Address:
    334 Adelaide St. W.
    3rd floor
    Toronto, Ontario
    M5V 1R4
  • WackadoodleWackadoodle Posts: 8 Tin ✭
    edited August 2016

    @Wackadoodle You may want to peruse the Frequently Asked Questions link. https://wealth.goldmoney.com/faq

    Goldmoney Head Office Address:
    334 Adelaide St. W.
    3rd floor
    Toronto, Ontario
    M5V 1R4

    I called their office and no human answered. Looks like Goldmoney is a scam. If one Googles the location, Goldmoney is in a rundown mostly vacant building. Really, weird. I am sure if I went their the door would be locked.
  • RocketDogRocketDog Posts: 823 Silver ✭✭✭✭
    Wackadoodle, I love your diligence! So far Goldmoney has seemed real to me and is working as they say and as I would expect. But who really knows what will happen when the world goes crazy? I like that you want to know what door to go line up at if/when the website stops. That is very pragmatic. Keep up the good work and don't mind the teasing here -- but do try to sound a little less paranoid. :wink:
  • WackadoodleWackadoodle Posts: 8 Tin ✭
    RocketDog said:

    Wackadoodle, I love your diligence! So far Goldmoney has seemed real to me and is working as they say and as I would expect. But who really knows what will happen when the world goes crazy? I like that you want to know what door to go line up at if/when the website stops. That is very pragmatic. Keep up the good work and don't mind the teasing here -- but do try to sound a little less paranoid. :wink:

    Really, why give a business thousands of dollars when they cannot even answer the telephone. What if there is a problem, Oh, one can leave a voice mail. Go luck getting a response. Bye cash. Something does not seem right. I call my Bank or investment company and I can talk to a person. Call Goldmoney...and nothing!
  • RocketDogRocketDog Posts: 823 Silver ✭✭✭✭
    I have not tried to call them yet. But I have gotten email responses and their support people even monitor the discussions to find frustrated people and proactively solve unreported problems. So I will give them credit there. But here is something that can drive you even more crazy. I bet Bernie Madoff's firm had excellent receptionist service, and you could get your money out any time you wanted ... until right before the end. Having a good web interface and less phone support is probably actually a good strategy for a small company that has unusual technology. They probably can't afford to be on the phone as much as everyone would like them to be, to answer questions that are most likely addressed on the web or in these forums. I know that banks usually have receptionists during bank hours, but they don't necessarily have any good answers for you either. Such as, "Put your money in savings for 0.25% interest and watch it disappear at the rate of inflation." Just because someone was there to tell you that in person doesn't mean that was good service. So maybe try to be a little open-minded until you know more.
  • MelanieMelanie Posts: 1,045 Gold ✭✭✭✭✭
    @Wackadoodle If you are attempting to call Personal & Business support, you will encounter a recording informing you that we have switched to fully online support to better assist users, and how you can contact us. We had people calling us in dozens of languages, and unfortunately we only speak four languages fluently on Support! With web support, we can understand users around the globe much better, and provide support in their native language.

    If you are attempting to call Wealth support, the message you encounter should tell you that their office hours are 9-5 in UK, and to leave a message.

    It's too bad to hear that I am currently sitting in a "rundown mostly vacant building." I think it's quite nice! :wink:

    Of course, you could always ask @GoldIsCurrency or @GrandpaBrian what they think of the office, as they've both visited!


  • GoldIsCurrencyGoldIsCurrency Posts: 1,818 Gold ✭✭✭✭✭
    edited August 2016
    Yes, I had the opportunity to visit Goldmoney's location which is located in the brand new building in the above picture. I was impressed with everything I saw and everyone I met. No qualms from this guy.
  • GrandpaBrianGrandpaBrian Posts: 679 Silver ✭✭✭✭
    Yes I have visited the business office and as a shareholder of this company I am comforted by the fact that is more functional than flashy, but it certainly is not "run down'. Understand @Wackadoodle that you will not find stacks of gold there. The gold is safely located in various professional vaults in major cities around the world. I gather you are American. If you think your government will attempt to take your gold (as they did back in the 30s) then you might want to keep it in the Toronto vault or even London or Zurich.

    Goldmoney is about to open its first retail branch in downtown Toronto. It will serve as a learning centre and allow clients to put a face to the company and its growing Community. You might want to pop in there this fall if you are serious about wanting to learn more.

    i hope you do want to learn but, frankly, you have a funny way of showing it.
  • GoldmattersGoldmatters Posts: 4,069 Admin
    This is why everyone loves @GrandpaBrian ! Well that and his awesome research!
  • emmettbemmettb Posts: 2 Tin ✭
    The only thing I am a bit concerned about , does Brinks have all the gold they say the have.

    I trust GoldMoney but can we trust Brinks ?. I know there also talk of a coming possible problem with the supposed gold held in Fort Knox and Bank of England. Rumour has it they have very little gold and any they do have has been sold or leased several times over (several claims to every ounce held in the vaults) I just hope Brinks is not doing the same sort of thing, but how can we know ?.

    It is strange that USA was unable to return gold to Germany and the gold they did get back was not their gold and the purity was not as high plus The FED has always refused Fort Knox to be audited.

    What do others think of this possibility ?
  • GoldIsCurrencyGoldIsCurrency Posts: 1,818 Gold ✭✭✭✭✭
    @emmettb There is an outside auditor KPMG ( https://home.kpmg.com/ca/en/home/about.html ) that goes into Brinks to audit and confirm the gold that is held by Goldmoney users is physically there. All the gold is fully reserved, owned and titled by us Goldmoney users. With an outside auditor it provides one more layer of full transparency.

    As for USA's Fort Knox, who really knows what happens there.
  • GoldmattersGoldmatters Posts: 4,069 Admin
    @emmettb if you trust Goldmoney, you should trust that they have done everything to assure that the gold is there. The people at Goldmoney would not put their reputations on the line without certainty that their system works the way they say it does.

    Would you rather trust a public company, who everyone knows who the founders are, who are totally transparent, or your local major bank?

    We can wonder about this forever, but what it comes down to is if you trust the company, then that should be enough
  • RobbRobb Posts: 1 Tin ✭
    Hope it is ok to ask this here:
    1 - Can I simply buy gold/silver through gold money and have it delivered instead of vaulted? It seems would be cheaper than buying through a dealer???
    2 - If I have gold/silver vaulted and sell in a year I will get paid out in current value dollars correct? Minus fees of course...
    3 - account vault value is the value when purchased regardless of current prices, correct?
    4 - and now a slightly paranoid question, if ATMs go down and plastic is not taken anywhere, how do we have access to our funds?
    Thanks all,
  • GoldmattersGoldmatters Posts: 4,069 Admin
    1. Yes
    2.Current at the time of the sale, yes. Minus fees of course
    3. The value of your holding will fluctuate based on metal spot prices. if prices are lower when you sell, the value of your account will be lower. If metals are higher, it will be higher.
    4. There is a physical ledger printed every day showing ownership of all holdings at the brinks vault. Ownership will be maintained. Accessing your metal is not neccearily related to ATM activity. You can redeem your metal if you want now
  • 79Au19779Au197 Posts: 4,047 Gold ✭✭✭✭✭
    @Robb (with apologies to @GoldMatters if or as necessary)

    1) No Multiple steps are required. May take several days.
    … 1a. Deposit into Goldmoney (that is, buy gold). This step is taking longer than usual do to the accelerated deposits and processing gold into the vaults.
    … 1b. Redeem gold as physical. Once the gold has settled to the vault you can redeem it as physical and have it delivered.

    Note: maybe @GoldMatters knows something I don't know. Also note that physical redemption includes an additional 0.5g fee plus shipping fees. If you wish to buy small quanties of gold or silver you should shop around for the best deal (including of course Goldmoney)

    2) Yes the fiat value of your gold fluctuates with market price

    3) See 2) above. Gold is gold, everything else is paper.

    4) Hmmm
    … 4a. If ATMs go down and a bank holiday is declared you are bleeped until the system comes back online.
    … 4b . If your bank accepts ACH deposits … and it is open for business … you can access the value of your gold by redeeming back to your bank via ACH (or via wire transfer)
    … 4c. Assuming Goldmoney and Dillon Gage are still operational and FedEx / UPS / etc. are also still operational … you can redeem physical gold.

    Item 4) really depends on how much sh14 hits the fan. >:)
  • GoldmattersGoldmatters Posts: 4,069 Admin
    @79Au197 I may have misinterpreted question1: I assumed @Robb meant to make a deposit and then instantly redeem. But @79Au197 it sounds like you understood the question better so that is probably a more accurate answer for @Robb :)
  • 79Au19779Au197 Posts: 4,047 Gold ✭✭✭✭✭
    @Robb more comments on question 4)

    It never hurts to have a stash of 5s, 10s, and 20s on hand at home in case the ATMs go down
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