Goldmoney as long term savings

Hello Gold Money, after researching about your business model, i found that mainly your revenue comes from transactions (please correct me if i'm wrong), i want to say that i opened a gold money account for saving purposes, maybe for 5, 10 or 15 years and ill be adding to it maybe every 2 month. Is gold money the right place for me, and also is there any third party (government) that can confiscate my gold in difficult economic times thank you in advance

Comments

  • GrandpaBrianGrandpaBrian Posts: 679 Silver ✭✭✭✭
    Yes @moz Goldmoney earns its revenues everytime gold is added to or taken off the platform in what they call transactions. However, you can use your account to accumulate gold, starting with a Personal account and graduating eventually to a Wealth account for larger amounts. Many people, including myself, set up an automtic deposit thus averaging the purchase price over time.

    As for confiscation by governments one can never have a complete guarantee but with Goldmoney you can put your gold in various vaults of your choice around the world. So if you have concerns about your national government, pick a vault outsidde your country, perhaps in Zurich or London.

  • UvasUvas Posts: 680 Silver ✭✭✭✭
    edited August 2016
    @moz

    This is the place for you!

    All you will have to pay is the 1% service fee whenever you deposit. There are no other fees to pay. Goldmoney covers security and insurance and storage. As long as you keep your balance under 100,000. When you pass that amount, you will have to get a wealth account for larger savers. There are storage fees involved with those accounts.

    if you are worried about someone confiscating your gold, put it in the Switzerland vault. Gold has never been confiscated there anytime in history for any reason.

    Cheers, and welcome aboard.
  • GoldIsCurrencyGoldIsCurrency Posts: 1,808 Gold ✭✭✭✭✭
    @moz @Uvas For a personal account you can store a maximum of 1000 Grams. If you are to go over 1000 grams then you are requested to open a Wealth account.
  • UvasUvas Posts: 680 Silver ✭✭✭✭
    1000 grams? Hmm, they must have changed it. Thanks for the heads up.
  • GoldmattersGoldmatters Posts: 4,019 Admin
    @moz @GrandpaBrian @Uvas @GoldIsCurrency The confiscation question comes up over and over. Yes there is a history and yes anything is possible. Of all the potential scenarios and outcomes in the next several years I think this is the most unlikely.

    Of course it's not impossible, but logistically it's pretty close. This isn't 100 years ago when personal gold ownership was multiples of where it is now. We in the gold community forget how uncommon it is to actually own physical gold. Almost no one does relative to population especially in the US and Canada.

    It wouldn't be worth the effort for the Government to try and confiscate the tiny amount of gold that individuals own. If it got to that point I really think that would be the least of our problems as a society.

    We don't know if gold confiscation will ever occur. But we know FOR SURE that your purchasing power that is NOT kept in gold will.

    I'll take my chances with gold.
  • GoldIsCurrencyGoldIsCurrency Posts: 1,808 Gold ✭✭✭✭✭
    edited August 2016
    Your welcome @Uvas. When they launched the Goldmoney unified platform they changed Personal Accounts to a 1000 gram maximum where before the maximum was 2500 grams which was roughly a $100,000 when the initial BitGold was launched based on the lower price of gold back then. So I understand where you got the 100k figure from.

    @GoldMatters I agree, better to own gold then hold eroding paper fiat. I store my gold in the Toronto Vault. Canada in my mind is way too passive (the most passive country in the world) to ever even contemplate confiscation. To add to that the Canadian government doesn't seem to see any value in gold (fools) considering they have sold off their gold holdings to hold those sexy paper bonds. ;)
  • GoldmattersGoldmatters Posts: 4,019 Admin
  • GoldIsCurrencyGoldIsCurrency Posts: 1,808 Gold ✭✭✭✭✭
    @moz Awesome, great to hear!
  • helferleinhelferlein Posts: 155 Bronze ✭✭✭
    edited September 2016
    I'm in here for the same reason. Savings for my kids and myself. So we will be together a loooong time in here :-)
    Welcome on board @moz !
  • leach4262leach4262 Posts: 2 Tin ✭
    Hi I'm new in here to save in Gold too. Being in the Uk I have set the currency on my account to GBP but I have been keeping an eye on the price of Gold in USD per ounce. Is there any benefit to having my account in GBP or USD for purchases? I guess a foreign exchange rate would be applied if it was in USD? Sorry if this is an obvious question.
  • GoldIsCurrencyGoldIsCurrency Posts: 1,808 Gold ✭✭✭✭✭
    edited September 2016
    @leach4262 You might as well watch the price of gold in GBP since you are in the UK. You may want to check out the below two Goldmoney links to be able to see how gold is performing live against the GBP. You can select any currency type to see how gold is performing against that currency.

    https://www.goldmoney.com/live-prices




    https://www.goldmoney.com/live-charts




    Take note of the red Oval I added to the below chart. That was BREXIT. Various political events around the world can change the value of that countries currency rapidly. Each countries chart can tell a different story.




  • SpontaneousOrderSpontaneousOrder Posts: 302 Bronze ✭✭✭
    @leach4262, I believe that your account should remain in your home currency, so that when it is tax time you will be able to correctly calculate your capital gains from gold redemptions.
  • leach4262leach4262 Posts: 2 Tin ✭
    That's great thank you. I will adjust my charts to GBP now and start getting used to the GBP price. Makes sense really but I just got into the habit of dollar price.... Happy Gold saving!!
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