How do I see the value of my account? Wish it was like my stock account where it is very clear!

Hi,

I'm trying to understand the value of my gold, if it's up or down, but there's no comparison between what I paid for the gold and what it is trading at now. Even though you're trying to consider gold a currency, it's also still an investment vehicle, so people like to know if their investment is paying off. Maybe I'm missing something in my account? Please advise.

Thanks--otherwise am thrilled about this concept and hope you can offer the same for silver!

Jeanine
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Comments

  • howddo55howddo55 Posts: 6 Tin ✭
    Hi Jeanie
    I write down the dollar amount of my purchases and compare that to my balance. You may have to do some math and add up your transaction history amounts. I believe to offer the same for silver, storage costs alone would make it impossible to offer 1% over spot to buy and store the huge amount of physical they would be handling.
  • howddo55howddo55 Posts: 6 Tin ✭
    Hi again
    With the current gold/silver ratio at about 1/72 it would take 72 times more space to store silver if an equal amount of money went into each. It would take warehouses instead of vaults. Of course unless we would accept paper claims on metal which I wouldn't. Poor mans gold -that's me so maybe someday someway there will there will be a bitsilver.
  • OptimanOptiman Posts: 50 Tin ✭

    Hi,

    I'm trying to understand the value of my gold, if it's up or down, but there's no comparison between what I paid for the gold and what it is trading at now. Even though you're trying to consider gold a currency, it's also still an investment vehicle, so people like to know if their investment is paying off. Maybe I'm missing something in my account? Please advise.

    Thanks--otherwise am thrilled about this concept and hope you can offer the same for silver!

    Jeanine

    I posed a similar question yesterday, but no reply. In fact I find it hard to find my comments as things change so much when I return to the site. So my query is why do I seem to get the same amount of gold when I purchase at vastly different quoted prices How does GoldMoney calculate the price when buying or transferring gold to the prepaid card. This not clear and doesn't seem to reflect the price of gold in anyway
  • DinchDinch Posts: 67 Copper ✭✭
    @Optiman , the price you pay when you deposit into your holding is the ask price plus one percent. The price you sell back to them to load your prepaid card is the bid price minus one percent. The price they list for all of us to see on the website or app is the average between the bid-ask prices. This is explained here:

    http://support.goldmoney.com/customer/portal/articles/1871471

    I and others have wished that they would use the best bid or best ask price to show what we'll pay or receive when we deposit or redeem. But currently they're using the average BBO
  • OptimanOptiman Posts: 50 Tin ✭
    Thanks Dinch, I read the content of the link and it makes sense. I stil have trouble understanding what is posted in my account and whether it is accurate. For example I purchase a small amount of gold (10 GBP) on one day when the price was roughly 1310 and it bought 0 .607 grams of gold. I purchased another 10 GBP 4 days later when the price was $40 dollars lower. and only received -.606 grams of gold. To me I should have received more gold than (0.606) since the price was much lower. I understand the 1% business and the averaging, but something doesn't seem right to me. I'm reluctant to make larger purchases until I get this sorted.
  • DinchDinch Posts: 67 Copper ✭✭
    edited October 2016
    @Optiman , are you buying in GBP or USD? the price of gold has gone significantly down in USD over the last few days, but the GBP has gotten pummeled, so the price of gold in GBP has actually stayed steady compared to the plummet in USD. You have to be careful about which currency you're comparing gold in. Always try to use your native currency.
  • PowerlunchmoneyPowerlunchmoney Posts: 274 Bronze ✭✭✭
    edited October 2016
    The platform does need a more robust account balance system. You can't tell if you're up or down? In my trading account I can see whether I'm up or down and what percentage that is less commissions. this seems really relevant to my interests as a saver/spender/user of the platform. I've always been bothered by this but thought to give them some time to sort this out. @Josh @Roy Sebag you guys understand that people want a better breakdown of the transaction, fees paid, average up/down?
  • PowerlunchmoneyPowerlunchmoney Posts: 274 Bronze ✭✭✭
    Also I get that the banks won't do the same for the fiat dollars in your bank when it comes to real value and inflation. So you'd be one-upping them again :)
  • 79Au19779Au197 Posts: 4,047 Gold ✭✭✭✭✭
    edited October 2016
    @howddo55 @jbtraveler

    It is much larger than 72 times the volume. I calculated it once …

    http://community.goldmoney.com/discussion/comment/15995/#Comment_15995

    "you need 124 times more space to store the same value of silver as gold."

  • 79Au19779Au197 Posts: 4,047 Gold ✭✭✭✭✭
    Note - various other threads argue for specifying deposit amounts in GAU instead of fiat
  • OptimanOptiman Posts: 50 Tin ✭
    Dinch said:

    @Optiman , are you buying in GBP or USD? the price of gold has gone significantly down in USD over the last few days, but the GBP has gotten pummeled, so the price of gold in GBP has actually stayed steady compared to the plummet in USD. You have to be careful about which currency you're comparing gold in. Always try to use your native currency.

    Dinch said:

    @Optiman , are you buying in GBP or USD? the price of gold has gone significantly down in USD over the last few days, but the GBP has gotten pummeled, so the price of gold in GBP has actually stayed steady compared to the plummet in USD. You have to be careful about which currency you're comparing gold in. Always try to use your native currency.

    Hi Dinch, thanks for the reply. I purchase in GBP, but gold prices are always quoted in USD. I thought that my GBP would be converted to USD for both the purchase and any sell back. All I was trying to do was to buy when the price went down to increase my holdings.
  • OptimanOptiman Posts: 50 Tin ✭
    For some strange reason the detail within my account regarding the amount of gold purchase was changed today. I am getting a bit more than confused about how all this works. Maybe its because I am used to buying physical in dollars and don't properly understand GoldMoney's accounting methods. Will keep a closer look from now on.
  • OptimanOptiman Posts: 50 Tin ✭
    I live in the UK and use GBP to purchase gold and deposit in the London vault. I am struggling to find out how best to buy gold. Obviouly it makes sense to buy when gold is cheap so that you get more gold for your GBP. However, gold is sold in USD. So I don't know the best approach to take. Should I change to USD to buy the gold then convert into GBP or would this be done automatically. As you can tell I am a bit confused, so if anyone can advise I would be please.

    Thanks
  • GoldIsCurrencyGoldIsCurrency Posts: 1,799 Gold ✭✭✭✭✭
    @Optiman The best way to buy gold is to buy on a regular basis. That is what makes the Goldmoney recurring deposit so revolutionary.

    In regards to your currency question this link should clear it up.
    http://support.goldmoney.com/customer/en/portal/articles/2035827-deposit-fees-processing-times-policies

  • DinchDinch Posts: 67 Copper ✭✭
    @Optiman, I'm not certain how this would work. I thought you were able to select which currency you wish to default to. I could be wrong on that and perhaps @Melanie or @Agos can help?
  • DinchDinch Posts: 67 Copper ✭✭
    @Optiman, if you go to your name on the website at the top right corner and click on it, then select "profile & identity" and then click "default settings" you can select your default currency. I just checked and I switch from USD to GBP and it worked. I was buying in pounds and it was showing me the proper exchange rate. I would change your default currency if it's not already GBP.
  • GoldmattersGoldmatters Posts: 3,996 Admin
    edited October 2016
    @Optiman I agree with @GoldIsCurrency . I think he has the best approach. Just "set it and forget it". A recurring transfer can be set one time then you never have to think about it again. If there is a particular opportunity where the POG goes down signficantly you can add an additional more strategic deposit.
  • GoldIsCurrencyGoldIsCurrency Posts: 1,799 Gold ✭✭✭✭✭
    @GoldMatters Thanks GMH. For myself I am a big believer in the recurring deposit. With the recent pullback in the price of gold I made a few additional deposits and I also adjusted my recurring deposit amount to a greater amount. So I am taking advantage of this lower price of gold in the meantime. I can always re-adjust my recurring deposit moving forward to whatever amount I see fit.
  • GoldmattersGoldmatters Posts: 3,996 Admin
    @GoldIsCurrency Yes! Also good job and getting Admins to confirm the high deposit volume:) this is good news for all GM shareholders and the network in general.
  • MelanieMelanie Posts: 1,045 Gold ✭✭✭✭✭
    @Optiman do note that your card will be charged in the currency you select during the deposit process. This means that if your card is a GBP card and you select USD as your deposit currency, you will likely incur FX fees from your card provider. If you select GBP, the corresponding value of gold will be purchased and you will not incur FX on the transaction.
  • GoldIsCurrencyGoldIsCurrency Posts: 1,799 Gold ✭✭✭✭✭
    @GoldMatters I have had my eyes on the transaction volume. Volume appears to be dialing up, in just 11 days half a tonne of GAU has transacted and today is not over yet.
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