Is the Dubai vault insolvent?

I've been trying to do a physical redemption of 10g cubes for about a week.

The total gold being redeemed is less than 170g. I've had no problems redeeming cubes from this vault before.

I have plenty of gold in the vault to cover the withdraw, but the web application tells me that my balance is not sufficient.

Best Answers

Answers

  • MelanieMelanie Posts: 1,045 Gold ✭✭✭✭✭
    I'm going to send you an email for more information @Tunare - please check your inbox!
  • RocketDogRocketDog Posts: 826 Silver ✭✭✭✭
    Hey @Tunare, please tell us what the email said.
  • 79Au19779Au197 Posts: 4,047 Gold ✭✭✭✭✭
    An interesting dilemma … I am willing to bet that this has nothing to do with the Dubai vault and everything to do with he account of @Tunare
  • TunareTunare Posts: 12 Tin ✭
    @79Au197

    I thought this as well as I recently had to go through a full KYC procedure with all exciting procedures of collecting documents from years ago. The Goldmoney compliance team cleared me on this and assured me that I provided more than enough documents and "no friction" going forward.

    My best guess is that they still haven't deactivated any sort of freeze they may have put on the account and need to manually sort something out on the back end.

    The title of this thread wasn't meant to frighten others. I could have been more tactful with my question and thread title.

    @RocketDog Under most circumstances, I would never share an exact email, but I do not think this has sensitive things that would betray any relationship of how Goldmoney communicates. See below:
    ========================================================
    Hello [REDACTED],

    Can you please provide a screenshot of your order summary where this error is displayed?

    It is likely that the spot value of your gold is insufficient for the redemption. When displaying the fiat currency value of your vault balance, the live per gram price at that moment is used as the value basis. Our Live Price is updated in real time with the price per gram of gold at that moment in your preferred currency. Instead of quoting the Bid or Ask price we display the Average BBO (Best Bid or Offer). This is not the price you will purchase or sell gold at, instead it is the equilibrium price of gold at that moment.

    When you are submitting a physical redemption, our system checks the actual value of your gold balance based on the sale price of gold (the bid price) and applies the 1% fee once this value is determined. This is done to verify that you have sufficient gold to complete the redemption. The bid price is slightly lower than the average BBO price (the offer is slightly higher, comparatively), and the 1% fee decreases the fiat value of each gram by 1% (click here to learn how the 1% transaction fee affects your per gram price) so in your case, the final locked-in value of your gold was insufficient to complete the redemption. You will need to either add more gold to your vault, or select a different precious metals product to be able to complete your redemption.

    Thank you!

    Kind regards,

    [Customer Service Rep Name Redacted]

    [Position Redacted]
    Goldmoney Personal & Business
    ========================================

    I didn't get around to providing a screenshot of another withdraw attempt of an even smaller amount until Friday night. I'm assuming that I will not get a response until the next weekday, but that's okay.
  • RocketDogRocketDog Posts: 826 Silver ✭✭✭✭
    Thank you @Tunare. I appreciate your willingness to share and your need for privacy.
    I would not have asked, if the title of the discussion had been a less inflammatory.
    So far it seems like mechanical issues. I hope you get the resolution you need very soon.
    This new type of digital-gold transaction does evoke stress in all of us as we try it for the first time and wonder if we've been fools.
    Even with everything being legitimate there are many individual circumstances that can cause delays and failures in the transactions.
    It is a learning process, for both the business and the customers.
    So far I am seeing legitimacy and responsible follow-thru on behalf of GoldMoney. But I remain vigilant, as we all should, as business conditions can and do change over time.
  • MelanieMelanie Posts: 1,045 Gold ✭✭✭✭✭
    Hi @Tunare - as our agent emailed you the other day, we are processing this trade manually for you as the required balance is only very slightly off your present one. We realize this was a confusing experience and apologize for that! We will be sending a small gift as well for your trouble.
  • TunareTunare Posts: 12 Tin ✭
    This issue has been completely resolved.

    Thanks for everyone involved, included those who were reactionary to the thread... gotta stay on top of things.

    I fully welcome the Goldmoney team to doctor the title of my thread as I agree that it is too inflammatory and not accurate. My intention wasn't to stir this much doubt.
  • 79Au19779Au197 Posts: 4,047 Gold ✭✭✭✭✭
    @Tunare - glad to hear that things worked out
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