Goldmoney vs Goldwiser

79Au19779Au197 Posts: 4,047 Gold ✭✭✭✭✭
As an experiment today, I took a 10g Goldcube to my local Goldwiser gold buyer (http://www.goldwiser.com). Spot price via http://goldprice.org was USD 39.4/g.

On a positive note the Goldwiser buyer was willing to accept the 10g Goldcube not is assay packaging - no problem. He even commented that he had gotten several of them in in the past few weeks.

I was offered USD 315. That would be a 20% fee. Intense negotiation might have improved the offer, but I was curious to see what the base offer would be.

Contrast this to the now 0.5% fee charged by Goldmoney. Hmm 20% or 0.5%? decisions decisions

Anyone tempted to criticize the fees charged by Goldmoney should chew on that for a while.

This also speaks the how Goldmoney makes gold useful. Liquidity. Logon from any mobile device to buy or sell for 0.5% or transfer for free.

Compare this to finding a buyer, going there in person, paying up to 20% in fees, and (in the case of Goldwiser) then depositing their check into your bank account or going to Goldwiser's bank to cash the check for yet an additional fee. Your mileage may vary.

Stacking may be satisfying and comforting … but unless or until you find a merchant who accepts physical gold in payment, you will pay a dear cost should you need to tap your reserves.

Comments

  • Love_HandleLove_Handle Posts: 14 Tin ✭
    @79Au197, thanks for performing that experiment. I've been curious about the process of selling Goldmoney's gold cubes.

    Might the price that you were offered been higher if you were selling a less obscure bullion product? Any idea how much the assay is worth?
  • UvasUvas Posts: 680 Silver ✭✭✭✭
    Yes, selling small amounts of gold requires high fees. The shop owner has many bills to cover. 20% still seem pretty high, I would expect somewhere around 10%

    Best to keep your gold inside the Goldmoney network, and to sell it back to them when you need the value. A .5% fee rather handily beats a 20% fee.
  • 79Au19779Au197 Posts: 4,047 Gold ✭✭✭✭✭

    @79Au197, thanks for performing that experiment. I've been curious about the process of selling Goldmoney's gold cubes.

    Might the price that you were offered been higher if you were selling a less obscure bullion product? Any idea how much the assay is worth?

    I don't think so. I rather suspect that I could have negotiated the price higher, the experiment was to see what the initial offer would be.

  • KarmaKarma Posts: 2 Tin ✭
    Thanks for this!
Sign In or Register to comment.