Why the limited choice of coin redemptions?

paddy10tellyspaddy10tellys Posts: 248 Bronze ✭✭✭
Seems that Canadian & Australian & ?Austrian... coins are the only choices available. I can understand the Canadian bias as this is a Canadian outfit but... Austrian? What's the rationale here?

Sovereigns or Britannia Gold coins would be my preference as they are capital gains tax free for UK taxpayers but I appreciate life is never that obliging...

Please - anyone care to enlighten me?

Many Thx


  • UvasUvas Posts: 678 Silver ✭✭✭✭
    edited November 2016
    I think they are trying to have an inventory of coins so that if you redeem your gold in a coin in the future, there won't be a tax consequence, like how you can now redeem your gold in goldcubes or bars with no tax liability.

    Right now, you have to sell your gold with tax consequences, then buy a coin with the proceeds of that sale.

    So, if they will be able to make this a reality, they will probably first stockpile only the most popular coins, possibly increasing the selection as the company grows.
  • paddy10tellyspaddy10tellys Posts: 248 Bronze ✭✭✭
    Thx @Uvas that sounds like a good plan! I will be paying close attention to future developments...
  • GoldIsCurrencyGoldIsCurrency Posts: 1,781 Gold ✭✭✭✭✭
    @paddy10tellys It is my understanding Goldmoney will be adding more coins and bars to the redemption options. They were doing a trial of various different options on Ebay about a month or so back to gauge what other options would be most popular. There was some pretty cool options within that list, even noticed some platinum. Now that Schiff Gold partnership has been completed I would expect all the redemption options Schiff Gold offers will be added along with with some more.
  • paddy10tellyspaddy10tellys Posts: 248 Bronze ✭✭✭
    Thx @GoldIsCurrency I like the sound of that a lot... Having to store coins at home/in safety deposit boxes = hassle, but Goldmoney holding them = no hassle. Also, redemption as UK sovereigns or Britannia's = no UK capital gains tax... sweet! Am I dreaming?
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