Has anyone here actually try to redeem their gold and noticed the ridicilous redemption fee?

RaistRaist Posts: 1 Tin ✭
Has anyone actually gone to a vault to redeem their physical gold ?

Answers

  • SkyriderSkyrider Posts: 3 Tin ✭
    What IS the redemption fee?
  • GoldIsCurrencyGoldIsCurrency Posts: 1,794 Gold ✭✭✭✭✭
    edited December 2016
    @Skyrider Redeeming Physical Gold
    https://support.goldmoney.com/customer/portal/articles/2313877

    @Raist I have redeemed some coins and bars from the platform. I am fine with the costs as the pricing on the coins and bars is better than I can find elsewhere. As for redeeming from a vault directly there is a process for that but note those bars are 1kg in size as mentioned in the above support link.
  • Skookum_JimSkookum_Jim Posts: 124 Bronze ✭✭✭
    I have not yet used the redeem option but If you try adding some gold/silver products the cart Will show the total cost including shipping.

    Going to a physical vault and fetch probably wouldn't be possible for security reasons if nothing else.
  • GoldmattersGoldmatters Posts: 3,993 Admin
    I don't think the primary advantage of this platform is to redeem small amounts of gold (or silver). While it is possible to do so, I think the main and best feature is the ease in transactability which really doesn't exist anywhere else. Goldmoney adds utility to gold in the form of savings and payments, and lets you use your gold in ways not possible for 100 years or so.

    There is nothing wrong with redeeming some precious metals, and I believe we all should have at least some in hand. Goldmoney enhances and adds another layer to your precious metals strategy beyond just physical ownership.
  • Skookum_JimSkookum_Jim Posts: 124 Bronze ✭✭✭
    edited December 2016
    @GoldMatters I view the possiblity to redeem gold as an added bonus really but truth be told a bullion coin like the 1 oz maple leaf would cost me only slightly more to redeem from Goldmoney than to buy locally and already at 2 coins redeeming would actually be cheaper than buying the same 2 coins somewhere in europe despite expensive shipping across the pond :)

    And i agree, everyone should have a small amount of their assets in physical, 1 oz of gold will easily feed a family of 4 for 2 months.
  • GoldmattersGoldmatters Posts: 3,993 Admin
    @Skookum_Jim Exactly:) It's also important to remember that this is only the beginning. Many more exciting things to come :)
  • ToadMeisterToadMeister Posts: 12 Tin ✭
    I was thinking goldmoney should look into the option of vouchers, so a person can go to a coin shop, redeem their voucher, and get their coin locally, instead of having it sent.
    Just a thought.
  • PinkdogPinkdog Posts: 511 Silver ✭✭✭✭
    At some point in the near future you will be able to stop by the Goldmoney store in Toronto, London, New York and pick up your gold and avoid the shipping cost. If all you are interested in physical gold and not holding it in a vault, go directly to Peter Schiffgold.
  • adye222adye222 Posts: 6 Tin ✭
    I am just checking this whole platform out to see if it is a good deal and because I trust Peter Schiff. I see some are complaining about the redemption fees and I admit that at first they surprised me but then I did a little math.

    I have gold coins I bought here in England and I paid a little more than 5% over spot plus shipping at Coininvest.com (I can only afford a coin or two at a time so I get the worst rate). This was after comparing with other websites. Of course from my experience, if you walk right into a coin shop the fee is higher than this. I have not sold the gold yet but from the websites it seems it will cost you about 3-4 % plus shipping. That’s about 10% in total when you include shipping!

    If you use Goldmoney and redeem to a bank account there is no shipping. As I am typing this the spot price of gold is £944/ounce so the redemption cost for a one ounce Britannia would be £16.65 (or half a gram) or 1.76% + 1% (0.5%*2) = 2.76%. And for 2 coins the cost is only 1.88%. This is quite a bit lower than the 10% for the other method.

    I would always redeem to my bank account and not take physical possession since I just want the value and not the security headaches or shipping costs (currently I am forced to take possession). Also, I buy gold to keep value since currencies are unreliable and I don’t trust bankers or politicians. For small purchases I would use cash and the Goldmoney card and only redeem gold when the price is right and I need a large chunk of money. If you sell at least an ounce or two at a time the fees are very cheap.

    Are my calculations correct? Am I missing something?
  • SkyriderSkyrider Posts: 3 Tin ✭

    @Skookum_Jim Exactly:) It's also important to remember that this is only the beginning. Many more exciting things to come :)

    Yes, there's many more exciting things to come, yet I agree with a friendly disagreement:

    James Turk was the founder of GoldMoney in the days when e-gold had a monopoly on digital currency backed by grams of gold. GoldMoney has MORE THAN SURVIVED! James' dogged determination has paid off and we are the beneficiaries of those long, hard and cold days. My history:

    I had my entire wealth reduced to gold which was to be transferred to James Turk (GoldMoney) the next morning from e-gold where assets had been liquidated and had been accumulated and held in an account called 1MDC (1st Monetary Digital Currency). My friend JM had developed it and it was fantastic. Well ahead of it's time. E-gold would allow just anyone to open an account without any vetting, and many of those customers were Phishermen out of India where they could rob a regular bank account, turn it into e-gold and quickly with JM's debit card, they could transfer the e-gold into JM's debit card where they could transfer any number of dollars out of their e-gold account in the 1MDC sub account and have it in coin of the realm through an ATM -- anywhere in the world -- in cash. JM actually had a video of it in real time. He was first and it was fantastic. Many of us warned Dr. Doug Jackson, however, owner of e-gold, about the pedophiles and phishermen using e-gold and we begged him to prevent it as well as to get out of the United States. All our advice fell on deaf ears and blind eyes until the United States Ferrel Grabmint went calling. On the morning I woke up to do the transfer to GoldMoney (because I saw the handwriting on the wall) ALL of my gold was gone without recourse. I was just 12 hours too late! I went from being "well off" for the rest of my life to an abject pauper over night. James Turk was far ahead of his time though he didn't have the debit card right then, and he beat the game by light years because of his stubborn ethics. And it worked! So, only with this thumbnail history can you understand how glad I am to be able (finally) to start over. I applaud James Turk and GoldMoney for their stubbornness, else we would have nothing and no way to do what we are doing. It is so important to the world. GoldMoney is the standard bearer as all the others are . . . gone. I say this without any compensation and from my heart because I completely agree that there are a whole lot of other exciting things to come with people that are THE standard.
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