Redeeming Physical to Australia

I recently redeemed some Goldmoney bitcubes which included postage to my address in Australia. It took one week and the parcel was delivered to my door by UPS. No delays, no extra costs and on time. There is a qualifying note to this order. The order amount totaled just under AUD10,000, which may or may not have had an impact on the importation. ($10,000 and above require more declaration)

The bit cubes arrived in;
3 X packs of 4 and 1 pack X 3 Goldmoney cubes inscribed "Goldmoney"on one side and "10gm" on the other side.
1 X pack of 4 Bitgold cubes inscribed "Bitgold" on one side and 10gm on the other side.
There was also a small plastic container which would hold 3 layers of 9 cubes neatly inside (27 cubes total)

The shipping was very discrete with a plastic inner bag holding the goods and this was packed with infil poly into a small UPS cardboard box and this box was packed with more infil poly into a larger box. It could have been a mid-size drone or pair of shoes. No one would have been the wiser. No mention of Dillon Gage gold on the packaging or the paperwork. All in all a very good ordering and fulfillment system

With regards to the cubes;

They are neat and uniform in size but the weights were not. On average each cube weighed roughly .1gm over. But never under. Still for the size, it is a little un-nerving when the wights are not accurate.

I was disappointed that the cubes did not have the assay stamped or inscribed. There is no 99.99 or .9999 on the cubes only on the packaging.

I took the cubes to my gold dealer. This is the first time he has seen or heard of these cubes. His impressions were;

Non-uniform weights.
Inscribed markings not stamped.
No assay

Furthermore he advised me that he could not retail-on-sell the cubes because they were not correctly marked with the three determining markings required for fine bullion. I.E. weight, producer and assay. Therefore he could only take them as scrap and have them sent in for refining. Refining scrap prices are spot-weight less 10-25% depending on form. In this case the form is solid and would be spot less 10%.

He further advised me that even if the cubes became widely known and circulated nothing much would change unless the cubes were stamped with the three defining markings. This is because the cubes would be easier to forge than most coins or other well known bullion bars etc.

So here are some personal observations for the good folk at Goldmoney and for this forum to discuss. I do hope this helps with the community. I very much like the concept of Goldmoney and am confident it will continue to grow very successfully.

Seasons greetings to all.

Comments

  • paddy10tellyspaddy10tellys Bronze ✭✭✭ Posts: 249 Bronze ✭✭✭
    edited December 2016
    What to do with the cubes now? V useful, practical research @GoldenFly - not a lot of people would know this. I certainly didn't but now that I do, I would probably avoid the cubes until it has been addressed @anyone_from_goldmoney_please_comment could such improvements be made to the cubes?
  • GoldIsCurrencyGoldIsCurrency Gold ✭✭✭✭✭ Posts: 1,811 Gold ✭✭✭✭✭
    edited December 2016
    @GoldenFly Well described review on the gold cubes! In regards to the purity that is an excellent point. It would be nice if that could be stamped on the cubes as well and not just on the sealed packages.

    It is surely better to be overweight than underweight. I presume the variance has something to do with the cost effective manner they are produced. No cost variance for mintage fee's like what is experienced with coins and bars. (physical gold at spot price) It is my understanding that is a patented or patent pending process. In regards to the weight as per Goldmoney Support they state the below in regards to the 10gram cubes.

    How do I know my GoldCube is authentic?
    When physical gold is redeemed from the Goldmoney Personal and Business platform it is always packaged and shipped in sealed, tamper-proof packaging. When you receive the gold un-tampered with a serial number, you can be assured it is authentic. Each cube is laser etched with the cube weight and Goldmoney logo. Your 10g GoldCube will weigh between 10.00-10.03g and measure 8.04mm on all sides.
  • PinkdogPinkdog Silver ✭✭✭✭ Posts: 511 Silver ✭✭✭✭
    Best way to sell your Goldmoney cubes is back to Goldmoney. Just ship the sealed package back to Goldmoney. Real simple.
Sign In or Register to comment.