deposit
Roland1206
Posts: 9 Tin ✭
why does it take so long for my gold to reflect into my account after i have completed my deposit?
Roland1206
Posts: 9 Tin ✭
Roland1206
Posts: 9 Tin ✭
Roland1206
Posts: 9 Tin ✭
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Roland1206
Posts: 9 Tin ✭
Comments
As we all know the gold is stored in Brinks Vaults. Within Brinks vaults there are different lockers/cages for each Brinks customer. So when we as a Goldmoney client make a purchase of gold if there isn't enough unallocated gold currently in the Goldmoney locker more gold bars need to be moved from a sellers locker over to the Goldmoney locker. So on occasion a new purchase of gold by a Goldmoney client can go into "Pending" status and will remain in Pending status until Brinks has confirmed that a new bar/bars of gold have been moved into the Goldmoney locker. The Goldmoney platform works on 100% transparency so the status will not go into "Confirmed" status until that gold is in the locker via electronic confirmation from Brinks. On occasion the above process can take a few days as Brinks has times were they can get really busy moving bars around and also there could be some delays with limited Brinks staff working during weekends and holidays.
Please also take note that an outsider Auditor KPMG (known as one of the big 4 worldwide auditors) physically audits the Goldmoney locker holdings within the Brinks Vaults. All bars are serialized and accounted for. 100% transparency.
Hopefully knowing the above will help understand the pending status period better. This is the benefit of owning gold on the Goldmoney platform versus other choices in the world that are not fully allocated and do not have the utmost highest level of transparency that Goldmoney provides to their clients.
I love your explanation. I think it is very helpful to new users.
@Melanie
This question seems to be a reoccurring one that trips up a lot of people. Can Goldmoney find a way to make this clearer in the process? Would it be possible to put a little info icon next to the pending status, so that an explanation is given when users hover over the icon? A clear and straightforward response such as the one from @GoldIsCurrency would go a long way. Thanks!