Open Letter to the Goldmoney Management Team

PinkdogPinkdog Posts: 511 Silver ✭✭✭✭
As a shareholder and regular user of the Goldmoney network, the recent news releases regarding the investment in the Lend & Borrow Trust Company and Mene Inc. has left me with many unanswered questions. Roy and Josh, both of you are great communicators and very articulate. I hope on the June 22 conference call you can shed light on the strategic direction of the company.

Regarding the investments in Lend & Borrow and Mene Inc. How much did Goldmoney invest? What is our ownership stake in these companies? Will the Lend & Borrow concept be rolled out across the Goldmoney platform for all countries? Why did we invest in the company and not just build our own lending platform? With Mene, how will it be integrated into the Goldmoney platform? Why is this relationship good for Goldmoney. I can guess why, but we need to hear it from you.

There was a lot of excitement about the Schiff Gold acquisition. Today, there is no co-branding on the Schiff Gold Website, just a dated video of Peter and Josh. We hardly hear from Peter Schiff. There must be more opportunities that we can leverage from this relationship.

On previous quarterly calls there was talk about strategic partnerships with online e-commerce companies such as Shopify. What ever happened? We talked about a multi-currency credit card, it is still in the works? There was also a lot of talk of opening physical Goldmoney locations in cities such as Toronto, New York and London. Where are we with this project?

I have spoken to many friends who are also Goldmoney shareholders. One of the concerns that is preventing some from buying more shares at the current level is the fear one day we will wake up to hear that Goldmoney is being taken private, preventing us from realizing the long term investment potential of this company. Anybody who has invested over the years in Canadian small caps has experienced the scenario where the share price becomes ridiculously low and the founder decides to take it private. In the end the small shareholders get punished for their patience and loyalty.

Goldmoney is an amazing and exciting company to own. I personally can't wait to see how this all plays out. I'm a patient and loyal follower, but every once in a while we need you to share your vision and provide reassurance.

Best Regards


  • powslayerpowslayer Posts: 93 Bronze ✭✭✭
    Well said, I couldn't agree more
  • GMONEY1GMONEY1 Posts: 424 Silver ✭✭✭✭
    @Pinkdog Did you just read my mind??? :wink:
  • GoldIsCurrencyGoldIsCurrency Posts: 1,762 Gold ✭✭✭✭✭
    @Pinkdog Well said. In all aspects.
  • BillybetaBillybeta Posts: 32 Tin ✭
    @Pinkdog I agree with the others it was a well spoken comment. We definitely need more clarity. Otherwise I just think of tesla/solar city with musk being involved with both or like urban outfitters going rogue and buying that pizza chain...its like huhhh :#
  • BigMouseBigMouse Posts: 81 Copper ✭✭
    @Pinkdog Well done! I have the same questions in my mind. Roy and Josh, waiting for your reply.
  • TexTex Posts: 197 Bronze ✭✭✭
    @Pinkdog Those are great questions. I'm sure those topics will be addressed on the 22nd. If you look at one of Goldmoney's competitors, (Mike Maloney's company), you'll see he too offers bullion jewelry.
  • PowerlunchmoneyPowerlunchmoney Posts: 255 Bronze ✭✭✭
    Thanks for the update Roy. Looking forward to earnings call next week.
  • BillybetaBillybeta Posts: 32 Tin ✭
    Appreciate the clarity
  • TexTex Posts: 197 Bronze ✭✭✭
    “Nothing ventured, nothing gained!!!”

    ― Benjamin Franklin

    Thank you for the information Roy. Godspeed.
  • BigMouseBigMouse Posts: 81 Copper ✭✭
    Thank you Roy! I feel confident to acquire more shares now. I hope you and GM succeed!
  • BigMouseBigMouse Posts: 81 Copper ✭✭
    Thanks Josh for spending time to response to the community! You and Roy have my respect and trust!
  • SecretsSecrets Posts: 55 Bronze ✭✭✭
    edited June 2017
    Thanks Josh and Roy. I think that clarity helps immensely and your reasons for Running Mene separately make perfect sense.

    I think the key difference that may not have come across in the original press release is GM putting up all the money to launch the business versus putting up a small portion (10% or 20% etc) to secure exclusive control of the sales and storage of gold for the business.

    That changes the dynamic considerably.
  • GMONEY1GMONEY1 Posts: 424 Silver ✭✭✭✭
    Thanks for the clarity on these questions @Roy Sebag and @Josh !

    'Looking forward to GM's future!
  • PinkdogPinkdog Posts: 511 Silver ✭✭✭✭
    Roy and Josh, with great graditude and respect, thank you for answering my questions. I look forward to the conference call on June 22. I see more shares of Goldmoney in my portfolio in the near future. A very interesting value proposition.
  • MoneyafricMoneyafric Posts: 1 Tin ✭
    edited June 2017
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  • GoldmattersGoldmatters Posts: 3,660 Admin
    As usual, @Roy and @Josh responses add insight and clarity to strategic brilliance.

    This is why I am a shareholder in the first place.

    When you are a partial owner of a company via share ownership, whether its Goldmoney, Apple, or Berkshire Hathaway, what you are really buying is the collective wisdom, vision, and the ability of managment to execute.

    Let's remind ourselves that the only reason we are even reading this post is because at some point someone had an idea.

    This idea started very small, like a grain of sand.

    Through effort, concentration, labor, and cooperation this idea is now an operation that is thriving and growing.

    Skepticism is good. I would venture to say that most people reading this with an interest in alternatives to saving and spending than the current fiat system are skeptical by nature.

    But we shouldn't let our skepticism stop us from reaching our goals. If we make an honest assessment, how many of us would have said that a company like Bitgold (now known as Goldmoney) would make it even to the IPO?

    Roy and Josh did not let such skeptism stop them. They charged forward anyway, probably despite many people telling them it would never work.

    They raised money, made acquisitions, hired employees, jumped through a million regulatory hoops, worked out so many details that we will never even know about.

    All while everyone told them this was a horrible idea.

    Now we have a new venture, which two of the smartest people I have ever met are embarking on and taking along anyone who wants to be on the journey.

    Goldmoney is a publicly traded company.

    Anyone who has faith and trust in this team can join this journey, and no one is being forced to.

    Being a shareholder is always going to involve imperfect information. If we knew the day Google was conceived it would be what it is today everyone would be rich beyond their wildest dreams.

    The secret sauce of this imperfect infomation, is faith in managment. Mistakes will always be made, and the path forward will never be perfectly smooth at all times.

    I am happy to transfer my own stored labor, time , and effort in the form of my own capital, to this team in the form of investment, even without knowing with complete certainty what the outcome will be. They have proven how they can start a company from scratch and build it over a short period of time to something that flourishes.

    I cant wait to see what this grain of sand looks like in the future. Thank you for letting me participate @Josh

  • GoldIsCurrencyGoldIsCurrency Posts: 1,762 Gold ✭✭✭✭✭
    edited June 2017
    @GoldMatters Well said.

    Personally I like the way this new venture is geared just as much and possibly even more (the ethos behind the MENE structure is growing on me fast) than the other business components of Goldmoney that has evolved since day 1. This management team is disrupting the entire physical gold space. I'm all in and will ride the intellect of this management team. MENE will be an additional stream of revenue for the overall Goldmoney mother ship while also educating western culture that jewelry is not only fashionable but also a store of value, savings. There are reasons why pirates wore hoops in their ears and for them it wasn't fashion. If a man died on a ship their earrings helped to cover the cost of transporting his body home so that he wouldn't be buried at sea or on foreign soil. Gold in it's true form, money.

    Potentially when people understand the ethos of gold jewelry as savings it could bring more clients to the Goldmoney payments and savings network. GM investors winning again.

    Another aspect. When we bought shares in the beginning for BitGold did any of us think we would be making bonus money off of bitcoin? Millions of dollars of profits have streamed in from that additional risk maneuver. As Roy stated the amount of money made off of bitcoin last month is less than the investment in MENE. I am elated they are reinvesting that bonus money into another form of disruption still within the physical gold space.

    The crazy aspect. If GM investors weren't included in this MENE venture we would be hearing a lot of whine from some shareholders as to how they could start another venture and not include GM. That is the flip side.
  • PinkdogPinkdog Posts: 511 Silver ✭✭✭✭
    I'm excited about LBT and Mene and I think they are attractive investments. I can't wait for the the day I can walk into the Goldmoney branch in Toronto and buy a piece of the Mene collection.

    I got a crazy idea. Why not let Goldmoney shareholders and community members personally invest in LBT and Mene when these companies need more capital? We can pay in physical gold using the Goldmoney platform for shares in these private companies.
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