"Wealth Holding" physical redemption details/process ???

So apparently there is going to be significant changes to the process of PHYSICAL REDEMPTION and having it shipped to you?

It says in the Wealth Holding letter that:

"You may redeem cash or metal value to take physical delivery through our subsidiary Schiff Gold. A Schiff Gold representative can arrange for the purchase and shipment of sovereign coins and bars. There is no fee to redeem value from Goldmoney to Schiff Gold."

Questions:

- So, redemption won't be filled through Dillon Gage anymore? Schiff Gold is being contracted for that purpose, now?

- A "representative" will arrange for redemption? That sounds much less streamlined than the redemption process with Goldmoney Personal...

- No fee? Really? What about shipping. What about minimums?

- When will physical redemption through Goldmoney Holding be available?

Answers

  • tomartotomarto Posts: 106 Copper ✭✭
    i bought alot of gold via Schiff Gold ,they are good people.

    No fee? Really? What about shipping. What about minimums? must have an internal arrangement .
  • 79Au19779Au197 Posts: 4,047 Gold ✭✭✭✭✭
    I will be interested to see how this develops …
  • TexTex Posts: 197 Bronze ✭✭✭
    It makes sense to have Schiff gold take care of the physical fulfillment since it is part of Goldmoney.
  • GoldIsCurrencyGoldIsCurrency Posts: 1,762 Gold ✭✭✭✭✭
  • 79Au19779Au197 Posts: 4,047 Gold ✭✭✭✭✭
  • StalkingButlerStalkingButler Posts: 12 Tin ✭
    lnwlf17 said:

    So apparently there is going to be significant changes to the process of PHYSICAL REDEMPTION and having it shipped to you?

    It says in the Wealth Holding letter that:

    "You may redeem cash or metal value to take physical delivery through our subsidiary Schiff Gold. A Schiff Gold representative can arrange for the purchase and shipment of sovereign coins and bars. There is no fee to redeem value from Goldmoney to Schiff Gold."

    Questions:

    - So, redemption won't be filled through Dillon Gage anymore? Schiff Gold is being contracted for that purpose, now?

    - A "representative" will arrange for redemption? That sounds much less streamlined than the redemption process with Goldmoney Personal...

    - No fee? Really? What about shipping. What about minimums?

    - When will physical redemption through Goldmoney Holding be available?

    Good questions, physical redemption is one of my main concerns at the moment that hasn't been clarified. Sorry, but if I don't know exactly how I'll be receiving my gold, the form it will come in, and what fees will be charged then you won't be getting my money. Such poor implementation so far.

    It makes sense to have redemption filled through Schiff Gold, but I don't need help from a representative and I would like to see the gold offerings before I ever get stuck on the phone with a salesperson. I know Schiff Gold typically offers only bullion coins and bars, which is disappointing to me. I'm curious if GoldCubes will still be offered at all.

    As far as fees, it says "There is no fee to redeem value from Goldmoney to Schiff Gold". So, I'm assuming that you call Schiff Gold, tell them that you'd like to redeem a specific amount of value from Goldmoney, Schiff Gold will likely apply it towards your desired gold purchase and charge some currently unannounced fees that will most certainly include shipping at the very least.
  • 79Au19779Au197 Posts: 4,047 Gold ✭✭✭✭✭
    @StalkingButler said "I'm curious if GoldCubes will still be offered at all."

    Me too. I would be very sad if the GoldCubes went away. :'(
  • ike11ikeike11ike Posts: 151 Bronze ✭✭✭
    Soooooo anyone know how to redeem from the Wealth Holding as mentioned above?
  • TexTex Posts: 197 Bronze ✭✭✭
    @ike11ike You can't (at this time)
  • JimmymacJimmymac Posts: 25 Copper ✭✭
    So to redeem physical I need to go though Schiff gold, and there is no fee. Well that sounds good. I live in the UK, where is the nearest branch? How much is the postage?
  • JimmymacJimmymac Posts: 25 Copper ✭✭
    Also having looked online at Schiff gold they dont have brittanias or sovereigns, meaning CGT is inevitable.
  • maomao Posts: 13 Tin ✭
    Just finished an online chat with SchiffGold.

    Was told. 1. Cannot redeem directly for gold coins from wealth holding. I would need to redeem grams within goldmoney and transfer cash to my bank and purchase like any other customer.

    There is no Schiffgold business acct. within Goldmoney that funds can be transferred to. No metal to metal available.

    So it appears to me that the 100gram bar or kilo bar are the only products that management wants to facilitate and that is via direct registration in a vault. Comes to taking delivery?

    This likely is a deal breaker for me. I used Bitgold to purchase Maples etc. Appears that "smaller" clients are being frozen out of the redemption that was a big feature in the past.

    Not impressed and the changes are not clearly explained on goldmoney site.
  • powslayerpowslayer Posts: 93 Bronze ✭✭✭
  • RocketDogRocketDog Posts: 510 Bronze ✭✭✭
    Wow. I am glad I redeemed physical gold from my Personal Holding while I did. And that explains why one of my posts was deleted. I posted a very flattering review of how easy it was to redeem physical gold on the web, directly from my Personal Holding and how good I thought the prices were over spot. And I wondered why it got deleted. I thought maybe they did not want me to discuss pricing.
    Mene is a good product, but those little Goldmoney gold cubes are awesome too.
  • ike11ikeike11ike Posts: 151 Bronze ✭✭✭
    Just keep using the personal holding...just logged into mine
  • ike11ikeike11ike Posts: 151 Bronze ✭✭✭
  • mr1mr1 Posts: 359 Bronze ✭✭✭
    > @RocketDog said:
    > And that explains why one of my posts was deleted. I posted a very flattering review of how easy it was to redeem physical gold on the web, directly from my Personal Holding and how good I thought the prices were over spot. And I wondered why it got deleted. I thought maybe they did not want me to discuss pricing.

    @RocketDog
    I wouldnt be so sure that your post got deleted by a person. One of my posts disappeared last year some time and i asked @Melanie (when she was still around as an admin) and she was able to get it back for me. I believe the system has some protocol to automatically delete posts that seem fishy, and sometimes it may be too aggressive, like if you edit a post too fast or too many times. Or maybe a couple people accidentally fat-fingered "flag" on your post and it got removed. Who knows.

    @MaxLamb
    Are you able to see which posts get removed/moderated and why?
  • mr1mr1 Posts: 359 Bronze ✭✭✭
    > @mao said:
    > Just finished an online chat with SchiffGold.
    ...
    > Not impressed and the changes are not clearly explained on goldmoney site.

    @MaxLamb
    The experience that @mao had with schiff gold is disappointing to me as well. Like @RocketDog , I was impressed with the redemption process in the old personal accounts and was hoping for even more improvements (i.e. more selection and better shipping options for those outside the US). Instead, it seems like things have gotten worse.

    Can you update the community on the status and future of metal redemptions? Are optikns going to be expanded? And will holdings ever be able to make a redemption in gold online instead of having to pick up the phone?
  • ike11ikeike11ike Posts: 151 Bronze ✭✭✭
    @Goldmatters Ah I remember Mene now! The jewelry company...I know where I will be directing my fiance for my wedding ring now (thank god it won't be as expensive as hers)!
  • ike11ikeike11ike Posts: 151 Bronze ✭✭✭
    Is Goldmoney the majority owner of Mene?
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