REDEEMING Gold

I'm having a difficult time navigating the site... I find what I'm looking, click on what seems to be a useful link only to lose the original page I started from... like when I first came to the Community it looked like I had to create a name/avatar, but I can't find that page again.

I wanted to ask what the redemption fees are... does anyone know or have experience with this procedure?

Comments

  • LGJLGJ Posts: 68 Bronze ✭✭✭
    In my experience, the redemption fees depend on how you redeem. If you are selling your gold for dollars and have that transferred to your bank, it was pretty competitive, like 1% from spot. That option is suddenly no longer available, and I’m not sure how much the wire transfer is. Probably a little more.


    When I have looked at having physical gold shipped to me, it seemed competitively priced. Slightly more expensive than most online retailers.
  • GoldNRollGoldNRoll Posts: 233 Bronze ✭✭✭
    @June

    Maybe this may help:
    https://www.goldmoney.com/dealing-rates-and-storage-fees

    At the end:
    PHYSICAL REDEMPTIONS (VAULT)
    Physical redemptions from each vault can be arranged if you own 1 kilogram of gold or 1,000 ounces of silver.

    An appointment will be made on your behalf, at which time you may visit the vault custodian with necessary paperwork to collect your metal. There is a one-time fee of 10 gold grams for each physical redemption.

    PHYSICAL REDEMPTION (COINS & BARS)
    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.

    Click here to download our full fee schedule.

    ---------

    Am these articles are useful on this subject:

    https://support.goldmoney.com/hc/en-us/sections/115004131748-Delivery-Registration-and-Withdrawals


  • P_FritzP_Fritz Posts: 3 Tin ✭
    Is redeeming gold all done through Schiff Gold now?
  • RocketDogRocketDog Posts: 821 Silver ✭✭✭✭
    Yes. It seems you can still do that both in the Personal account and in the Holding. In the Personal account there are three dots in the More column next to your metal on the main page. Click the three dots and you will see a Vault to Vault transfer option.
    For the Holding account, use the link below to see a Help article that explains how to do it.
    https://support.goldmoney.com/hc/en-us/articles/360000679208-Vault-to-Vault-Precious-Metal-Transfer
  • frankgoldfrankgold Posts: 2 Tin ✭
    I decided a few months ago this experiment was going to fail after joining back in 2015. Closing the account and getting my money back was a long painful endeavor. They don't want you to leave! In the end you have to reach out over and over until you get the instructions, which are not intuitive. It cost me over $60 from all fees both here and my bank.

    Those of you with a substantial balance may want to check out their stock price for an indication of where this experiment is heading. Good luck!
  • tanyakilptanyakilp Posts: 3 Tin ✭
    frankgold after much trouble switching my 147.7 grams of gold to holding account, the next statement which was this month showed 0 grams of gold and 0 dollars? no response from goldmony yet. did this happen to you. i can't even begin the long painful endeavor. when i go to transfer it shows 0. any advise would help. thank you
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