Does Goldmoney, the company, still have a pulse?

gmcapergmcaper Posts: 10 Tin ✭
Stock price has crashed from 8.05 to 3.01. A steep slope of hope... Share price movement has been languishing between $3 and less than $4 for months no end. Trading volume is pathetic. The Holdings account failed for many customers whose attempt to get verified failed due to Equifax deficiencies. (I, for example gave up). No positive news from the company for months... Precious metals going nowhere because we are in deflation, really. No updates to community posts since 2016 and 2017 when there was some excitement about the company. The Company allocated $10 million for share price defense - does not show much executive confidence in the company's future. So I ask the community: Is the company at the brink or at the threshold of vigorous success?

Comments

  • UC_MrPOWRs_iLuv_GOLDUC_MrPOWRs_iLuv_GOLD Posts: 11 Tin ✭
    I'm a young millennial who's here because I think Goldmoney is the new frontier like other millennials think crypto is.

    I think the crypto groupies will flock over here if GM does this,

    1. Focus on being, and marketing itself as, the operating system for digital gold
    2. Simplify the complicated Personal/Holding system, I shouldn't now have two logins, one has gold and the other can use this forum. We're all holding the same eight assets; it's shouldn't look so complicated.
    3. Get a far better UI for web and app. IMO as a millennial, if you build an app as sexy and snappy as Robinhood, digital gold will be sexy. I open Robinhood sometimes just because I like looking at the beautiful app. The GM app and website won't even keep you signed in and look like they were created in MS Word and published to the web. Mene's UI looks good, the branches look good, so I'm sure it's coming, but it really reflects on GM as a tech company to not have the absolute best app quality and hurts people's confidence in their abilities.

    I really think optics are more important than we realize. The simpler it is, the simpler it is for the market to use GAU as an alternative currency.
    In my mind I own x grams of gold, there's no reason it should look so intimidating.
    If the app's top notch, you have ACH, branches with Mene, using your gold for Mene, and people start trading real estate with gold, and then you can market it as the superior alternative currency and get all the crypto-trading millennials on board.
  • TimKTimK Posts: 84 Bronze ✭✭✭
    I loved the idea of this when I started. I had an account when it was still Bit Gold. I'm not going to get into the nuts and bolts of why I think in the long run this particular company probably will fall by the wayside. As time goes on many more companies will rise up that do the same or similar to what G.M. does. They might end up doing it better. So the ease of the platform, speed, and convenience along with top notch customer service will be the long-term survival of G.M.

    To be honest, the only reason I still have my account here is that it probably would be a nightmare to close. I don't feel I can get my money out. Unless I put a certain amount on my card then go to withdraw the funds from there. It's cumbersome and slow. I tried one time to have money deposited into my verified bank account and it remained pending for three weeks. I never got it deposited. It was never told to me why. After a few emails, I finally got my money recredited to my account minus the fee of course that I never got back.
    I have never tried since. Now there is no ACH withdraw or deposit for the U.S. I just don't see the point of using this platform.

    Thank god I never tried to migrate to the holding account. After all the nightmares I read on here. Now people are just getting verified after six months. Really?

    It's too hard, slow and complicated. I have a self-directed P.M. IRA. That took me a day to open without any of the nonsense that they make you do here.

    I hope it turns around. I am a customer. I want it to work. At this point though I don't feel very good about the experience here.
  • gmcapergmcaper Posts: 10 Tin ✭
    Wow, I did not anticipate hitting a raw nerve with some members of this community.

    I have been a customer since summer of 2016, but have not yet tried to take money out from my accounts. I don't know what NOT to worry about now.

    I have a question to those who experienced failure in transferring the proceeds from the sale of Gold into your bank account.

    (1) Was your Gold stored in a country different than the one you reside in?
    (2) Did you correctly enter the transaction? I assume you did it correctly, but I ask just to be certain.

    Thanks to everyone for your posts so far. I'm looking forward to more insights.
  • GoldNRollGoldNRoll Posts: 113 Bronze ✭✭✭
    Transferring gold between accounts is the MOST IMPORTANT feature of Goldmoney, what makes it useful. That allows to use gold as money - our goal.
    My assumption is that this feature makes the entire process of opening holdings so difficult: because transferring gold requires to comply with AML policies and that is tough.
    I know Glint and Copernicus Gold catch up on this but I don't trust their board as much as I trust the people behind Goldmoney. And trust is essential when dealing with money.

    Goldmoney has to advertise more the gold transfer feature and develop the "Pay with Goldmoney" plugin with implementations for php, ASP.NET, Magento, Prestashop, Woocommerce etc. I think this would be the key to success.
    I still wait to integrate the "Pay with Goldmoney" button on the Gold'N'Roll marketplace.
  • Lone_StarrLone_Starr Posts: 91 Bronze ✭✭✭
    edited June 8
    Mene. The focus is completely on Mene. Great products. Super fast shipping. They did a really good job with that. Mene.com/invite/3C51Jj

    The ecommerce idea of goldmoney died when they went a different direction and made the holding account last year.

    I'm not sure why Mene, Goldmoney, and Schiff Gold aren't connected through a goldmoney payment / redemption platform. Wish they were.

    I don't get the feeling that Roy and Josh have the passion they once did for Goldmoney. Maybe reality beat it out of them, who knows...
  • IrishGuyIrishGuy Posts: 140 Bronze ✭✭✭
    Hi All
    Love the thread. Great question.
    I personally would consider purchasing shares now. They seem beaten up and I do think when the next crisis hits and gold goes up, so to will this companies share price.
    Mene is awesome. Great products and customer service.
    Shame they did not keep personal accounts for the little investor and just launch a sesperate holding similar to how they set up Mene.

    Just got verified in last month which says to me company is getting its act together. However agree Holding still needs work. Assumed you could swap precious metals without selling gold to buy another metal. Not so and you have to use the dollar (i.e sell gold get dollars buy silver). If gold is money, why not a charge to just go from gold to silver directly.

    I did suggest in the past what @GoldNRoll suggested that "pay with Goldmoney" should be pushed like PayPal or a Facebook like.
    This takes time and needs to start with Mene and gold stores work wide. Then other alt sites that believe in gold as money.

    However having said all that this is a very new company and I still see the potential.
    Mene will be hugh and when the bubble economy busts so will Goldmoney share price to the upside.

    Stocks that are out of favor now will be the darlings post the crash and this being one of them I believe.
    Must check out the Robinhood website. Thanks for mentioning.

    Again great question.
  • gmcapergmcaper Posts: 10 Tin ✭
    I've been watching the stock and its price for many months. The issuance of new shares, in the amount that was cancelled before that, seems like an exerciise aimed to let the copany buy low on the TSE and sell higher to a private buyer, bypassing the TSE. Why did they do that? Why did they not sell the IPO on the TSE? Could the stock flash-crash to $2.00? Any thoughts?
  • Skookum_JimSkookum_Jim Posts: 124 Bronze ✭✭✭
    TimK said:


    To be honest, the only reason I still have my account here is that it probably would be a nightmare to close. I don't feel I can get my money out. Unless I put a certain amount on my card then go to withdraw the funds from there. It's cumbersome and slow. I tried one time to have money deposited into my verified bank account and it remained pending for three weeks. I never got it deposited. It was never told to me why. After a few emails, I finally got my money recredited to my account minus the fee of course that I never got back.
    I have never tried since. Now there is no ACH withdraw or deposit for the U.S. I just don't see the point of using this platform.

    Hello TimK, your story sounds very much like mine. What happened happened and i wont comment that further but i feel you should not have to accept having your assets locked in, if you still have a goldmoney mastercard there is a solution. This is what i did back in Jan-Feb 17 once i understood what was happening:

    1. Download the app revolut in your phone and open an account.
    2. Have that account verified and try a few smaller top-ups using your GM mastercard.
    3. Once some time has passed and you have built a bit of trust with revolut you can go bigger if you want.

    Optional 4th step; buy physical and pay using your revolut account - this is what i did.

  • RocketDogRocketDog Posts: 553 Silver ✭✭✭✭
    Here is a link to Peter Schiff talking about Goldmoney a couple days ago. At right about 8:45 minutes he starts talking about some hopes for the future of gold as money.

  • GoldmattersGoldmatters Posts: 3,699 Admin
  • BigMouseBigMouse Posts: 82 Bronze ✭✭✭
    It is the time again! stock took a hit without any news. Don't know when GM release the result. Did not hear any news from China joint venture. Only saw GM and Mene logo on the english version of the TaoJinYuan web site.
    I bought some shares today. And prepare to buy more if price drop. But admit I am little bit nervous now.
  • gmcapergmcaper Posts: 10 Tin ✭
    There is very little demand for GM shares. And those who bought are waiting for price to rise. It's therefore easier to beat share price down than get demand on the way up. It's the path of least resistance. I'm far from being a maven in stock schemes and I'm not sure I understand the current state of GM shareholders' connection to Mene and the China venture. Shareholders were supposed to benefit from those. Unfortunately, I'm getting the feeling that GM sharehlders supplied the money but are on the way to holding empty bags. The rabbits have been taken to other holes..Anyone else shaer this feeling?
  • RocketDogRocketDog Posts: 553 Silver ✭✭✭✭
    They did say we would benefit from Mene (as shareholders of GM) and I certainly have not seen or heard any results of that. It would be nice to know how we benefit from that. It might take the sting out of the lower stock price. The company has not been around long enough to notice long term trends. But if you look at the chart you'll see that last May, the stock started going down, it tanked in July and started going back up in August. Right now the chart looks similar to last spring/summer. (I am looking at XAUMF, but guessing it is similar in Canada.) So maybe it is a good time to buy? Especially since the rest of the stock markets are so overvalued. Finding an undervalued or even non-inflated stock is a good strategy. And it would go along with a Crashproof plan, as Goldmoney should do real well if there's a crash and a run to gold.
  • GoldmattersGoldmatters Posts: 3,699 Admin
    Good questions @RocketDog . A rationale for the strategy for Mene to benefit Goldmoney shareholders was laid out in the PR in December. Though from the language it did not seemed definitive and a lot has likely changed with Mene since then so as a GM shareholder I wouldn’t assume everything is the same, though it could be. At minimum we know that GM owns over 30% of Mene so if it’s valuation grew that would directly impact GM’s intrinsic value. Though as we know there can always be a disconnect between the actual value of a company and the market valuation.....for a while

  • gmcapergmcaper Posts: 10 Tin ✭
    I watched Peter Schiff's presentation at above link. He made all the good points about Goldmoney. It is for those reasons that I opened accounts with Goldmoney. But, as I recall reading in an announcement related to the M/C credit card, I understood those cards are being discontinued. Does anyone have a different understanding?
  • LGJLGJ Posts: 57 Copper ✭✭
    @gmcaper were you able to use ACH transfer or did you wire the money? Or are you out of the US?
  • gmcapergmcaper Posts: 10 Tin ✭
    Reply to LGJ: I did not wire the money. I did straight redemption into my bank account and it works like ACH in US. My account is not in US.
  • gmcapergmcaper Posts: 10 Tin ✭
    Are any readers of this thread technical analysts? More specifically, Elliott Wave analysts? I ask because I'm trying to apply technical analysis to understand why price had such a large drop from 8.05 to the recent low of about 2.76, and to answer the question whether stock price could go much farther down, indicating the end of the company

    A reasonably positive outlook I was able to come up with based on how I analyze things, is that:

    (a) If stock price stabilizes around or above 2.50, and
    (b) Stock price then moves towards 4.00

    This would mean to me that the company does have a pulse and it is alive and well...

    Any thoughts?
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