Does Goldmoney, the company, still have a pulse?

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?


  • gmcapergmcaper Posts: 18 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: 210 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: 104 Bronze ✭✭✭
    edited June 2018
    Mene. The focus is completely on Mene. Great products. Super fast shipping. They did a really good job with that.

    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: 181 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: 18 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: 763 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: 4,020 Admin
  • BigMouseBigMouse Posts: 138 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: 18 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: 763 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: 4,020 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: 18 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: 68 Bronze ✭✭✭
    @gmcaper were you able to use ACH transfer or did you wire the money? Or are you out of the US?
  • gmcapergmcaper Posts: 18 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: 18 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?
  • gmcapergmcaper Posts: 18 Tin ✭
    My guess: Price decline to 2.78 today is probably the end of the torture for those believing in the company. I'm one of the believers. If I'm right, then maybe this thread will come to life again as those in pain would feel they found somebody that was right once and never wrong before... All this is said in good humour - but is probably still right.
  • dolphdolph Posts: 4 Tin ✭
    In my opinion goldmoney should have stayed private. The stock markets are a joke anyway, they are all corrupted. That's why the heck we buy gold. Goldmoney stock? Who cares.
  • goldconnectgoldconnect Posts: 7 Tin ✭
    gmcaper said:

    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?


    Do you have a confirmation that GoldMoney Mastercard is being discontinued or not?

  • gmcapergmcaper Posts: 18 Tin ✭
    To @goldconnect, I read this (as I recall) in the same announcement that introduced the new Holding accounts. It was my understanding when I read it that the cards would be discontinued some months or a year after the Holding accounts were introduced. While I'm sure I read about 'discontinuation', I might have misunderstood the details and in particular to which accounts (if not to all of them) they applied. Perhaps you can find the answer from support at Goldmoney.
  • jroselandjroseland Posts: 4 Tin ✭
    The stock price dosen't really effect us users though does it? I'm more concerned about the cost of gold.
  • mau5trapmau5trap Posts: 29 Copper ✭✭
    the Chinese website seems to be unavailable to me. hopefully this is just the Chinese firewall.
  • gmcapergmcaper Posts: 18 Tin ✭
    I re-read all entries this morning, including my own, and concluded what I already knew before: "Hope beats eternal in the suckers heart". The 'investing game' is skewed against the 'investors'... by design. It is not about investing. It is about speculation at best and gambling at worst. To profit you need to understand fundamentals, technical price behaviour and most importantly... what the game is all about. At this time I suspect the 'game plan' is to break price down to new lows and get the believers to quit and never come back again... LOL
  • RocketDogRocketDog Posts: 763 Silver ✭✭✭✭
    @gmcaper there have been persistent bubbles in the stock and real estate markets which may be shaking loose. That should help loosen up the metals prices and make the "wealth preservation" benefit of the precious metals more obvious.
    It has been very frustrating for us to identify "reality" for the past 50 years. Your despair is well-earned. I am still hopeful that the wealth preserving value of gold and silver stands the test of time.
  • gmcapergmcaper Posts: 18 Tin ✭
    edited December 2018
    @RocketDog Where did you 'read' despair in my writing?! There is none. I know exactly what's going on and I think I won't be disappointed. So far, as you can see, I was right: 'They' beat price down to cause capitulation. What I hope is that the execs do not intend to take this company private at the lowest possible stock price... They probably won't because this might cause an uproar from investors. But who knows?! Time will tell. Latest bid this morning was 1.84. Sooner rather than later the decline will stop. My hunch is that when the current decline stops it will mark the bottom, and a fundamental uptrend will begin.
    As I see things your prognostication of 'wealth preservation' is a weak argument in support of a rise in gold price. We are in a global fundamental DEFLATION that the Fed and all other central banks have been 'fighting' these past 10 years with very low (and some negative) interest rates. They delayed deflation, all right, but at the cost of a super-larger global debt bubble. That debt bubble is slowly becoming harder to sustain, and that is why bonds have been in downtrend for a while. The decline is pushing long-term interest rates (e.g. mortgages) up and adversely affects real-estate prices. But very slowly. Short term rates - used by traders for margin - are rising but maybe more slowly to prevent yield curve inversion. So, the reason gold might begin to 'shine' is only because of the fear that a debt melt-down will devastate currencies, which are nothing more than a worthless paper composite. So the ascent will be very slow, but it will reflect a turn up in fundamental expectations.
  • RocketDogRocketDog Posts: 763 Silver ✭✭✭✭
    @gmcamper very sorry to misread your sentiment. Subtleties are often lost in text. I appreciate your analysis! This is a tough time for me, deciding where to put the assets. I have trust in gold in the long term. I just hope that golds long term isn't longer than my life span.
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