Gold balances NOT updating prepaid card NOT reloading I do not have access to my money or gold

monetmonet Posts: 19 Tin ✭
Guys I am a bit nervous, goldmoney has all my life's savings (which aren't a lot)
But I noticed my prepaid autoload did not fire once my balance reached below $500... I usually liquidate $1000 in gold to my prepaid once Y go below $500.

Not only I did not receive an email notifying me the threshold was breached but no sale was executed.
I decided to sell $333.33 in gold from all 3 vaults I have. The Amounts do appear as pending but the amounts I have as pending have not be subtracted from my vault totals...

...when a bank-like system does not subtract any withdrawal before acting on any other transaction one knows there is something wrong!

I emailed goldmoney two days ago but nothing has happened. This has made me think I have placed too much trust in GM and I have left myself with a single point of failure... a big one as I have NO money outside of my gold here.

Has anyone been suffering similar issues?


  • GoldmattersGoldmatters Posts: 4,068 Admin

    I was able to load my card today
  • neovinccineovincci Posts: 5 Tin ✭
    > @Goldmatters said:
    > I was able to load my card today

    From which vaults? I have three pending card loads from three different vaults. I had thought some vaults would be more quick to confirm than others, but they are all equally slow at present. I'm quite desperate as I'm in a foreign country with no other way of spending. Probably shouldn't have done this to myself...

    Is it the vault that confirms the sale or Goldmoney themself? Is there round-the-clock confirmation, or only during business hours in Ontario? This would be helpful to know for my future redemptions.
  • monetmonet Posts: 19 Tin ✭
    @neovincci I am in your situation... I did this to myself by trusting all my savings onto one private alternate solution. I have three vaults singapore, canada and switzerland all pending redemption of 10g of gold... but as I said before the sheer fact that those 10 grams that are showing pending on my history have not been charged to my vault totals really scares me... what system allows you to sell and asset before removing it from your balance, double spending much?
  • RocketDogRocketDog Posts: 821 Silver ✭✭✭✭
    Actually, I think that is how all the transactions are made. They usually have a pending transaction until it is written to the ledger and verified, because they actually have to remove your name from some bit of gold and then do the payout at the then-current price. Then you should receive another notice that the transaction has been confirmed. There is always some slack and delay in the process. Usually only a few days at most. Unless I am misunderstanding your post, it is not a single, quick transaction like a bank dealing in fiat currency.
  • neovinccineovincci Posts: 5 Tin ✭

    Thanks for the reasoning. I would have no problem waiting longer if it really were such a complicated process. My gripe stems with the inconsistency. 90% of my card loads have taken fewer than ten minutes to confirm. This creates the expectation that quick confirmations can be relied on, so when it subsequently begins to take days, I feel something must wrong. More troubling is that the slow down is occurring across vaults in four different countries. Goldmoney states that the vault custodian confirms the gold sale. Am I to believe they are all unusually busy around the world? Mind you, my gold purchases are still being confirmed within five minutes at each respective vault, with only the redemptions taking days to confirm. Theoretically, both processes should require a similar process and amount of time. Maybe buyers have dried up?
  • neovinccineovincci Posts: 5 Tin ✭

    I'm glad you can empathise. Let's hope this situation clears up quickly. Perhaps our posting here will draw the attention of someone who could help. From what I can see, even though the homepage balances are not updated, if you try to redeem from the same vault, you'll see the available balances there have updated, eliminating the possibility for double spending.
  • IrishGuyIrishGuy Posts: 206 Bronze ✭✭✭
    Interesting discussion. It being labour day weekend may have something to do with it.

    I also wonder that Goldmoney works by matching a buyer and seller. However at the moment, appears to be much more sellers out there. It probably takes longer to sell through another company. Even then buyers are just not interested.
    Listened to Egon Von Greyerz and he mentioned Goldmoney and that the volume of gold under Goldmoney management has dropped about 50% from 2Billion to 970 million and he stated the “retail business is dead” at present
    For me, i think this is a great indicator and for want to a better term I keep stacking!
    I also believe this company is sound but works in a tough market and there are just no buyers at present which may also be impacting transaction selling.
    Can I ask folks update the post when it gets resolved? Always good to here the close out of these issues.
  • neovinccineovincci Posts: 5 Tin ✭

    Thanks for your thoughts. It is possible Labour Day is a factor. Is it possible the vault custodians take a holiday, while the security staff remain? I'm really curious how these gold vaults operate now. It's now Day 4 for me with no breakthrough. Maybe @monet has had his card loaded? The price of gold has gone up about 30 cents per gram since my requests, so presumably there are buyers somewhere.
  • neovinccineovincci Posts: 5 Tin ✭
    Now towards the end of Day 6, my card loads have been confirmed. I suppose I should err on the side of caution next time and allow for at least a week. @monet @IrishGuy
  • RocketDogRocketDog Posts: 821 Silver ✭✭✭✭
    Hey @neovincci, I am glad you finally got your funds where you wanted them. I always allow a few days. Hopefully 6 days is not the new norm. That seems like a long time. Even so, if we saw some sort of "status" message on the pending transactions, that would help. Amazon manages to send a message every time any item from any order is delayed, even if it only costs a few dollars. Our transactions can be thousands of dollars and we don't hear a peep for days or weeks sometimes. I think that some sort of messaging on delayed transactions would go a long way to improving customer service and easing people's minds while dealing with the delay.
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