Should I close my goldmoney account?

JayJayJayJay Posts: 26 Tin ✭
Sounds like a lot of people are having issues with accounts. I have a plan to build up my account to substantially but should I just stick to buying real physical on my own?


  • RocketDogRocketDog Posts: 821 Silver ✭✭✭✭
    It depends on your goals. Personally, I like the idea that the gold in my Goldmoney account can easily be converted back to cash. Now -- how quickly and easily you get that cash is currently under some debate. But I have not heard of anyone actually being defrauded. Usually there is a technology issue or a communication issue between Goldmoney and bank, or a verification issue. Also Goldmoney does not seem to have automatic systems in place to notify customers of order status. These are business process issues of the administrative sort. I don't think there is a problem with their gold tracking/storage process. The Business Administrative issues will most likely be improved over time -- or else a competitor will come in and do a better job. You have to remember that Goldmoney operates in many countries -- all with unique technology and banking issues/laws. This is not a simple task. You may have better or worse results depending upon your country of residence.
  • ImbackImback Posts: 1 Tin ✭
    a very clumsy system. trying to even find the affiliate link is an issue. then there's the two different accounts and the map show step two? whats is that? I can't even find that link on my personal holding account page. I know i have a holding account because i stumbled on it one time But really, your site needs some work. looking to accumulate gold this venue but not sure if it will be with please consider some simplification of links.
  • AgStackerAgStacker Posts: 1 Tin ✭
    My frustration this year has been building up after removing ACH from my personal account and no updated when holdings accounts will start using ACH. This lack of communication from the company is also infuriating. I am tempted to move all my assets over to HardAssetAlliance.
  • JayJayJayJay Posts: 26 Tin ✭
    I just have a holding account. I've been buying slowing and stacking with goldmoney for the past month or so. I use my debit card to fund for the metals and buying metals seems to be easy. My only problem is that the company have relationship with Peter Schiff's company. Basically if you want to request physical metal they do this weird transaction with Peter Schiff's company and Peter Schiff's company send me physical metal like silver eagles. My worries is that what if Peter Schiff can't deliver? Would Goldmoney actually take out physical metal from my vault in Singapore and send it to me? I hate it when they get another company involve. The request of physical metals should be easy with just one click especially in this advanced technology world.
  • TimKTimK Posts: 90 Bronze ✭✭✭
    I do not want to just post anything but bashing this company. I have done that enough in the past. If I had the motivation to close my account I would have done it a year ago. I have never liked the customer service or lack of communication when there is a problem or issue.

    I don't have a lot of money here and like I said above. I just concentrate on my P.M. IRA and I buy physical metal. I do use my account off and on but it's not my main focus anymore.
    Sorry to say but I lost faith in this company a long time back now. It hasn't changed in the four years I have been around. I doubt it will anytime soon.
  • Midas65Midas65 Posts: 47 Copper ✭✭
    Looks like some people are frustrated. Although not an excuse, it is a new company (just read the horrible reviews for Coinbase, for that matter any major bank has horrible reviews.) ( I just received a letter from a Big 5 Canadian Bank apologizing for falsely charging me over limit fees for 6 years, and saying they will re-imburse me but I will have to pay tax on it because it is income!?) I have been a client for 4 years and now have a holding and have not experienced any problems, although I do not do many transactions. I have lots of silver, because it is too bulky to have in the house. This system works great for long term holdings, if you are taking money in and out maybe it is not a good idea.
    Remember, if you buy gold and silver and take delivery, you pay a huge premium to a dealer and the same dealer will not offer you spot when you want to sell it...for me this system is better because the buy/sell spreads are much narrower than taking delivery of physical. Having to sell physical metal is a REAL HASSLE. Also, I trust a publicly traded company with a Big4 accounting firm much more than others out there.
  • TimKTimK Posts: 90 Bronze ✭✭✭
    I agree with you that if you are taking money in and out, there are more efficient ways of doing it then doing it through this platform. I do keep physical around but not a lot. Your right, it is a pain to sell. Especially now. Nobody wants gold or silver for that matter. I took some physical to a local dealer and he wanted to give me 5 dollars an ounce. I laughed and walked out. Nobody is buying metal right now. Which makes it a perfect time to buy. I hope these low prices continue for a least three more years.
    I'm not sure I really get it why you would take money in and out. Why not just keep the currency then. I do take money out occasionally but it isn't a regular thing.
    I look at this more as a savings account that is backed by gold. I feel a little better having it here than in a regular bank account.

    All and all it could be worse. There will always be things that could improve. The communication is one. The customer service is another. For example, if you request money and it remains pending for three weeks or a month then the company should be reaching out to the customer or looking into what the issue is.

    I just wish the stock would go up some. LOL
  • GLDGLD Posts: 49 Copper ✭✭
    Actually my opinion and experience falls in line with TimK 's. I was expecting to use BitGold as a savings vehicle but have lost confidence .... starting about the time the Goldmoney merge happened. Customer service has always been weak and has only marginally improved in all these years. Did any of you see Schiff's video's trashing BitGold before the merge .... it was an uninformed review at best. To Goldmoney's credit i have liquidated 90% of my holdings without much delay (had them ship me ~8K worth of Gold over the last 2 years). I'd rather just hold it in my local favorite private storage company. Sad but true. Keep in mind everything you do at Goldmoney is traceable (including this forum) ...... you're better off buying with cash in your city (or another) and storing it privately. If i had family out of country i might think otherwise because of the ease of transfer but i don't. I have liquidated most of my stock as well . I just don't see the improvement i expected and positive press is virtually nonexistent over the last 18 months. I suppose if gold jumps $300 a lot could change.
  • ClumsyDadClumsyDad Posts: 5 Tin ✭
    Hello all, I'm verifying, had to upload id photo from a seperate camera cause my comp camera sucks. So, at least I wish they'd send an email saying things are in process... or note specifically which things are pending. For supposedly a "techie" site, some things could be smoother.

    Still looking forward to it.

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