New Client agreement

ReallylikecryptoReallylikecrypto Posts: 51 Copper ✭✭
Has anybody checked out the new client agreement coming into effect in January? Holding Plus looks like new language, check it out; ""

Hoping for the best.


  • IrishGuyIrishGuy Posts: 181 Bronze ✭✭✭
    Thanks for this.
    It raises the question do folks if verified already get converted to Holding Plus or are more forms/verification required?
    I always wish companies would redline changes to T&C policies for transparency reasons. 34 pages or terms and conditions is unrealistic to wade through.
  • ReallylikecryptoReallylikecrypto Posts: 51 Copper ✭✭
    I enquired this morning about the new term "Holding Plus," I received a very prompt reply;

    Thank you for your message.

    I confirm your current Holding will be categorized as a Holding plus type of Holding.

    We are changing terminology of the names of the different types of Holding for simplicity.

    I trust the above is in order but please contact me if you have any additional queries.
  • IrishGuyIrishGuy Posts: 181 Bronze ✭✭✭
    Thanks for checking that out. great that Customer Service was responsive and also great that we do not have to verify again.
  • CryptoladyCryptolady Posts: 6 Tin ✭
    Do you call the Canada no for customer service? I've been sending messages but never can talk to anyone. I don't understand the changes and wish they would simplify for those who don't have "legal" minds. I have a "Holding" account so I don't know if it will automatically change to the new one. I'm beginning to think it would be better to hold the product myself.
  • IrishGuyIrishGuy Posts: 181 Bronze ✭✭✭
    hi @Cryptolady
    Based on what @Reallylikecrypto stated, you will be fine if you have a verified holding account. It will automatically transfer to a holding plus account.

    I emailed Customer Service yesterday on different issue (change of address question) but got a response within a day so you could go that road if you want to confirm for yourself.
    However I am good with the board for things like this and grateful for folks like @Reallylikecrypto for checking it out and more importantly posting it here.
    Hope that helps.
  • SpontaneousOrderSpontaneousOrder Posts: 302 Bronze ✭✭✭
    edited December 2018
    Some other points of interest in the updated client agreement:
    • 3.4: Holdings with Minors.
    • 4.3k: taxes.
  • CryptoladyCryptolady Posts: 6 Tin ✭
    Can someone explain the tax implications? Not to hang my hat on...just for some insight.

  • GoldmattersGoldmatters Posts: 4,021 Admin
    @SpontaneousOrder has an immense amount of knowledge regarding this . He even made a caculator...
  • RocketDogRocketDog Posts: 765 Silver ✭✭✭✭
    I was a little concerned about "locks" and "suspensions" when I read it.
  • IrishGuyIrishGuy Posts: 181 Bronze ✭✭✭
    Any change you world share the calculator?
  • SpontaneousOrderSpontaneousOrder Posts: 302 Bronze ✭✭✭
    R.e. taxes: most Goldmoney account holders, and definitely all U.S. taxpayers, will need to pay capital gains taxes on sales of metal, currency, and crypto. Note that any storage fees paid in metal count as sales of metal. My capital gains calculator with instructions can be found at

    It's been awhile since I've worked on my capital gains calculator. I'll be using it again for myself and family for 2018 taxes, but if others want to use it I'll make myself available for support. I also want to stress that Goldmoney has nothing to do with my efforts here. See full disclaimer on the website.

    Aside from paying capital gains taxes, U.S. taxpayers will need to file the FBAR and Form 8938. I discuss this in depth here: Goldmoney Holding, FBAR, and Form 8938. Please let me know about typos, mistakes, etc. in this document so I can improve it.
  • GoldmattersGoldmatters Posts: 4,021 Admin
    This is the type of contructive community engagment I love to see and that the community was designed for... members helping each other. Thanks again @SpontaneousOrder for creating this tool that people can decide for themselves if they want to use. At the very least it can give people an idea of how they might think about their individual situations.
  • Rob_8Rob_8 Posts: 2 Tin ✭
    Thanks @SpontaneousOrder. Question, you mentioned how storage fees paid in GG require capital gains reporting the same as a sale, but in the transaction report from GM the USD market price of gold at the time the storage fee is charged is not stated. As far as I can see it only says how many GG were charged and when. If I sold gold then the USD value of the sale would be reported for the transaction and I would know it for Gap Gains reporting. So for these storage fees paid in GG, how do you know the USD equivalent of those GG that I assume is what the taxman wants to know (instead of GG)? Wouldn't I have to know the USD price of gold at the time the GG were paid? If yes, then how would I know that? Are you having to look it up in a market historical record based on the date and time of the storage fee charge?
  • SpontaneousOrderSpontaneousOrder Posts: 302 Bronze ✭✭✭
    @Rob_8 are you talking about a Goldmoney Holding? Assuming that you are, here's an example from one of my gold transaction files. I downloaded this as an Excel spreadsheet (column headers to the left of the equal sign, values to the right):
    Date & Time       = "2012-Jan-01 12:45:53"
    Transaction       = "Storage Fee"
    Amount Paid       = "0.35"
    Amount Paid (USD) = 17.23
    So the storage fee was 0.35g, worth $17.23. No need to look up historical market record.

    If you're not seeing the above fields in your transaction report, I'm guessing that you're generating the report in a different way than I do. Section 2 of my script instructions explains how I'm doing it.

    If you had storage fees in a Goldmoney Personal or Business account - I've never actually seen what they look like. Please post an example - I want to make sure my script can handle!
  • Rob_8Rob_8 Posts: 2 Tin ✭
    Thanks @SpontaneousOrder. I read your report instruction more carefully. What I missed was setting the Display currency value (USD for me) when running for the GG product. It generates the report even if you do not but does not show any USD equivalent to the GG in that case.
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