Article alleging fraudulent practices at Goldmoney, was this every addressed by anyone?

Just recently stumbled across this article alleging dishonesty and possible fraud on the part of Goldmoney, has anyone else seen this, and has it been rebutted? http://fatcatinvest.com/caveat-emptor/

Comments

  • RocketDogRocketDog Posts: 793 Silver ✭✭✭✭
    edited August 9
    Ummm. As far as I know, @GoldenRetriever, anyone with a Holding at Goldmoney does not get their own segregated metal, nor do we pay storage fees for it on contract. Our metal is all mixed up with everybody else's metal, but is accounted for on a 1:1 (gram per gram) basis. As in, each gram is owned by only one person. We all know that. Goldmoney makes that clear in their marketing materials. And I like the fact that my gold is probably hanging out with @Goldnroll 's gold or @Goldmatters matters gold in one big happy golden family.

    Metal is stored at vaults all over the world. Some are Brinks, some are other (it is clearly written on the vault designation). Depending on how many transactions we have each month, we may or may not pay a small storage fee, based on our metal accumulation each month. As long as our accounts are in good standing we can take metals delivery at any time. Delivery is pretty fast now. Though there have been rough times in the past when some deliveries took longer than others and I did wait 5 weeks for one delivery, but it was because they didn't have what I ordered (cubes) in stock and they just forgot to notify me of the delay. They do have a known tendency to not communicate about deliveries. But it seems to be a process issue not a dishonesty issue. It is said, and I believe it, that if you want to get delivery of 100oz bars, you can order them in advance and then pick them up from the vault. Anything other than big bars would come from SchiffGold these days, I think.

    So your nightmare story sounds extremely fictional to me. With your unnamed, sleighted customer, and uncounted millions and billions of ounces of precious metals kept frustratingly out of the poor rich guy's grasp. How terrible that he should have to deal with customer service delays and miscommunications like the rest of us! How awful that he couldn't just drive right up and casually pick up a pallet of silver and gold!

    Now I don't know if GoldMoney has concierge-type separate gold storage services for some of their wealth clients. They might. Most likely the people on this board keep their grams in the public storage until they take delivery. And we can't quite relate to your story. Maybe if you rewrite it and say how a bunch of working class chumps couldn't get their debit cards to load we'd be able to relate.
  • GoldIsCurrencyGoldIsCurrency Posts: 1,814 Gold ✭✭✭✭✭
    edited August 9
    I read that nonsense story a few years ago. No real names, no dates, just a bunch of hoopla. You have to wonder if a competitor was behind it. The fat cat with his huge following of 301 followers. lmao
  • Golden_RetrieverGolden_Retriever Posts: 2 Tin ✭
    @RocketDog It wasn't "my customer" or "my story", just a link I saw. I made no allegations, so no need to be so defensive, I was just asking for opinions. I'm a brand new customer, new to the world of remote storage, and it just worried me a little when I saw it, that's all. @GoldIsCurrency thanks a lot for your explanations, that helps put my mind at ease.
  • GoldmattersGoldmatters Posts: 4,035 Admin
    Thanks @Richard_Cuddy2019 for clearing this up for the community. And thank you also @RocketDog and @GoldIsCurrency for holding down the fort while we waited for an official response :)

    The community can be assured that Goldmoney operates with integrity and redundant safeguards to ensure the security of your holdings.
  • RocketDogRocketDog Posts: 793 Silver ✭✭✭✭
    Hello @Golden_Retriever, welcome to the community. Sorry to accuse you of writing a story. (Somebody did but apparently not you.) Please continue to communicate on the board and ask questions so we can relate our real experiences and help you decide whether Goldmoney is a good solution for you. And if you have ideas about other gold storage/spending solutions that might work, we would love to chat about that too.
  • tanyakilptanyakilp Posts: 3 Tin ✭
    @golden_retriever, i read those stories also. check out https://www.sitejabber.com/reviews/goldmoney.com site jabber.
    after very much difficulty and expense i was able to transfer my 147.7 grams of gold to a holding account which was required by goldmoney. then my next statement emailed this month, showed a 0 balance of gold and 0 of dollars? where is it? anyone have any idea. no response from gold money yet.
  • RollyRolly Posts: 2 Tin ✭
    Good day, I would like to know how to go about cashing in my holding acct? Since we can no longer get Debit cards, as I have successfully used in the past when travelling in Europe. I am off to Europe again in September for a month and would like to cash out my holding account, how can I do that?
    Thanks for your help
    Rolly B
  • RocketDogRocketDog Posts: 793 Silver ✭✭✭✭
    Bank wire seems to always work. Just put in an order to wire the money to your bank.
  • Midas65Midas65 Posts: 47 Copper ✭✭
    Silly article.
    A guy who owns a bunch of sh**coins complaining about supposed scams. LOL
    Negative reviews are possible with any company. Read what Wells Fargo did or about TD bank employees being trained to load their customers up with fee laden products and debt.
    I trust Goldmoney more than TD or most big banks. I opened up a US dollar account with TD last night and just found out they had my wrong birthdate.. it was always right the previous 30 years.. what happened? Complete incompetence.

  • Midas65Midas65 Posts: 47 Copper ✭✭
    I assume Goldmoney is backed up a bit with their 10% gold promotion. I wired Thursday morning, normally takes 36 hours, still nothing. I just do not want gold to go any higher before I buy. I have enough gold, but I do not want to pass up that 10% offer.
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