Peter Schiff discusses regulatory challenges at Goldmoney

RocketDogRocketDog Posts: 823 Silver ✭✭✭✭
edited December 4 in Community Cafe
Start listening at 50:45 to hear Peter discuss the regulatory issues and costs that is forcing Goldmoney to change course and charge $10 per month per account to store gold.

Comments

  • RocketDogRocketDog Posts: 823 Silver ✭✭✭✭
    I swear Peter has been reading my posts in this community. :D
    I am looking forward to using his bank when he gets it running.
  • GoldmattersGoldmatters Posts: 4,069 Admin
    Well obvi! Peter Schiff understands that you have your finger on the pulse when it comes to all news gold related @RocketDog !
  • GoodgoldGoodgold Posts: 2 Tin ✭
    Just listened to this today. Was great hearing Peter talk about this but unfortunate about all goldmoney has to deal with in regards to regulation!

    My question to the community is what do I do being someone who has less then 5k in my holding? I was thinking about adding more to bring the holding to a bit over 5k.
  • EmilyEKEmilyEK Posts: 1 Tin ✭
    Withdraw it from Goldmoney dude. It's over (for now). Take the 5k and buy a few 1oz gold coins and a few silver bars (100oz,10oz) through SchiffGold.com or JMBullion.com and store/bury it yourself. Don't add to your Goldmoney account, just use the extra savings that you do have and open/fund a brokerage account (TDAmeritrade etc.) and invest it in gold and silver mining stocks. Easiest way to get exposure to mining stocks is buy ETFs that are a basket of individual mining companies to minimize your risk of just owning one single company/stock.

    Gold and silver mining ETFS (in order from least risky to most risky):
    GDX - a basket of 25-30 major Gold mining companies (big producer companies)
    GDXJ - A basket of 25-30 Mid-Tier Gold mining companies (mid-size producers and explorer companies)
    SIL - A basket of 25-30 major Silver mining companies (big producer companies)
    SILJ - A basket of 25-30 Mid-Tier Silver mining companies (mid-size producer and explorer companies)

    I'd recommend just buying 50% GDX and 50% SILJ. Done. And going forward put half of your savings in physical metals and the other half in your mining ETFs. You'll be rich in five years or less guaranteed. You're welcome.

  • RocketDogRocketDog Posts: 823 Silver ✭✭✭✭
    Hi @Goodgold, I think it depends on what your goals and risk tolerance are. As Peter mentioned, if you have a decent amount of money in your account $5k-ish or more, then the storage fee is not that high. If you want to store digital gold/silver in a manner in which you can easily liquidate it at any point then Goldmoney is still a great place to buy/sell/store precious metals. From what Peter said it sounds like your transaction fees will offset the storage fee, so if you occasionally buy/sell gold and silver then you could offset some of the fee. Just know that you probably won't have the ability to transact in the metal and won't be getting a debit card. But for fully allocated and audited storage, with easy selling and liquidation, I think Goldmoney is still a good platform.
  • BigMouseBigMouse Posts: 147 Bronze ✭✭✭
    thanks @RocketDog for posting this info. This is so unfortunate. I hope GM offer master card funding option so at least we could buy small amount at a time.
  • GoodgoldGoodgold Posts: 2 Tin ✭
    @RocketDog @EmilyEK thank you both for your responses and advice
  • MurphyMurphy Posts: 100 Bronze ✭✭✭
    When do these charges start?
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