Physical Gold Shipping Prices

79Au19779Au197 Posts: 4,047 Gold ✭✭✭✭✭
edited February 2016 in About Goldmoney Products
@Melanie

What is up with the physical gold shipping prices?

On Monday the Redemption Fee and Shipping Charges were $19.20 USD and $8.33 USD respectively.



Today they are $20.12 USD and $15.94 USD



What's the deal?

PS … Date stamp at bottom of the shopping CART SUMMARY page still says December 31, 1969. The GAU price in January 1970 is about $1 USD. B)

Best Answers

  • MelanieMelanie Posts: 1,045 Gold ✭✭✭✭✭
    Accepted Answer
    As is outlined here, the redemption fee is 0.5 GAU, so the fiat equivalent may fluctuate. The shipping price is linked to live quotes from the shipping company, but I will take a look and see if there is anything unusual there.
  • MelanieMelanie Posts: 1,045 Gold ✭✭✭✭✭
    Accepted Answer
    @79Au197 No, it is not dependant on the vault you redeem from. @solargold, as all products are shipped for Dillon Gage in Texas, the price does increase with greater distance. We'll see what we can do!
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Answers

  • 79Au19779Au197 Posts: 4,047 Gold ✭✭✭✭✭
    Thanks @Melanie

    Just seems weird that the shipping fee has nearly doubled since Monday.
  • 79Au19779Au197 Posts: 4,047 Gold ✭✭✭✭✭
    @Melanie

    I think you answered this before, but … is the shipping dependent on the vault of redemption?
  • rohanibuang61rohanibuang61 Posts: 2,379 Gold ✭✭✭✭✭
    @79Au197 Hopefully to have a fixed shipment rate instead of fluctuating rate worrying it may be rejected if the balance in BitGold platform is insufficient. Arrangement for fixed shipping rates can be enforced with the shipping companies.
  • solargoldsolargold Posts: 115 Copper ✭✭
    @Melanie
    Any update on the very high shipping costs to Canada as described here? (e.g. 1200% more expensive than to the USA for one gold cube)
  • solargoldsolargold Posts: 115 Copper ✭✭
    @Melanie
    That explains the high cost to Canada! I had written that as an assumption in that prior post, but I didn't get an official answer. Thanks for that update. Hopefully BitGold can make some agreement with regard to its home country! :smile:
  • 79Au19779Au197 Posts: 4,047 Gold ✭✭✭✭✭
    edited February 2016
    @Melanie

    all products are shipped for Dillon Gage in Texas

    Well Missy, looks Dillion Gage is just bit on down the trail from the ole homestead. Do you reckon I could just mosey on down there and pick it up myself and save a few sawbucks? B)

  • golden_grgolden_gr Posts: 664 Bronze ✭✭✭
    I see an update on shipping rates.

    I also would like to ask @Melanie, if in your future plans is to make any other partnership ( like Dillion Gage for example) in Europe?
    The reason that i'm asking is because for us that we leave in Europe, we have to pay extra tariffs (very high import taxes) if we choose to buy physical gold from USA. :/

    Do you have any idea about that?
  • AbelPureGoldAbelPureGold Posts: 12 Tin ✭
    Its same price for gold cube and silver bar ?? (much value difference)
  • golden_grgolden_gr Posts: 664 Bronze ✭✭✭
    Ok, thanks for your reply @Melanie.
  • GoldIsCurrencyGoldIsCurrency Posts: 1,808 Gold ✭✭✭✭✭
    edited February 2016
    @Melanie I had read Dillon Gage was in 20 countries. I am in Canada and I redeemed some of my BitGold holdings out of the Toronto vault for a 100 ounce silver bar. I see this thread now saying everything is shipped from Texas, it was my expectation that the silver bar I ordered would ship from a Canadian location since I was redeeming from the Toronto Vault. Was rather shocked when the UPS driver said COD. Had to pay at my front door $296.75 in tax's. Wasn't so happy with this additional cost that I wasn't expecting and was not made aware of. My suggestion is when it comes to physical redemption a warning message of some nature should advise the BitGold user that additional tax's will be incurred upon delivery. Communication is key and this additional cost was not communicated.

    The highlight of my experience is I ordered the silver bar Monday night and it arrived on Friday. Quick delivery.
  • powslayerpowslayer Posts: 118 Bronze ✭✭✭
    Thank you @BigD I sure am glad you posted this.

    @Melanie Is this correct and if so how much is the tax to ship to Canada?
  • golden_grgolden_gr Posts: 664 Bronze ✭✭✭
    @BigD that was a very bad experience :( really sorry to hear that.
  • GoldIsCurrencyGoldIsCurrency Posts: 1,808 Gold ✭✭✭✭✭
    @powslayer @golden_gr I was not happy with an additional 3 bones at the door I can surely say that. Quick delivery and the silver bar looks pretty stellar. As long as they change the platform to advise tax's may be incurred upon delivery that is what is most important to me. Communication.
  • solargoldsolargold Posts: 115 Copper ✭✭
    edited February 2016
    @BigD
    Thanks for sharing your experience as this is important for users in Canada to know. I also actually thought about the potential for customs and duties, as I've often been hit by such charges when shipping all sorts of things.

    I wrote about the issue of shipping to Canada in depth here. @Melanie responded saying that they are working on a solution. So hopefully you will have a more pleasant experience next time.

    Note that businesses can ship things cross border without duties or taxes under the North-American Free Trade Agreement, but they left out consumers from that deal :/ ...
  • golden_grgolden_gr Posts: 664 Bronze ✭✭✭
    @BigD , i can understand your disappointment about the extra cost. You have absolutely right.

    @solargold in Europe also we have the same problem with the customs and duties.
  • GoldIsCurrencyGoldIsCurrency Posts: 1,808 Gold ✭✭✭✭✭
    @Melanie I appreciate that very much, thanks Melanie.
  • Jim_RedtailJim_Redtail Posts: 9 Tin ✭
    solargold said:

    @BigD
    Thanks for sharing your experience as this is important for users in Canada to know. I also actually thought about the potential for customs and duties, as I've often been hit by such charges when shipping all sorts of things.

    I wrote about the issue of shipping to Canada in depth here. @Melanie responded saying that they are working on a solution. So hopefully you will have a more pleasant experience next time.

    Note that businesses can ship things cross border without duties or taxes under the North-American Free Trade Agreement, but they left out consumers from that deal :/ ...

    So in theory, Bitgold should have gold stored in a vault in Toronto, like my account shows, and we shouldn't even need to consider border fees.....

    Provincial taxes need to be charged in the shopping cart as well, if that tax applies.

    This whole thing is a red flag to me. I just started selling off my silver horde to buy gold cubes from Bitgold, but things aren't looking as good as they made it to look. I love this site, but I'm stressing about my investments already.

  • 79Au19779Au197 Posts: 4,047 Gold ✭✭✭✭✭
    @Melanie

    I was joking (speaking in pseudo Texan) based on the fact that I live in Texas >:)
  • 79Au19779Au197 Posts: 4,047 Gold ✭✭✭✭✭
    @Melanie @BigD @Jim_Redtail @solargold @golden_gr

    I stand in solidarity with my Canadian brothers to the north on this. There must be a way to ship from Canada to Canada to avoid cross boarder taxes and long distance shipping fees.

    However I want to remind everyone (except @Melanie) that it was never the intent of BitGold to become a bullion dealer. Delivering physical gold at rates less than online dealers in not the business plan. The entire low cost advantage of BitGold is exactly the opposite of this. Storing gold in multiple global vaults and providing direct access to it via Payments and the GoldMoney card is the business model. If one's sole intent is to take possession of physical gold, then there may be better option available.
  • GoldfingerGoldfinger Posts: 128 Copper ✭✭
    Like @AMALGAM11 said. If your goal is to purchase physical gold or silver there are many more cost effective ways to do so even in Canada.
  • golden_grgolden_gr Posts: 664 Bronze ✭✭✭
    @79Au197 ok, if the main business model of BitGold is only the payments via GoldMoney card, so what's the meaning of physical gold redemption?
    So what's the meaning of the partnership with Dillion Gage?
  • golden_grgolden_gr Posts: 664 Bronze ✭✭✭
    Another one question.
    For example i have 15grams of gold in Zurich (Vault) and i want to redeem for a 10grams cube. The physical gold of 10grams of cube from which country will come, from US, from Canada, from EU?
  • 79Au19779Au197 Posts: 4,047 Gold ✭✭✭✭✭
    edited February 2016
    @golden_gr

    Disclaimer … I am just a BitGold customer like you

    I did not mean to imply that ONLY payments via the GoldMoney card was the business model. Inter-party transfers, business accounts, savings are all part of it.

    Regarding Dillon Gage and physical gold redemption …

    If you go back and watch all of the interviews with @Roy Sebag and @Josh Crumb … and … read the articles published by @Roy Sebag you will understand that "Payments and Savings in Gold" was the original premise of BitGold. GoldCubes and 1kg bars were available for those who feared they might never get their gold. The addition of Dillon Gage is the response of BitGold to customer demand. *** The BitGold Team is nothing if not responsive! ( @Melanie ) ***

    The very fact that BitGold has outsourced the delivery of physical gold indicates that this is not their core business. Unless prohibited by the Terms of Service, buying physical gold with the GoldMoney card from the lowest cost dealer may be the most cost effective way to do it (I don't recall reading that this is forbidden). That is not to say that that BitGold will not at anytime in the future decide to seriously enter the physical coin and bullion delivery market, I am just saying that nothing I have seen or read suggests that this was the original business model.

    Regarding the second question as to origin of shipment for physical gold … AS OF TODAY … shipments originate from Dillon Gage in Texas, USA.

    B)
  • golden_grgolden_gr Posts: 664 Bronze ✭✭✭
    edited February 2016
    @79Au197 thanks for your reply.

    The physical gold redemption for someone in Europe will be a dream for ever! Customs and duties are too high!
    If i choose to buy a 10grams cube gold or 1kilo bar, i'll have to pay 3 times more the cost of the gold!... :/

    So, for this reason i believe that the physical gold redemption has designed only for the USA and Canada customers. :(
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