Changes to physical gold redemption

Is anyone else concerned about the changes to physical gold redemption? Or, does anyone have an updated explanation on the physical gold redemption process? With the change to Holding accounts the website now states something along the lines that physical gold can be redeemed by contacting a Schiff Gold representative and transferring your balance at no cost. On Schiff Gold's website it states that no purchases can be made online and that you must contact a representative, apparently people aren't smart enough to make their own decisions.

Um, no thank you! I was pretty concerned about the new mandatory storage fees but after doing the math it doesn't seem as bad as I first thought. I got into Goldmoney because it was a simple and cheap way to buy small amounts of gold and then redeem it at certain milestones. Honestly, I got into Goldmoney because I wanted a GoldCube. Now, with all physical redemption going through Schiff Gold and talking to a representative (ugh, I don't need to talk to someone to hold my hand through a process that should be a few button clicks) I have to wonder if the GoldCubes will continue to be offered. Which also makes me wonder if the next big announcement will be that personal accounts can no longer take physical delivery.

All of these changes have really turned my off to Goldmoney, but this one in particular seems to be overlooked by the community. I no longer feel I can promote the service to friends and family. So, once again, does anyone have an explanation of the new physical gold redemption process so I can calm my fears or do I need to take my business elsewhere?


  • mr1mr1 Posts: 375 Silver ✭✭✭✭
    You bring up some good points. I was hoping that SchiffGold would actually be an improvement over Dillon Gage and provide even more options, but you're right, most people don't want to have to talk a person when they can order something online easily themselves. Hopefully they start having online options as well.

    One the bright side, @tomarto gave a positive review of Schiffgold in another thread:
    tomarto said:

    i bought alot of gold via Schiff Gold ,they are good people.

  • StalkingButlerStalkingButler Posts: 12 Tin ✭
    Thanks for link, I don't know how I missed that discussion :)
  • PinkdogPinkdog Posts: 511 Silver ✭✭✭✭
    Give it some time. They are in the process of integrating Schifftgold. I'm sure you will have the option to speak to a gold broker live or simply buy gold products right off the new platform online. Let's give Goldmoney a few weeks to integrate all the features we love. Until then we can still use the Person al account.
  • UvasUvas Posts: 680 Silver ✭✭✭✭
    I think the thought was most wealth holders felt better talking to a live person, and Schiff's company does exactly kinda makes sense. I would find it hard to believe that they would remove online ordering since it is so efficient and cost effective.
  • MurphyMurphy Posts: 101 Bronze ✭✭✭
    Would i don't like is the amount i have to pay for shipping. 121 dollars to ship where i live in Canada (remote area). What the heck they should get with the times. Why is it I can order from a precious metal dealer in Toronto and if I only spend 200 dollars or more I can get free shipping but with Goldmoney i have pay over a hundred dollars. Just put it Canada Post Insured and charge me 25 dollars like anyone else. Actually of the three dealers i buy off nowadays one is 200 dollars free shipping another is 400 dollars and free shipping and the last is 500 or more and free shipping. So the industry does seem to be moving towards some sort of free shipping over a certain amount bought. I realise Goldmoney is different since you are only redeeming but come on get with the times and make shipping in Canada a more affordable option.
  • GoldIsCurrencyGoldIsCurrency Posts: 1,820 Gold ✭✭✭✭✭
    @Murphy It sounds like GM will be selling bullion directly from the branches they are going to open. With Toronto branch looking like it will open in a few months I would presume they will ship physical orders from that location too. Currently all the gold has been shipping from Texas via UPS (which is pricey shipping), so hopefully when Toronto opens they can ship via Canada Post for Canadian physical orders and get that shipping cost down to a reasonable price.
  • MurphyMurphy Posts: 101 Bronze ✭✭✭
    That would be very nice. It would make them more competitive in the market place.
  • lnwlf17lnwlf17 Posts: 8 Tin ✭
    For me, if the physical redemption process and features of Goldmoney Holding are found to be sub-par and a regression from the Goldmoney Personal system, I'll regrettably be done with holding assets through Goldmoney.

    The transition from Personal to Holding has already been shockingly fraught with confusion, mystery and technical incompetence (I couldn't access Goldmoney Personal for three days before IT got back to me and fixed the glitch...) that my faith has been shaken to the core.

    Goldmoney has build up a certain reserve of trust and favour with me in the past, and I'm willing to give them credit for that and forgive the recent fumblings. But if physical redemption through Holding is not to my standards, I'm out.
  • 79Au19779Au197 Posts: 4,047 Gold ✭✭✭✭✭
    GoldCubes … gots ta have dem GoldCubes

    Seriously … the thing I love(d) about BitGold/GMpersonal is/was the GoldCubes. Unique. Novel. Very cool. It would be truly sad if they went away.
  • BigGuyBigGuy Posts: 5 Tin ✭
    I am watching and learning for now and will stay with my Personal account.
    I signed up here a few months ago.
    I am going to try and bring my Gold home.
    It's only 8 grams and I am in Toronto Canada.
    I have read that Murphy's post above and am disgusted that I live in TO and you are shipping from Texas?
    I am a member at a German company and get my Gold shipped for far less than $121 CAD. I bring over at least 1 oz at a time.
    I came here for the better price but I see in the end (I want my Gold and silver in hand) GM
    seems to be tougher to bring my Gold home and there seem to be hidden fees.
    With the other program I had no surprises and knew exactly what I was spending.
    I am new though and still learning.
  • GoldIsCurrencyGoldIsCurrency Posts: 1,820 Gold ✭✭✭✭✭
    @BigGuy I am from Toronto and have redeemed physical and if my memory serves me correct the shipping was $60.

    If you are interested in redeeming and saving some money on shipping I would wait till the Goldmoney Branch location opens up on Avenue Road. It is my understanding that you will be able to redeem/pickup physical from that location. @Melanie Can you please correct me if I am wrong about this, thanks.
  • BigGuyBigGuy Posts: 5 Tin ✭
    Thank you for responding Melanie.
    Avenue Rd pick up option would be awesome for me as I am there weekly for work..
    Is that $60 fee dependent on the amount?....if I go that route.
    I am hopeful now that I may be able to pick it up myself.
    Thanks Melanie and I'll post here what happens when I decide.
  • GeezyGeezy Posts: 8 Tin ✭
    I called goldmoney today to redeem some gold cubes. No such luck... They said they don’t even offer gold redemption under 100 gram bars!?!? The whole reason I got into goldmoney was for gold cube or some kind of physical redemption. I hope they figure this out soon. Hopefully they don’t forget about the little guys.
  • GoldIsCurrencyGoldIsCurrency Posts: 1,820 Gold ✭✭✭✭✭
    @Geezy I have to admit I am getting rather disappointed with the lack of quality service that I keep reading about. Goldmoney DOES still offer 10g gold cubes. I don't know if you spoke to somebody new or what happened. I don't think there is really any excuse for you not receiving the correct answer. I hate to waste your time but I would suggest calling them back and ask for the same thing again. If you get the same answer then ask them why they keep giving away 10 gram gold cubes on these weekly contests if it is not something they offer. If you get an answer that is not suitable. Ask to speak to their manager. I am just a small time shareholder, but I care about what I am reading. Please if you will, try again and post what happens. Thanks.
  • GeezyGeezy Posts: 8 Tin ✭
    Thanks @GoldIsCurrency that makes me feel much better. Man, I was really disappointed. The English dude I talked to was getting annoyed with me. He also said something about gold redemption is geared towards customers with over 100 grand?!?! He wasn’t rude maybe just unimformed... I originally called because I had transferred about 200$ in Xrp. (Ripple) crypto. It never made it to my holding or account, nor did it get refunded. It’s been 3 weeks now since it disappeared. Still no response, since I called on nov. 27. I figured it was some kind of overlook or just from being behind, hell it might even be my fault. It said on the transaction that it was recieved. It just seems that gm doesn’t have the manpower it needs for how much cool stuff they offer, or maybe it’s just a training problem. I will call them this week and try to redeem 3 cubes. I will post what happens. Operation secret squirrel will commence.
  • GoldIsCurrencyGoldIsCurrency Posts: 1,820 Gold ✭✭✭✭✭
    Thanks @Geezy. As an investor who cares I appreciate your patience. 10 gram cubes are 110% offered. There is obviously somewhat of a staffing issue and hopefully they put a real focus on it. Nothing, like absolutely nothing is more important than high quality service. Working at IBM 25 years ago taught me their dominance over the years was having the backbone of top notch service. So please as you say commence Operation secret squirrel and post up here what happens. I will keep checking for an update. Thanks Geezy.
  • Lone_StarrLone_Starr Posts: 104 Bronze ✭✭✭
    @GoldIsCurrency , @geezy is correct. If you have a holding account you can't do a physical redemption unless its for 100 gm bar. Only personal accounts can do a physical redemption for the cubes and other items but that is even iffy. There are at least two people on the board who have had problems with physical redemption and I personally know someone who requested physical redemption on Nov 2nd and never received it. She tried contacting customer service and you know what happened there right? silence... no response. For a company that likes to think its upper end and high quality, it sure does provide poor customer experiences and gives the feeling that it's duct taped together. A golden C.F. if you will.
  • GoldIsCurrencyGoldIsCurrency Posts: 1,820 Gold ✭✭✭✭✭
    @Geezy Any luck this time? Please let me know.
  • GeezyGeezy Posts: 8 Tin ✭
    Ok just got off the phone with goldmoney, again. Man this sucks. They said the same thing again. I can’t get less than a 100 gram bar. “That is the lowest denomination we offer at this time.” I asked are you sure Ian. (The guys name) he said there is no way to process that small of a denomination.
  • GoldIsCurrencyGoldIsCurrency Posts: 1,820 Gold ✭✭✭✭✭
    @Geezy Thank you for the update. Please give me a couple of days to get to the bottom of this.
  • powslayerpowslayer Posts: 118 Bronze ✭✭✭
    edited December 2017
    If you want physical gold buy through Mene. Its easy to do plus you can make your significant other very happy! its a win win
  • Lone_StarrLone_Starr Posts: 104 Bronze ✭✭✭
    @powslayer It would be great if Mene accepted Goldmoney as payment. I'm glad to finally see more Mene products in stock. The gold dice is cool.

    This is what the front page says about physical redemption:

    Precious metals are redeemable in bullion bars at vaults and Goldmoney Branches, or in a selection of coins and bars that can be shipped to clients via Schiff Gold.

    Right now I don't think the redemption through Schiff Gold is up and operational. There isn't a way to request a redemption through your goldmoney holding for lower than 100 grams of gold or 1 kg of silver. Those of us who are use to the ease of physical redemption through the personal accounts will have to make adjustments until if and when the Schiff Gold redemption option is up and running.

    Physical redemption through personal accounts is difficult right now because the supplier (I believe it is Dillion Gage) is out of certain products and I don't know if Goldmoney has updated their website to show which products are out of stock. @Pinkdog ran into this issue and it took over a month to work it out. My good friend has also ran into the same issue and is currently going back and forth with customer service via email to come to a solution.

    I think the physical redemption option was a great perk with the personal account and hope they get that option up and running in the holding account.

  • powslayerpowslayer Posts: 118 Bronze ✭✭✭
    i just bought my wife a ring so Im pretty happy. It was easy and it was shipped with tracking number within 30 minutes. I think i heard mene was going to accept goldmoney as payment in the future but for me im happy to use my cc and collect the points.
  • GeezyGeezy Posts: 8 Tin ✭
    I also got an email from goldmoney saying I could order 10 gram cubes from my holding. He said go to the drop down “the three slashes” and go to bar delivery and order there. This has never worked. I’ve tried that several times.. I asked Ian when I called why it never works he said I don’t have enough in my holding to buy the smallest gold bar which is a 100 gram. I have 1600 bucks in gold in my holding. It’s not a lot of money to some people but you would think I could get something. Hell a 1/10 Oz gold maple is 139 bucks. I have people from goldmoney reaching out to me but it never goes anywhere.

    On another note. Have you guys heard of It’s seems like goldmoney but with silver. Hate to give up on gm. It’s just not giving me a warm and fuzzy feeling lately. More like a sour taste. You know what really p1$$es me off. I spent all these fees to get my holding funded. Now it’s just like a bank account.
  • RocketDogRocketDog Posts: 826 Silver ✭✭✭✭
    Hi @Geezy. I have been able to buy gold cubes, silver bars, and gold coins from the "three slashes" physical redemption option in my personal account. The ordering interface works well. If you have enough money in your account (which you seem to) I am guessing you are having trouble with your web browser or maybe your screen contrast does not allow you to see which item is highlighted (it is kind of subtle).
    So if you start from the "three dashes button" then you go to Redeem/Goldmoney Physical/Goldmoney Cubes and Bars.
    You have to select items from a scrolling window (I think they call it a carousel). You select the item you want and then have to click the "Next" button at the bottom right of the screen.

    When you get to the page that has the gold items on it (such as cubes), clicking on the item will put it right in your Shopping Cart. Once you click on an item (such as single cube) to put it in your cart, you click on View Cart (just like any shopping website) and you can remove items or change the quantity. Then you hit Next again.

    Then you select the vault you want to redeem from. (You probably have to have enough money in that SINGLE vault to cover your redemption).
    Then you hit NEXT again.

    Then you enter information about shipping etc.

    Though this process is not difficult, it is not entirely intuitive. And if your screen contrast is off, you won't know what is selected, and if your browser is not compatible that could be an issue too. I usually use Chrome for online purchases.

    As somebody else mentioned in this thread, the shipper is sometimes out of items, and then you end up waiting a while for your shipment. But you should be able to make it through the ordering process and get your redemption confirmation if you have enough metal in a single vault to cover your redemption request.
  • GeezyGeezy Posts: 8 Tin ✭
    I appreciate the help. Yes I’ve tried on my I phone my I pad my laptop. It won’t let me do anything in the bar delivery section. It just says “you don’t have enough in your holding, or the goldmoney delivery system facility is unavailable. Please contact customer service.” I can’t even click next. When is the last time you redeemed something? I agree this should be very easy. Believe it or not I’m more technol
  • RocketDogRocketDog Posts: 826 Silver ✭✭✭✭
    @Geezy, my last completed purchase was in October. But I ran through the whole process, right up to the final confirmation just the other day, and it was all working for me. Sorry to hear you are having this trouble. Being unable to redeem for physical makes an account less desirable/useful.
  • Lone_StarrLone_Starr Posts: 104 Bronze ✭✭✭
    My bet @geezy has a holding account & @RocketDog you still have a personal account. If that's the case physical redemption is different between the two account types.
  • RocketDogRocketDog Posts: 826 Silver ✭✭✭✭
    Could be @Lone_Starr. I thought that there was no online Physical Redemption process at all (or only 100 oz bars?) for Full Holding?
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